4 reasons the Utah housing market is still great

Estimated learn time: 3-4 minutes

Each potential house purchaser grapples with the identical query: “Is now a great time to purchase a house?”

With mortgage charges rising this yr and issues starting to “cool off” now that the pandemic has ebbed, many individuals surprise if the prime buying time has handed. Worries a few recession and a doable repeat of the housing crash of 2007 weigh closely on patrons’ minds.

Whether or not or not now’s the proper time to purchase relies upon closely on an individual’s particular person circumstances. However should you’re at present trying to purchase a house in Utah, you must know that there are many explanation why now is a superb time to tug the set off should you’ve had your eye on one thing.

This is a have a look at a couple of info and figures which will calm your fears in regards to the present housing market.

Utah has the most popular housing market within the nation

Utah has change into fairly the favored place to dwell — particularly amongst Californians. The state has continued to carry the No. 1 spot in Bankrate’s Housing Warmth Index during the last couple of years.

“Utah boasts the nation’s strongest tempo of job development, together with rock-bottom unemployment, few mortgage delinquencies and low state and native taxes,” writes Jeff Ostrowski for Bankrate. “Residential actual property has boomed in the course of the coronavirus recession, and Utah has emerged as a very fascinating market.”

Due to this fascinating market, you possibly can anticipate house gross sales to maintain going sturdy within the Beehive State.

Demand stays excessive whereas provide remains to be low

One query on everybody’s thoughts is whether or not or not there is a housing bubble that is about to burst because it did again in 2007. Happily, there are a couple of key variations between the market then and the market now.

“One massive distinction between now and 2007 is the availability of houses,” writes Steve Goldstein of MarketWatch. “There’s roughly 12 million extra households than 2007 however three million fewer houses to purchase.”

The shortage of provide mixed with the excessive demand — particularly right here in Utah — helps the continued rise in house values.

Home-owner fairness is excessive

Remember that your house is not only a place to eat and sleep — it is also a monetary funding.

Writing for NerdWallet, licensed monetary planner Hal M. Bundrick says, “Homeownership is among the most simple paths to constructing wealth. The important thing element of that is rising your fairness, which regularly shifts your debt into an asset.”

Dwelling fairness is the present market worth of your house, minus what you owe. Owners throughout the nation have constructed up fairness rapidly in recent times, because of the booming market.

Although it takes time to construct fairness, the present market projections recommend that now is a superb time to start out accruing it since house values are anticipated to rise.

Woodside Properties makes shopping for a house straightforward

Whereas the housing market in Utah stays sturdy, working with the proper builder could make all of the distinction if you need to carry your dream house imaginative and prescient to life. For over 40 years, Woodside Properties has been dedicated to designing and constructing stunning houses to suit each life-style.

As a result of the place you reside is an extension of who you’re, the Woodside dedication goes past designing and constructing stunning houses. Every little thing from rigorously deciding on land to simplifying the house shopping for course of has been fine-tuned to make sure that your expertise with Woodside Properties is Higher By Design.

Higher By Design is greater than only a motto—it is their promise to you. Life’s greatest moments happen at house, and so they take satisfaction in contributing to these reminiscences for years to return.

Woodside stands by their promise that each determination made when designing, constructing, and delivering your house is considerate and sensible. Converse to a Woodside Properties gross sales marketing consultant about locking in your price and profiting from their summer season promotions at the moment.