(Good Things Utah) Compared to other areas of the nation, we here in Utah have a more resilient economy right now, making it a very desirable place to live. Because of the high demand that this results in, finding a home is currently very difficult — as the market has fewer homes available, and at higher rates. Even for those looking to rent, prices have recently jumped dramatically, making it even more expensive to rent than buy.
“…only like a thousand homes are for sale from Utah County to Davis County,” says Blake Bench with First Colony Mortgage. “I know that sounds like a lot… but that’s not very many homes.”
Blake adds: “…what that’s doing is just less homes available to buy out there. For all of you out there that are buying a home or wanting to buy a home, there’s a little more competition because there are not as many homes to buy.”
Home Buying Tips for 2022
With this housing shortage, many are scrambling to find homes, and are often disappointed when they’re unable to find one that fits their needs. So what options are there for those looking for that dream home? Blake has a few very helpful recommendations for what home buyers can do next:
1. Start early
With today’s market trends slowly rising, the earlier you get this process started, the better. First, it’s critical to get mortgage preapproval before anything else, because this will determine your options. Once you know what you’re looking for, research online to find homes that fit that description.
2. Be patient
There are many looking to settle down in Utah right now, which means even fewer homes available to browse and more competition when you’ve decided. “…realize that you’re going to go in and you may be competing for this house with multiple offers.” With so much changing so often in today’s market, patience is key to eventually find that perfect house.
3. Seek expert help
“Find a really good real estate agent that knows how to navigate; you being a new home buyer,” Blake remarks. With the many options out there, it’s important to do your research as soon as possible to find an agent who has enough experience to guide you through the process.
4. Build your own
While there are fewer options when it comes to buying a home, new communities are opening up all the time for home builders. “You get to start fresh, you get to design the home, you can lock in your price now. So if you’re okay waiting six to eight months for this home to be built — that’s an awesome option.”
Take control of your home buying experience and start your journey off with First Colony Mortgage. Their team of mortgage professionals can get the process moving quickly, which doesn’t normally happen with other lenders.
When you’re ready to build that dream home, use one of the top-rated builders in the state, Fieldstone Homes. To browse their collection of communities, visit them online at FieldstoneHomes.com.
**This segment contains sponsored content