If you’re buying a house in Utah, some times are better than others. The time of year and other factors affect the price of homes in a specific market. Find out when is the best time to buy a house in Utah and how what you can do to get the best price possible.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Utah, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in Utah were lowest in April. On average, homes were $137,545 less expensive. While in November — the month with the highest prices — the listing prices were $192,286 more than the annual average.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Utah.
Best Month For
15.8% lower than average
30.7% more homes to choose from
2.85% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
Best Time of Year to Buy in Utah
Like other real estate markets in the United States, the best time to buy a home in Utah is seasonal.
The cold winters in Utah convince many home buyers to wait until warmer months to start searching. Historically, February is the slowest month for home sales in Utah, but this could work in the buyer’s favor. Homeowners who are eager to sell don’t get many offers during the winter, which could result in a greater win for the buyer.
Homes listed in the spring and summer don’t last long on the market, average 45-49 days on the market. This could mean tight competition for the buyer. You could end up with a great home, but you’re not as likely to get the best deal. Not to mention you need to know what you’re looking for and be ready to make an offer before someone else does.
Right now, Utah is experiencing a seller’s market, which occurs when the demand for homes outpaces the supply. Data shows that home values in Utah have increased 14% over the past year and are expected to increase another 8.5% within the next year. These conditions can drive up the price of homes and give you less room for negotiation, so striking a deal early could be in your best interest.
The Best Places to Buy a Home in Utah
Utah is becoming a highly desirable place to live, thanks to its strong job market and abundance of leisure activities. Take a look at some of the best cities in the Beehive State:
This well-planned community offers the ideal balance of small-town friendliness and a suburban look and feel. The schools in this scenic town are top-rated, which have attracted droves of young families and professionals to the area.
Salt Lake City
The capital of Utah, Salt Lake City is a hot spot for nightlife, shopping, dining, education, and the great outdoors. The city’s many neighborhoods and suburbs are attractive to millennials, particularly first-time home buyers.
A dream town for young professionals, Park City is brimming with bars, restaurants, coffee shops, and a variety of outdoor and fitness-centric activities. Property values tend to be high, giving you a hopeful ROI should you decide to sell.
This gorgeous mountain town in Cache Valley speaks for its itself. It’s been voted one of the best places in Utah to raise a family, thanks to its strong school system, an abundance of parks and recreation, an average cost of living, and a strong economy.
Residents love North Logan because of its strong sense of community. It’s small enough to know people, yet large enough to give you privacy when you want it.
4 Ways to Get a Great Deal On a Home in Utah
Finding your dream home in Utah at a price you can afford shouldn’t have to be complicated. Consider the following best practices to get the home you want within your budget:
1. Find a Great Utah Real Estate Agent:
Buyers shouldn’t go it alone when finding a home in Utah. Partnering with a local real estate agent gives you access to their expertise. They can help you time the market, search for homes that meet your criteria and handle negotiations on your behalf.
Learn More: What Does a Real Estate Agent Do for a Buyer?
2. Assess Your Needs and Lay Out Your Goals
You may already know what you’re looking for in a home, but working with an agent can help you narrow your search so that you’re not wasting your time. They’ll help you explore things like home size, property type, and budget, then find properties for sale that match your needs.
3. Find a Lender and Secure Financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Utah, interest rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan.
For example, in Utah a typical house is worth $383,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,367. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,292.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
4. Negotiate for the Best Possible Price
Once you find a property you like, your agent will work hard to negotiate a desirable purchase price with the seller. They can help you price your offer and make requests following the home inspection to ensure you’re getting the best deal possible.
Are you ready to find your dream home in Utah? Connect with a Clever Partner Agent today to learn more and start searching for your new house.