Utah Housing Market Good For Buyers & Sellers Despite Pandemic
May 7, 2020, 7:03 PM | Updated: Feb 7, 2023, 11:18 am
SALT LAKE CITY, Utah – Like many other industries, the housing market nationwide is facing uncertainty.
Is it a good time to buy or sell?
In Utah, the answer is yes.
“The best time to buy, of course, is now. The best time to sell, of course, is now,” said Dean Crandall, Keller Williams Real Estate broker.
The numbers painted a positive picture in the Beehive State, Crandall said, because Utah is a growing market and there are not enough homes and apartments for all the people who want to live here.
Crandall explained, even considering the effects of COVID-19 on the economy, the laws of supply and demand were in full swing in our state.
“Compare it this way, six people walk into the store and they each want to buy a gallon of milk but there are only three gallons of milk available,” he said. “Certainly, the store is in an advantageous negotiating position. They don’t have to lower the price of their milk.”
According to UtahRealEstate.com, the number of showings started to slide about two months ago. Then the nosedive eased during the first week of April.
Due to a surge in Utah County, there were about 200 more properties under contract this year than last year, according to the website.
Overall, the situation looks good in the short term.
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.