Whether you are a buyer, seller, investor, or homeowner, it’s important to keep tabs on local home values and trends in your real estate market. Changes in the market can mean it’s the right time to sell or buy property, refinance your house, or think about a new investment opportunity. Utah has been a seller’s market for several years and is projected to remain that way all throughout 2019.
Housing markets fluctuate over time, and oftentimes during the year. They’re influenced heavily by seasonal factors, as people have a tendency of waiting for warmer weather to arrive before starting to search for their next home. We’ve compiled some tips on the best time to buy and sell throughout the Beehive State.
To receive the highest level of guidance and support throughout the entire process, Utah home buyers and sellers alike should work with an experienced, local real estate agent.
2019 Home Value Trends for Top 5 Cities in Utah
1. Salt Lake City, UT
Salt Lake City is a flourishing part of Utah, known for its local museums, music venues and abundance of restaurants. There’s plenty of things to do in this Utah city, making it a great place to live.
The median home value in Salt Lake City is $397,600. Salt Lake City home values have gone up 11.5% over 2018 and Zillow predicts they will rise 4.5% in 2019. The median price of homes currently listed in Salt Lake City is $435,000.
2. Orem, UT
With a population of about 98,000, Orem is one of the largest cities in Utah. The median home value in Orem is $328,800. Orem home values have gone up 14.0% over 2018 and Zillow predicts they will rise 7.3% in 2019. The median price of homes currently listed in Orem is $323,715.
3. Provo, UT
Provo is a city in Utah that is home to Brigham Young University and several museums, including the Monte L. Bean Life Science Museum and The BYU Museum of Paleontology (which houses a large collection of dinosaur fossils).
The median home value in Provo is $306,400. Provo home values have gone up 14.8% over 2018 and Zillow predicts they will rise 7.0% in 2019. The median price of homes currently listed in Provo is $311,250.
4. West Jordan, UT
West Jordan is a rapidly growing suburb located in Salt Lake County, Utah. The median home value in West Jordan is $355,200. West Jordan home values have gone up 8.4% over 2018 and Zillow predicts they will rise 4.2% in 2019. The median price of homes currently listed in West Jordan is $350,900.
5. West Valley City, UT
The population in West Valley City, Utah was just over 136,000 in 2017, making it the second largest city in Utah.The median home value in West Valley City is $301,600. West Valley City home values have gone up 11.7% over 2018 and Zillow predicts they will rise 6.3% in 2019. The median price of homes currently listed in West Valley City is $289,900.
The Best Time to Buy a Home in Utah
As with a majority of the real estate markets across the United States, determining the best time to buy a home in Utah is heavily influenced by seasonal considerations.
Utah typically experiences extremely cold winters. As a result, many home buyers hold off on searching for their next home until the warmer weather returns. In fact, February is historically the slowest month for home sales in Utah. If executed correctly, this could work in the buyer’s favor. Homeowners that are eager to sell don’t get many offers during the winter, leading to a greater win for the buyer.
According to Redfin, homes listed in the spring and summer don’t last long on the market. With an average of just 22 days on market, competition is pretty tight for Utah buyers at this time of year. Although you could end up with a great home, you’re not as likely to get the best deal for your new property. And in order to beat out the competition, you’ll need to know exactly what you’re looking for, and be ready to make an offer before someone else sweeps in under your nose.
Utah is currently experiencing a seller’s market. This happens when the demand for homes outpaces the supply. Data shows that home values in Utah have increased 12.7% over the past year and are expected to increase another 6.5% within the next year. These conditions can drive up the price of homes and give you less room for negotiation. That’s exactly why striking a deal early could be in your best interest.
The Best Time to Sell a Home in Utah
Utah usually experiences a wide variety of weather conditions Some areas get heavy snow storms during the winter, while summers in Utah reach temperatures upwards of 100 degrees. For this reason, the best time to list and sell a home in Utah is in the spring.
While spring weather can be varied, it’s ideal to focus on the months when you can rely on comfortable temperatures in Utah before the summer heat kicks in. This means that May is the month you should begin the home selling journey in Utah. May has the lowest average days on the market, coming it at a mere 18 days, with a median sale price of $317,000.
Although selling your home during the right month is essential, you’ll also want to make sure that you have your home positioned to sell quickly. Be sure to highlight key features of your home’s location, such as proximity to restaurants and public transportation (if nearby). And if you’re home is located in an excellent school district, add that to your home listing as well.
To further help your home sell quickly, consider hiring a professional home stager before open houses or private showings. In order to make your living space most appealing to buyers, have a professional come in that will use high-quality features and beautiful decorations to show off your home. Quality offers will come flying in before you know it.
How to Find the Perfect Utah Real Estate Agent
Whether you’re buying, selling, or both in the state of Utah, your first step in the process should be finding a reliable local real estate agent. An experienced local real estate agent can be an invaluable resource for helping you through the entire home buying or selling journey. Real estate agents are experts in their markets and often have a better idea of upcoming trends than anyone else.
Finding a great agent gives you the best possible chance of coming away with an optimal outcome. A trusted Utah-local agent will be by your side through the whole experience, from timing the market to strategies for competitive pricing and offers to help negotiating.
Clever Partner Agents are all top-rated in their fields and locations, and can help Utah home buyers and sellers connect with top agents in their specific area. By utilizing Home Buyer Rebates and low commission fees, Clever can help you save thousands. To connect with a Clever Partner Agent, fill out our online form today for a no-obligation consultation.