New construction of single-family homes, condominiums and apartments are all now expected to decline in Utah by between 5% and 10% this year, according to new Gardner Institute forecasts.
If, however, you are ready to make a long-term commitment, now is as good a time as any to buy a home. Getting a great interest rate is an important factor in Buying a Home in Utah County. If you buy in a down market you are fine.
U.S. Since the coronavirus is causing some sellers to take their homes off the market —during what was already considered a housing shortage—Yun doesn’t expect home prices to drop in 2020 . Fannie Mae agrees, forecasting a median existing-home price of $283,000 in 2020 —an overall growth of 4% compared to 2019.
It’s a buyer’s market because interest rates are incredibly low and homes were only getting more expensive in many Utah neighborhoods. It’s a seller’s market because the supply was so low. The average time a home is on the market was just 10 days.
While ZipRecruiter is seeing salaries as high as $125,763 and as low as $18,957, the majority of salaries within the Average jobs category currently range between $45,773 (25th percentile) to $68,429 (75th percentile) with top earners (90th percentile) making $83,225 annually in Utah.
As a result, 2021 home sales activity is expected to remain strong and outpace 2020 levels. But the housing market will continue to struggle with an imbalance between supply and demand, which will lead to sustained competition among buyers and further home price appreciation, albeit at a slower pace than seen in 2020.
The median home price has risen drastically over the past several years, according to the association’s reports. In June 2018, the median home price in Utah County was $315,000 and in June 2017, it sat at $273,000 .
To quell any concerns, a housing market crash or recession is highly unlikely in 2021 . The initial impact of quarantine lockdowns has since seen gradual improvement as favorable interest rates have boosted home buyer confidence.
COVID-19 Created a Seller’s Market in 2020 When the coronavirus first hit the US real estate market 2020 , most experts agreed that it would bring about a buyer’s market . This was due to the fact that home sales dropped drastically. At the same time, many sellers pulled listings off the market .
House price growth typically slows or drops when the economy does poorly. This is because a recession leads to job losses and falling incomes, making people less capable of buying a home. It means the financial system has not frozen in the same way it did during the financial crash in 2008, when house prices dived.
The cheapest cities in Utah by average rent prices Centerville. Layton. Herriman. Bountiful. West Jordan. North Salt Lake . Pleasant Grove . Taylorsville.
|1 ADULT||2 ADULTS (1 WORKING)|
|0 Children||2 Children|
|Required annual income after taxes||$21,109||$46,875|
|Required annual income before taxes||$25,067||$55,677|
The forecast for 2021 is for the median home sales price to rise by 5% to 6% and for the overall number of homes for sale to continue to decline (Global Property Guide). However, the rate of decline should slow, as the economy bounces back, and confidence is gained for sellers to enter back in to the market .