Over the last year, the Utah housing market has been quite interesting thanks to the COVID-19 pandemic.
The year 2020 proved to be a strong housing market year, despite the pandemic. But now that 2020 is over and the looming uncertainty brought by the pandemic, we look forward to the next year, 2021, and wonder what it will bring. Will 2021 be a good time to sell or buy a home? Is the housing market going to crash? Will there be an economic recession? Many questions are surrounding the 2021 housing market. While nobody can accurately predict what the future holds, we can certainly make an educated guess based on current market trends and patterns.
Learn more about how we predict the 2021 housing market will look.
What to Expect in the 2021 Utah Housing Market
In March 2020, there was a slight dip in the Utah housing market thanks to the rising number of COVID-19 cases, increasing unemployment rates, and a potential economic downturn. Understandably, people looking to buy or sell were hesitant to enter the market with the future’s uncertainty and the concern of a market crash similar to that of 2008. Thankfully, and surprisingly, the market made a quick return and remains strong as we finish the first month of the new year.
Over the last decade or so, there have been more buyers in Utah than there has been inventory; it seems as though 2021 holds the same to be true. Because of a limited supply of houses and many people making their way to the great state of Utah, the median price per home has been driven up and will continue to do so. Moreover, with inventories still low, we foresee a rise in prices by five to six percent and for the fewer and fewer homes to be available for sale.
People prove to adaptable, especially during this “new normal.” Virtual tours and live-streamed open houses are becoming more and more popular, allowing people to social distance. Not only that, but it also allows a broader crowd of people, non-locals specifically, looking to buy a home in Utah an opportunity to get a good look at the house without unsafe travel.
As for levels of demand in the Utah housing market in 2021, we think levels should normalize in comparison to 2020. While buyers are still looking to make the most of record-low mortgage rates, we foresee the demand levels to even out across the entire year.
Contact Utah Sell Now
Because the 2021 Utah housing market looks as though not much will change from the previous year, now is a great time to sell your Salt Lake City, Utah, home.
If you want to avoid the headaches and hassles of traditional listings, contact Utah Sell Now. We want to buy your home for cash, as-is! Forget about making time-consuming repairs, renovations, or even cleaning. Your home in its current condition is what we want! We want to make this process easy for you, which is why we strive to find win-win solutions, work on your timeline, and cover all closing costs. Contact the professionals at Utah Sell Now to receive your all-cash offer today.