SALT LAKE CITY (ABC4 ) – Utah’s housing market: will the bubble burst, or are the high prices here to stay?
Today on Good Morning Utah two realtors joined the show to talk the latest market numbers and advice for buyers. This morning’s interview was the first of many; GMU will be talking the Utah Housing Crunch at 6 a.m. every Monday.
The latest market numbers show Utah’s market is unlike any other in the country. According to UtahRealEstate.com the median price of a home in Utah is now $475,000, up nearly 30% from May of 2020.
Homes are only on the market for an average of six days, down from 17 days May of 2020. Utah is ranked the number one housing market in the country yet again for jobs, mortgage rates, taxes, and much more.
Candice Rigtrup and Mary Kate Olivas are realtors working in the Salt Lake area; each emphasized patience for buyers. They said most of their clients see a huge number of houses and it’s not uncommon to submit 10 or more offers before one is accepted.
They also recommend finding a lender you trust and getting pre-approved before submitting offers so that you are as attractive as possible to sellers even without a large down payment or cash offer.
Watch the interview above for more tips and tune in to Good Morning Utah Monday mornings at 6 a.m. for the latest on the Utah Housing Crunch.