Strategies for buying a home in a hot market
Shauna Ray, PresidentNorthern Wasatch Association of REALTORS® Real estate listings with more than 100 showings. Houses selling for thousands more than appraised value. Buyers competing with dozens of other buyers for the same home. It’s no surprise that these are the kinds of stories coming from Utah’s ultra-hot real estate market. After COVID-19 quarantines, people are re-evaluating their living arrangements and their priorities for where they want to live — trends that are exacerbating an already-existing housing shortage. At the end of August, there were approximately 8,200 active real estate listings in Utah. That’s a record low, according to Utah Association of Realtors records that date back to 2003. Meanwhile, in Davis, Morgan and Weber counties, …
Why is the housing market so hot?
One of the surprises of the COVID-19 pandemic has been the resiliency of the residential real estate market. Although home sales initially faltered with the spring pandemic shutdowns, the housing market has now bounced back, and sales are beginning to outperform last year’s strong activity. Here are some of the reasons the housing market is heating up this summer: Mortgage rates dip to less than 3% Last week, the interest rate on a 30-year fixed-rate mortgage dropped to an average 2.98%. This is the first time in 50 years that the rate has been this low, according to Freddie Mac. These unprecedented rates are enticing buyers, and many economists expect the trend to continue throughout this year and into next. …
