As we approach warmer months ahead, many homeowners thinking of selling wonder if they need to wait for peak season to list their home.
The answer is absolutely not.
With mortgage rates at an all time low and increased demand in Utah housing, there’s no better time than the present to sell a home. There’s definitely no need to wait for spring flowers to arrive. Here’s why.
With buyer demand skyrocketing and record low inventory, there’s a huge shortage of homes available. Approximately one fifth of Americans moved due to Covid-19. Many fled large cities and moved to smaller towns with more affordable housing.
Traditionally, seasonality plays a factor into the best times to sell a home, but when there’s a shortage of homes, there’s never a bad time to sell. Last year was the largest annual drop in inventory at a -48.9%. The state’s growing population and lack of enough new builds are contributing factors.
With the current state of the market, you are likely to receive multiple offers, many of which will be above asking price. The Federal Housing Finance Agency is raising loan limits for Freddie Mac and Fannie Mae loans by 7% in 2021 in response to the hot housing market. It empowers an even wider group of borrowers to qualify for loans.
Utah’s strong economy amidst the pandemic is distinctive. While the national index declined by 5.2% since last March, Utah’s index increased by 5.9% indicating an improvement in economic conditions in the state. The Provo-Orem area was also named the best performing city in 2021 by the Milken Institute.
To achieve the ranking, the institute looks at the strength of jobs, wages, and high-tech GDP growth. Due to the number of high tech businesses located in the Provo-Orem area, both one and five-year job growth is high. Salt Lake City ranked fourth and Ogden came in ninth.
Utah’s unemployment rate as of August 2020 was the second lowest in the country at 4.1% As a result, Utah has experienced much less economic damage during the pandemic. Utah’s economy remains strong which indicates that the housing market will continue to thrive.
If you are thinking of selling your home, now is an excellent time. The Fields Team agents are great advocates for sellers and are able to help clients get the best offers for their home. Contact us today to list your home.