Thinking about Buying or Selling a home? You may have heard that there is a housing shortage. the Utah Home market is still hot, because of the rapid population growth and the booming economy first-time homeowners in Utah are increasingly frustrated and find it difficult to find affordable housing.
In a recent article by KSL noted that home prices in many Utah counties have jumped double-digit percentages during the third quarter of 2018, in comparison to the same time in 2017, and cites statistics that show that nearly 70 percent of homes that are being built in Utah right now are priced above $300,000.
While some relief is being found in twin-home developments and a heavier reliance on vertical housing structures, local zoning restrictions will likely continue to drive pricing higher in the next several decades. After the median sales price for a single-family home ins Salt Lake City jumped from $160,000 in 2004 to $347,000 in 2018. it is speculated that the median could reach upwards of $1.3 Million by the year 2044.
KSL suggests that those who are looking to get into a home for the first time reset their expectations, based on the current real estate market in the Salt Lake area. Here are three more things that you can do to realistically approach the home buying experience:
1- Look for diamond in the rough. Every in-demand community has them - houses that don't put their best face forward. Buyers who are looking for their dream home will avoid homes that don't have all the latest bells and whistles and upgrades. Don't be that buyer. Purchasing a home that needs upgrades or investments to bring it up to your standards may be worth investigating if the all-in cost can be managed. Not many people want to live through a home renovation even a small one, but if you can look toward the finish line, a great home may be right in front of you.
2- Get Preapproved. While it should go without saying in today’s super competitive market, many homebuyers still begin visiting homes without a mortgage approval letter from their lender. Know the difference between pre-qualification and pre-approval. A pre-approval means that a lender has actually examined your credit and other expenses helped you determine how much mortgage you could afford given their underwriting guidelines. A savvy seller’s agent knows that a buyer with strong income may have other debts that make affording a mortgage on their client’s home a financial stretch a lender isn't likely to approve. Submitting an offer with pre-approval shows you’re a serious buyer, ready and financially able to close the deal faster than a buyer without such an approval.
3- In this market you have to be a realist. You may need to start looking further out of your desired location and start looking for a smaller home. You may need to consider looking over the Point of the Mountain and into Saratoga Springs or Eagle Mountain. This might mean looking into a condo or a townhome. There is nothing wrong with either of these two options and you can finally start to build some equity.
If you are thinking about buying or selling a home give me a call. I would love to help you find the ideal home for you and your family.
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