Navigating the Housing Shortage

Northern Wasatch Association of Realtors Advice, Update

Utah is one of the fastest-growing states in the nation. While that’s great news, it also means it’s a challenge for the supply of homes to keep up with the demand. There’s a housing shortage, and affordability is a big concern for those wanting to buy. A recent Associated Press study analyzed five years of data and found there’s a growing shortage of affordable housing in the Beehive State. Utah has reached the 3 million population mark and has one of the best economies in the nation, yet that growth has pushed up prices and limited the number of homes for sale. There was a five-year decline in housing inventory between 2012 and 2017. In Salt Lake City, the drop …

Tips for Winning in a Seller’s Market

Northern Wasatch Association of Realtors Advice, Update

If you’ve been shopping for a home, you know it’s a seller’s market. Home prices are rising, the number of houses for sale is declining and properties are selling very quickly. In Weber County, the median sales price increased substantially in February — up 19 percent from last year to $200,000. In Davis County, prices rose 11 percent — an increase of nearly $25,000 from the median in 2016. The same conditions prevailed in Morgan County where prices were up and buyers had fewer housing choices. The current environment is the result of a housing shortage. In fact, the Kem Gardner Policy Institute at the University of Utah finds the number of new Utah households is now growing faster than …