SALT LAKE CITY (ABC4) – It’s becoming increasingly difficult for Utahns to buy a home in the state. In March, the Housing Heat Index from BankRate.com ranked Utah as the number one state in the country for the strongest housing economy in 2020.
In a state with three million residents and growing, only about 2,000 homes are on sale right now. In Salt Lake County alone, there are only 500 listings. Some buyers are offering tens of thousands of dollars over asking price, just to stand out in a pool of bids. So what does this mean for aspiring homeowners and what are the projections for the future?
His offer was accepted by a seller and he is now under contract. He talked about what it was like trying to buy during this competitive time in the housing market, what concerns he had going into it, what pleasantly surprised him during the process, what were some things that helped him successfully get to this point, and the advice he has for other people looking to buy a house.
Katy VanderDoes, a real estate agent with Homie talked about how Utah’s real estate market got to this point, whether people who sell their home will be able to buy again, whether it’s a good idea for people who want to wait out the market to see if it calms down, and tips she has for those who want to buy in this competitive market.
Michael Hondel, loan officer with Homie discussed how the economic recession of 2008 compares to now and whether the market bubble will eventually burst, whether there’s been a noticeable impact from the COVID-19 pandemic, people falling behind on their payments, how buyers paying over asking price impacts the value of neighboring homes, when a homeowner should reconsider financing, how important it is to secure a low interest rate, and how their new program, Homie Cash can help struggling buyers.
To watch the full IN FOCUS discussion with Johnson, VanderDoes, and Hondel, click on the video at the top of the article.
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