Pandemic is changing home buyer and seller preferences

Northern Wasatch Association of Realtors Advice, Update

Shauna Ray, 2020 PresidentNorthern Wasatch Association of REALTORS® As people spend more time at home than ever before — juggling remote work, virtual learning and a plethora of other responsibilities — many are rethinking their housing must-haves and looking for homes that will get them through the pandemic. In fact, a new study from the National Association of Realtors found that the pandemic has changed several home-buying and selling behaviors. In particular, both buyers and sellers say they want more space. “The coronavirus without a doubt led home buyers to reassess their housing situations and even reconsider home sizes and destinations,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR. The 2020 Profile of Home Buyers and …

Strategies for buying a home in a hot market

Northern Wasatch Association of Realtors Uncategorized

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, …