How is Utah's Housing Market Being Affected by COVID-19?

According to Brad Bjelke, CEO of UtahRealEstate.com, low inventory levels are still a challenge for home buyers. That said, pending home sales across Utah (under contracts) increased to a five-year high in March. Jake Breen, former director of the Salt Lake Board of Realtors®, reminds us that challenges are ahead, as showings dropped nearly 50 percent nationwide in the last two weeks of March. “What has been affected in real time at the moment is the luxury market, especially over $1 million,” Breen says. “Affordable housing in Salt Lake is still a hot market.”

So what does all of that mean for you? The good news is that the Salt Lake Market is still hot!

If you are looking to BUY a home, it is true that there is a limited amount of homes available on the market, however with home showing dropping, now would be a good time to start looking. You could get in on a great deal from a seller who needs to sell right away.

If you are looking to Sale your home, it is still a great time to list your home even if your home is in that over $1 million category, just plan on it taking a bit longer. Homes below the $1 million category are still selling in a matter of days sometimes with multiple offers, which is great for any seller.

With contact-less closings and interest rates at an all time low, there could not be a better time to be buying or selling. Let us help you today!

(Source: https://slrealtors.com/updates/)