Understanding Utah's real estate market
The experience of investing in the real estate industry shifted a bit when the pandemic struck the world. While some investors were reluctant to shop for houses and other properties, they eventually came around when the industry experts suggested showing homes virtually can be a feasible option.
Although COVID disrupted most industries, the real estate sector of Utah is not one of them. Even the sales in and around Utah county reached historic highs during the pandemic, thus beating the last few years' record.
Factors behind the influx of potential investors in Utah?
With real estate agents saying that their work hours have surprisingly increased during the pandemic, they also had to cater to the demands ensuring minimization of the virus spread. The primary reason for such a hike in markets was low-interest rates introduced by the authorities to encourage cash flow in the economy during difficult times.
Investors who have the knack for renting office spaces made the most of these low-interest rates to purchase properties at a discounted rate. Thus, real estate agents were busier than ever as buyers were getting more desperate to get their hands on new houses.
Even the sales of single-room houses also topped the charts, much to the surprise of the agents. It can be credited to the lockdown where employees were encouraged to work for home, and thus professionals were looking for comfortable flats and houses.
Adding more fuel to the customer demand is the mortgage rate reducing to 2%. Moreover, Utah's job market is also healing successfully after absorbing the sudden shock of the pandemic. Thus experts believe that the demand will grow further this year.
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Recent trends observed in the Utah real estate market?
With people spending more and more time at home, the opportunity to look at houses via virtual tours also increased. Also, with many companies declaring an indefinite work from home, many people started considering a home with all facilities, including swimming pools, gyms, etc.
So the professionals, who were so engrossed about the idea of having a home near their workplace, started dismissing the thought altogether. So real estate is witnessing a surge in customers' queries looking for homes in the suburban and rural areas. Because professionals have got the opportunity to work from any geographical location, they need more space to build their working space.
Since getting space in the heart of the city was not an option for most individuals, they were settling for suburbs where they could even provide playing space to their toddlers.
Apart from this, even investors living in New York and California have been showing interest in Utah's properties due to the aesthetics of the region and the numerous recreational opportunities it offers. Since during COVID, the chance of travel becomes sparse, you still want to access nearby amusement to enjoy recreational activities.
Most real estate agents even claimed that they had witnessed such an exclamatory performance in quite a long time.
Why Utah is considered the perfect real estate acquisition?
If you have never considered living in Utah permanently, then you might not have explored the options available here. In Utah, you will get the perfect balance of hi-tech offices and lush greenery surrounding you. The architectural design of the city will also sweep you off your feet at first glance.
If you want to foster a deep connection with nature while continuing to be at your desk job, then you may want to read the benefits of investing in Utah real estate:
- Availability of reasonable neighborhoods
Large families who are looking for 4-bedroom houses might have a hard time finding the exact match in an economical rate in other states. Since the demand for the real estate sector in Utah is gradually rising, you will still have the chance to afford a large house in semi-urban areas. You can even dream about owning a luxury house in Utah if you manage to get a great deal by consulting with the right agent.
- Great valuation of the property
Even if you manage to get your hands on a sizable multiple-storied house in Utah in a fair deal, you would be able to enjoy high ROI in the future. Since Utah's real estate market is getting all the appreciation it deserves, the prices will soar up in no time. Once the home prices start escalating real fast, you can lease or sell your property and get huge returns in exchange.
- Significantly lower cost of living
Another reason to relocate to Utah permanently is its low cost of living despite all the drastic developments in the state. Nonetheless, to say, you will be able to buy more spacious properties here at a relatively low price. If you consider selling your current house located in some other state to buy a property in Utah, you will be able to save a significant percentage of money.
- Growing rental market
Although the property prices are considered affordable than other states of the country, it still might not be economical for Millenials and students. Thus if you consider renting your property to these Millennials who have just started their professional lives, you would be earning a great deal of rent.
- Landlord friendly state
So if you go with the idea of leasing your property, you will just have to acquire a license and pay a small fee. After this, if any tenant violates the term of the contract or causes any damages to your property, you can approach the court to get refunded for the repairing costs.
If you have been waiting for the right time to invest in Utah's properties, now is the best time to do so. Because if you put your money in buying any commercial buildings or large houses in Utah, you will be able to enjoy better returns in the near future because, after the pandemic, the real estate prices are on a constant rise.
So if you do not want to get exposed to the infection, place a request for a tour of any property you like, and we will get back to you shortly.