2020 was one for the record books with the COVID-19 pandemic and has changed the way we conduct business, and most of us are still adapting. So what do we expect for the next year that we can more easily predict?
This has been an unprecedented time for real estate in Utah and across the U.S.
If you’re interested in buying or selling a home in the beautiful Wasatch mountains, then keep reading to learn about five real estate trends that dominated 2022.
1. Growth in the Second-Home Market
There is no doubt that the Utah housing market is on the rise.
Second homes have become real estate trends in Utah, as more people look to invest in property outside of their primary residence.
Due to the strong economy and favorable property markets, Utah has seen a surge in investment activity from both domestic and foreign investors.
The rise in technological advances and the work-from-home movement has contributed to the growth in the second home market.
2. Unprecedented Low Mortgage Rates
With prices on the rise, buyers are eager to get into the market and are often willing to pay above the asking price to do so.
Despite the pandemic, there has been no slowdown in the market for luxury homes. Utah’s Fieldstone Homes continue to attract buyers from across the country.
With interest rates at historic lows, now is a great time to buy a home in Utah.
3. The Shift to Smaller, More Efficient Homes
There has been a shift in the Utah real estate market to smaller, more efficient homes.
This is due to a variety of factors, including the changing needs of families, the increasing cost of living, and the desire for more affordable housing options.
These types of homes offer more affordable prices and require less maintenance than traditional single-family homes.
4. A Historic Lack of Inventory
There has been a historic lack of inventory in the real estate market in Utah. This has been due to a number of factors, including the state’s strong economy and population growth.
The combination of these factors has resulted in a sellers’ market, where there are more clients than there are homes for sale. This has led to competition among buyers and caused prices to rise.
This has made it difficult for consumers, especially first-time buyers, to afford a home.
5. The Rise of the Suburbs
There has been a rise in the suburbs in recent years as more and more people are looking for a more affordable place to live.
This has led to a decrease in the demand for housing in the city, which has put a strain on the real estate market.
However, there are still some areas in Utah that are seeing a boom in the real estate market. The population in the state of Utah has been growing at a steady rate.
The overall economy in Utah has been strong in recent years, which has led to an increase in the demand for housing.
COVID-19 Pandemic: How It Changed the Market of Real Estate in Utah
It is safe to say that the COVID-19 pandemic has changed the market of real estate in Utah.
The pandemic has delayed some home buyers, but others are taking advantage of the low-interest rates and are buying sooner than they had planned.
Although it has had a negative impact on the economy as a whole, the housing market in Utah has remained surprisingly strong which has led to an increase in the demand for housing.
If you want to learn more about the trends in the market that’ll be beneficial to you, feel free to check out our other blogs.