The strength of the Utah economy and almost all of the real estate markets in Utah continues to amaze and impress! We truly do live in an amazing state/economy and we are very fortunate to have been here during the COVID situation.
We are at YELLOW status already, trending towards green soon enough, and the real estate markets along the Wasatch Front have arguably never been stronger!
Throughout Utah right now, we have 18.3% less ACTIVE listings compared to the same time last year, and 9.5% more UNDER CONTRACT listings (including Back-up status). In simple terms, there are significantly less active/available homes for sale AND significantly more homes under contract and closing.
This is an extremely strong SELLERS market right now, especially for homes under $400k, and a more balanced market for homes over $600k (as a general observation/rule). Home prices are at all time highs and record low interest rates definitely help fuel and maintain that; so I can very confidently say that for most property owners in Utah, there hasn’t been a better time to sell!
If you are looking to upgrade, this market is golden; but you will need to have a full-time, full-service dedicated real estate team and agent working for you. You’ll need to be pre-approved, be actively looking at new properties as they hit the market, be ready to decide to make a very competitive offer as soon as you tour a property, and you’ll need a Realtor who knows how to make your offer very competitive outside of just purchase price.
This is one reason The Fields Team has worked so hard to build a team of specialists, including Realtors who are geographic/local specialists, and we regularly train our Realtors on dozens of strategies to help our Buyers win out over sometimes dozens of offers, without simply just offering a higher price.
If you are considering selling, upgrading, buying a first home or buying an investment, property, please reach out to one of our specialists on The Fields Team and let’s make your real estate goals and dreams a reality!
The Fields Team