When's the best time to buy a house in Utah? It depends. Many seasonal factors affect home prices and inventory in Utah, and the best time to buy will come down to your location and priorities.
In recent years, 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.
Mortgage rates, on the other hand, were lowest in December. But with interest rates currently on the rise, it pays to explore your options with a trusted mortgage provider to make sure you’re getting the best rate possible.
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 (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home, the first step is to connect with a realtor who knows the local market. Economic conditions in Utah can change quickly, and a knowledgeable realtor will keep you up to date on the best locations and times to buy.
If you’re looking for a realtor, a free service like Clever Real Estate can match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
The best time of year to buy in Utah
Like other real estate markets in the U.S., the best time to buy a home in Utah depends on what you're looking for.
If you're looking for a move-in ready home, you'll find the largest selection on the Utah market in the spring and summer.
Home sales slow down in the winter, with February typically being the slowest month for sales. You’ll likely have more difficulty finding a home during the winter, but you might have better luck negotiating the home price.
While these are general rules of thumb, it's important to remember that price trends can vary from city to city — and there may even be differences within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Utah.
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 suburban feel. The schools in this scenic town are top rated, attracting 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 attract 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 activities. Property values tend to be high, giving you a hopeful ROI should you decide to sell in the future.
Providence is a gorgeous mountain town in Cache Valley. Voted one of the best places in Utah to raise a family, the area offers a 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 but large enough to have privacy when you want it.
Four ways to get a great deal on a home in Utah
When looking for a home in Utah, consider the following best practices to get the home you want within your budget:
1. Find a great Utah real estate agent
Partner with a local real estate agent to find the home you want in Utah. You’ll need access to their expertise to navigate the home buying process. They can help you time the market, search for homes that meet your criteria, and handle negotiations on your behalf.
2. Determine what you need and want in a house
You may already know what you’re looking for in a home, but working with an agent can help you narrow your search. They’ll help you consider factors 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 rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate 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.
4. Negotiate for the best possible price
Once you find a property you like, your agent will help you price your offer. They’ll also negotiate with the seller after the home inspection to ensure you get the best deal possible.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.