The Best Time to Buy a Home in Utah
Like other real estate markets in the united states, the best time to buy a home in Utah is seasonal. The truth, of course, is, that you need to decide when YOU are ready to purchase a property. No single time is best for every potential home buyer, as you must consider many factors before making such a big financial step. However, it pays to understand the market conditions throughout the year.
If you’re trying to time the market, your best bet is to partner with an experienced, local real estate agent in Utah. Your agent understands the local market conditions that can affect the price of homes in the area and how you can leverage them to your advantage. Keep reading to know more about the ideal times to buy a home in Utah.
THE PRIME TIME
Late spring through August is the peak of the home-buying season. This time of year is the busiest for the real estate industry. This, of course, has pros and cons. Generally speaking, this is a convenient time to house hunt and go through the moving process. Children are out of school and it is easier for them to transition back in the fall. On the other hand, homes listed in the spring and summer don’t last long on the market, (average 45-49 days.) This could mean tight competition for the buyer. You could end up with a great home, but you’re not as likely to get the best deal. If you are shopping at this time it is important to set clear expectations of what you are looking for in a home and be ready to put in a quick offer before other potential buyers.
THE UNCONVENTIONAL TIME
The cold winters in Utah convince many homebuyers to wait until warmer months to start searching. Statistically, February is the slowest month for home sales in Utah, but this could work in the buyer’s favor. Homeowners are eager to sell in the winter due to the lack of offers. This could result in a great deal for the buyer! The ratio of how many homes are listed along with how many buyers can make a world of difference in how easy it is to find that perfect home.
Right now Utah is experiencing a seller's market. Properties are scarce so sellers can keep the prices high. Data shows that home values in Utah have increased 14% over the past year and are expected to increase another 8.5% within the next year. These conditions can drive up the price of homes and give you less room for negotiation, striking a deal early will be in your best interest.
IT’S ALL ABOUT YOU!
With all of that being said, the best time to purchase a home in Utah is when YOU are financially and mentally ready to begin the process. If you have decided now is the time to become a homeowner, we would love to help guide you through that process. Have a great day and thank you for reading! If you liked this post, please check out my Facebook page click HERE :)