is it a good time to buy in utah?

with real estate agent bobbi garcia

30 June 2022

We interviewed real estate agent Bobbi Garcia on the current housing market in Utah. We asked the questions that our clients and many residents currently have.

1// What is your current perception of the market, what are you seeing?

It is still a strong market even though there has been a shift people are still confident in the values of homes. The playing field is leveling out, there aren’t as many buyers now, less competition, there is definitely a correction happening. It’s a good time for buyers. I am seeing 2 or 3 home offers ending in a purchase, where before it was upwards of 20. Many are selling their first homes turning the equity around and buying forever homes. 25% of buyers are out of state moving to Utah which is exciting.

2// Are the homes on the market existing homes or land purchases?

A lot of people want to be in Salt Lake City but there is less space for new builds right now. I ran some numbers today and there are 1350 available, 200 are new construction in Salt Lake City and in Utah County there are 1500 with 500 new construction. In more suburban areas there is definitely more space so there are more new builds and land being sold.

3// What are the most common questions buyers are asking you as an expert in the market?

I mostly get asked what to watch out for and my predictions for the market. People are weary and that’s normal, but Utah is a solid market, jobs are solid, nothing has really changed, A lot of people got to ride that wave but the dust is settling. We are in a good place, values will continue to rise but not as unrealistically. Another question is if the Utah housing market is in a bubble and if it will pop. We were in an unexpected and unrealistic market the past while and I don’t know that I would call it a bubble. Now the market is leveling out but homes are still growing in value, just not as rapid or unrealistically.

4// How does the the current market compare to the 2008 crash and impact buyers mindsets?

This is not the same market situation. Younger people don’t have the same experience as the people who were in the market at the time and tend to be more worried and apprehensive. The world of finance learned from 2008 and adjusted. Regulations on home buying have helped make sure that doesn’t happen again. To get a loan is a longer better process. People that are buying can actually afford the homes and afford to stay in their homes. In 2008 anyone could get a mortgage even if they couldn’t afford it and people were losing their jobs. Right now the job market is in the opposite situation, is it an employees market and almost no jobs are at risk. We have a strong economy, and interest rates may continue to rise but not to what it was in 2008,

5// Is the Park City market different from the general Utah market?

Park City is unique. It has its own MLS, and it functions mostly separate from the Utah market. These are generally out of state owners. It’s a lot of vacation homes that double as Airbnbs. It’s still a growing market with a lot of opportunity and people coming in.

6// If you have one piece of advice for buyers coming into the real estate market?

Think of the big picture, think of your life in 5 years from now and what your needs will be then. Bringing in an expert can help you see that and think through it. If this is your forever home or first home that will change how you make decisions. A lot of people are feeling overwhelmed that they need to act fast and buy now. You should try to take the time to find the right fit for you and not compromise in order to get something right now. Houses keep coming into the market and the opportunity is always going to be there.

We learned that the real estate market in Utah in a good place and that is a good time to buy although strategy might be different the dust is settling on the market. Having experts for each step of your process to advocate for you is important and in the end helps you save time and money, by hiring experts for each job you allow them to focus on what they are best at. This is the biggest investment you will make so invest in making it exactly what you want. Especially in this market if you are buying or building your forever home now is the best time to do it right, and custom to you. Important questions to ask are is this your forever home, how long will you be here, where should you invest? It is a slower market, everything is taking longer but this is because there is a lot of jobs to do and therefore a lot of opportunity. Utah is in a great place, and there is opportunity for everyone in this beautiful state.

- Thank you to Bobbi aka The Estate Agent for taking the time to talk with us you can follow her here.