Despite the high prices of homes in Utah compared to the rest of the country, buyers are gaining advantages in the housing market. According to Jeremy Holmgren, mortgage manager for Zions Bank, there are more homes available, longer times on the market, and more moderate increases in housing prices, giving buyers more power.
Sellers are offering concessions, typically around $10,000 to $15,000, to attract buyers. While the market is still favorable for sellers, Holmgren recommends buyers act now while competition is low. Three key reasons for the market shift are more inventory, longer time homes spend on the market, and more moderate price increases.
Buyers may benefit from the increase in inventory, longer time homes stay on the market, and slower growth in housing prices. Holmgren advises potential buyers not to wait for interest rates or prices to decrease, but to take advantage of the current market conditions and start building equity in their homes. By educating themselves about home-buying programs and qualification requirements, buyers can make informed decisions and take advantage of the buyer-friendly market conditions in Utah.
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