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4 reasons the Utah housing market is still great

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All potential homebuyers are tackling the same question: “Is it a good time to buy a home?”

Many people are wondering if the major purchases have passed, as things are starting to “cool” now that mortgage rates have risen this year and the pandemic has subsided. Concerns about the repeated recession and the repeated collapse of housing in 2007 weigh heavily on buyers.

Whether or not it is the right time to buy depends largely on your personal situation.But if you are currently looking Buy a house in utahIf you’ve looked at something, you need to know that there are many reasons why this is a great time to trigger.

This looks at some facts and numbers that may calm your fears of the current housing market.

Utah has the hottest housing market in the country

Utah has become a very popular place to live, especially among Californians. The state has been number one in the Bankrate Housing Heat Index for the past two years.

“Utah boasts the fastest pace of employment growth in the United States, in addition to solid unemployment, low mortgage delinquency, low state and local taxes,” writes Jeff Ostrovsky. Bank rate.. “Residential real estate was booming during the coronavirus recession, and Utah has emerged as a particularly desirable market.”

Thanks to this desirable market, home sales can be expected to remain strong in Beehive.

Demand remains high while supply is still low

Everyone wonders if there is a housing bubble that is about to collapse like in 2007. Fortunately, there are some important differences between the market at the time and the market today.

“One of the big differences between now and 2007 is the supply of housing,” he said. Market watch.. “About 12 million more households than in 2007, but 3 million fewer homes to buy.”

Especially here in Utah, supply shortages and high demand have combined to support the continued rise in home prices.

4 Reasons Utah's Housing Market Still Great
Photo: Woodside Homes

Homeowner fairness is high

Remember that your home is not just a place to eat or sleep — it’s also an economic investment.

Write for NerdWallet“Home ownership is one of the easiest ways to build wealth,” said Hal M. Bundrick, a certified financial planner. An important factor in this is increasing wealth by gradually increasing it. That’s it. “

Home equity is the current market value of your home minus what you are renting. Thanks to the booming market, homeowners across the country are rapidly building stocks in recent years.

Equity building will take some time, but current market forecasts suggest that now is a great time to start acquiring equity, as home prices are expected to rise.

Woodside Homes Makes Home Buying Easy

The Utah housing market remains strong, but if you want to realize your dream home vision, working with the right contractor can make all the difference. Woodside Homes has been working on designing and building beautiful homes for every lifestyle for over 40 years.

Woodside’s efforts go beyond the design and construction of beautiful homes, as the place you live is an extension of who you are. Everything from careful land selection to simplifying the home buying process has been tweaked to make your Woodside Homes experience Better By Design.

Better By Design is more than just a motto, it’s a promise to you. The best moments of life happen at home and they are proud to contribute to those memories over the years to come.

Woodside upholds their promise that all decisions made when designing, building and delivering your home are thoughtful and wise.Talk to Woodside Homes A sales consultant about fixing your rate and taking advantage of today’s summer promotions.

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