OGDEN, Utah (ABC4) – The housing market in Utah is hot and prices continue to soar. Some residents say, they’re concerned they won’t be able to find an affordable home anytime soon.
“It’s given me a lot of depression, a lot of anxiety, it’s just been hard,” says Marisa Galvan.
Marisa Galvan lives in Ogden and says she and her husband have been house-hunting for several months, with no luck, forcing them to stay in an apartment, where rent is also rising.
“We’ve put in about 7 offers on different homes and they are going like over $50,000 of asking price,” says Galvan.
Amanda Schleininger is a top 1% performing realtor in the US for sales, based out of Ogden.
“We are making the gap get larger and larger, between the American dream being affordable and or accomplishable to most Americans and especially most locals here,” says Schleininger.
She says supply and demand determines market value and residents like Marisa, aren’t alone.
“Our supply is completely low, we are not only at the all time low interest rate, we are also at an all time low inventory,” says Schleininger.
Schleininger says many buyers are coming in from out-of-state, also driving the prices up.
“And they have a large down-payment and or can buy cash out here because of how ‘affordable’ it is and they are out-bidding all of the locals here in Utah,” says Schleininger.
According to data from the Utah Association of Realtors, the median sales price for houses in the state, only continues to soar.
“The part that is disastrous and the part we’re not really seeing here, what it’s doing is it’s creating a divide from our locals being able to be competitive in today’s market with their offers,” says Schleininger.
But Schleininger is hopeful and says the American dream is still attainable.
“I definitely wanted my own home and wanted somewhere my dogs could have their own yard and be able to run around,” says Galvan.
Adding it’s important to work with a realtor and lender you can trust, and save up as much as you can, when competing in a housing market like this.