For anyone looking to leave the bustle of city life and enjoy the outdoors, more than ever, Utah is the perfect place to live which is why there has been an influx of new out-of-state moves to the state. But even for locals, know is the time to make a move as the housing market is the hottest in the nation.
Utah’s Housing Market
According to the U.S. News and World Report, Utah ranks 3rd in the nation for the overall best state to live. Most importantly, Utah ranks in the top 10 in the categories that truly count.
#1 Economy
#5 Fiscal Stability
#5 Infrastructure
#8 Crime & Corrections
#10 Education
Utah’s strong economy despite the pandemic means a housing market that is on fire. For anyone wanting to make a move, now is the time. Whether you are looking to downsize, find a larger home, or move to the state for the first time, the current economy, market, and affordability make this year ideal for a change.
Utah also saw the strongest fourth quarter in 2020. Utah’s market saw:
- A 15.4% increase in home values in 12 months
- 2nd strongest job growth in the nation
- The lowest tax burden in the nation
- Ranks #1 in the Housing Heat Index
Mortgage Rates
Another factor making 2021 the year for home buying is the continuation of record low interest rates. According to Bankrate, today’s mortgage rates are as follows:
| Product | Interest Rate | APR |
| 30-Year Fixed Rate | 3.200% | 3.390% |
| 20-Year Fixed Rate | 3.010% | 3.220% |
| 15-Year Fixed Rate | 2.460% | 2.740% |
| 10/1 ARM Rate | 3.160% | 3.920% |
| 7/1 ARM Rate | 3.030% | 3.820% |
| 5/1 ARM Rate | 3.050% | 3.990% |
| 30-Year VA Rate | 3.130% | 3.360% |
| 30-Year FHA Rate | 2.980% | 3.810% |
| 30-Year Fixed Jumbo Rate | 3.230% | 3.310% |
| 15-Year Fixed Jumbo Rate | 2.450% | 2.520% |
| 7/1 ARM Jumbo Rate | 3.120% | 3.770% |
| 5/1 ARM Jumbo Rate | 3.010% | 3.890% |
While rates are expected to rise again, most experts say it will be years before we see pre-pandemic rates.
Conclusion:
Despite the pandemic, Utah remains an ideal place to live and the strong housing market isn’t going anywhere anytime soon. With record low rates giving people more buying power, 2021 is the year to make a move!
Whether you are thinking about selling or worried about a housing bubble, The Fields Team is here to answer your questions.