There are plenty of homes for sale in Utah at the moment, and the seller’s market means that prices are rising as well. However, one of the big concerns facing the market at the moment is that the demand for more spacious homes continues to rise, while the availability of large square foot homes is decreasing.
The Rising Popularity of Utah
States like California, Oregon, and others are starting to see more and more people move out, getting away from crowds, taxes, and overly competitive markets. People from big cities are looking more towards what could be called secondary cities, trying to get more space and more land for lower prices, and Utah has been a popular choice for just that, as of late. However, while great for the housing market, it offers a few unique challenges for those moving in the state.
The Consequences of Booming Property Market
Sellers are rubbing their hands as more and more people come from out of state, able to pay significantly above the asking price for the kind of properties that have space and land that they want. However, this increased competition is making it harder for Utah natives to move around the state, especially if they want to move into homes that offer more states. In some towns throughout the state, home prices have risen by more than a fifth of what they were last year. That’s a 1.2x increase in average house price.
Another consequence is that the Utah market is running out of large square foot homes to sell. As soon as homes do hit the market, they get taken quickly. Appraisers are moving to adjust to make sure asking prices reflect the reality of the market, but the competitive market is even leaving them behind.
Local Buyers Looking for Alternative Solutions
Utah natives and new transplants from other states are adapting to the fact that square footage is shrinking across the state. In order to avoid the bidding war that is driving the prices of these homes up, downsizing is becoming much more a common tactic. This does bring its own challenges, of course.
One is finding a way to deal with the furniture and items you no longer have space for. Services like Provo self storage unit providers are helping newly moved families, giving them the temporary space they need to secure their valuable belongings until they can find more permanent solutions.
Another issue that has arisen is the rising cost of construction materials, as more people are buying and building than ever. Builders are in a high-demand, too, as more are looking to buying to get away from the bidding war currently hitting the market.
At the moment, there doesn’t seem to be an end in sight to the rush for large square foot properties in Utah. As attractive as it has become to cross-state movers, the reputation it has for cost-effective properties might disappear for some time.