Tech. Tech. Boom. Utah is Still Turning Heads.

@theactorsellinghomes

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Selling the American Dream@theactorsellinghomes

There is no denying that the year 2021 is going down in the history books, as one of the most mind blowing, strange, and just plain awesome, years in real estate.

So whether you experienced it as a real estate agent, as a seller, as a buyer, or as an investor...you will always reference it down the years. However, there is something very important to note here, 2021 was an anomaly.

I experienced it as a real estate agent...now, is that good or bad? Well, I guess that question would be answered very differently by each individual licensed agent. As agents, we saw outstanding scenarios where depending on our client's purchasing power, the home search could be 'easy' or 'hard'.

As everyone hit the streets in search of a good deal, we [agents/buyers] grew accustomed to dealing with multiple offers. Said offers were for amounts very well over asking price. Personally, some of my clients offered up to 60K and 70K over asking, and we still didn't get the acceptance of said offer. I even heard of other examples where offers reached over six figures above asking price...unreal.

My job was hard. How would I make my client's offer stand out above the rest? How could we compete against all-cash offers, or appraisal waivers, or worse yet...inspection waivers...what was going on?

This is where the craft met the road.

So now we fast forward to the fourth quarter of 2022. The year is about to end, and the market has been somewhat.....different. However, despite the ever increasing interest rates, the climb in gas prices, and XYZ reasons....the real estate market in the state of Utah keeps turning heads.

Whether before the Covid pandemic, during, or after....Utah provides many factors that keep attracting interest from home buyers across the nation, and dare I say, outside of the United States. Why is that? It seems that this is a question that can easily be answered in a sentence or two, but in reality, there are just too many things that sell our state.

Let's state the obvious, shall we? Utah is an outdoorsman(woman) paradise, complete with endless trails for hiking, rock climbing, mountain biking, bouldering, photography, camping, etc. Want more of an adrenaline rush? Then head to several resorts for all your skiing or snowboarding needs.

Can I interest you with some hot air ballooning, or better yet, how about heading over to Draper, UT, and enjoy the nation's best paragliding park.

Head south of Salt Lake City, and you'll be welcomed with the red rocks, Lake Powell, and all your outdoorsy things that your body, soul, and mind need.

Ok, so with the obvious nature stuff out of the way...what else?

Oh yeah, many companies have moved their headquarters, or opened major offices at the Silicon Slopes, found on the northern part of Lehi, UT. Companies like Facebook, Adobe, eBay, Oracle, DOMO, and the list keeps going.

Utah boasts with a very healthy workforce, and that can be taken figuratively, and/or, literally. Utah is home to a large percentage of bilingual, trilingual, and multilingual professionals, that will be a strong addition to just about any company in any industry.

With that said, a major standout for many is the cost of living. While home values did climb at absurd rates in 2021, 2022 brought a necessary stabilization that continues to offer a sense of affordability...I mean, we're not California or New York, right?

Now, with that market 'correction', rising interest rates came too. Long gone are the days where you could take advantage of interest rates in the 2%-3%...not quite there anymore. Beginning in the first few weeks of 2022, we saw those interest rate hikes come and go, and now we welcome interest rates in the 6% and 7% range.

"I'm going to wait for interest rates to come down," "I'll buy a home when prices go down," "A recession is coming, I think I'll wait," - As agents, we hear these constantly. But why, why must we not think like this?

For the few of you readers that remember, once upon a time, people bought homes with interest rates as high as 11%, and 12%....yes, you read that right. We need to stop comparing rates to 2021...again, it was an anomaly.

As you decide whether to 'wait' or move forward, let me tell you why now is the 'smart' time to buy...note that I'm not using the cheesy line 'It's the best time to buy' - used by cheeseball agents just trying to get paid off of you. It's the SMART time to buy because with that market stabilization, came purchasing power to the buyer. We are no longer having to compete for deals as in 2021. No more above asking.

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Daybreak in South Jordan, UT@theactorsellinghomes

The ball is in the buyer's court...how so? Sellers - including builders - are now offering incentives with the sole purpose of helping a buyer qualify for a better (lower) interest rate. We're seeing amounts from 10K to 20K just so you pick them. Those funds can be used to buy down your rate.

Let's put it this way...you make the smart choice to go out (with me), and we find the perfect home. In the process, you get a pre-approval letter from a lender (I work with several great ones), and we proceed to make an offer. The seller/builder offers a XYZ incentive that buys down your rate from whatever the current interest rate is, and for the first year or two, you pay a reduced amount. As you build equity and wealth in your new home, the opportunity arises for you to refinance that same home, in fact, some lenders/builders are offering a FREE refinance at the end of the buy down phase.

In conclusion, Utah remains at the TOP of the real estate market...and rightly so, it's BeUTAHful out here, and I'd be more than happy to walk you through the process of purchasing your Utah home. My advice is for you to follow me and better yet, reach out to me, @theactorsellinghomes, out.

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Offering an inside view of the Utah real estate market for relocation, retirement, and/or investment.

Salt Lake City, UT
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