The last two years have been unprecedented, for more reasons than one. According to Fortune, the Case-Shiller National Home Price Index hit its highest growth level on record this spring. Median home list prices are up 24% since the start of the pandemic, rising from $310,000 in February 2020 to $385,000 as of June 2021. The market is hotter than ever, especially in Utah.
Among the states with the largest price increases, Utah ranks within the top 10 states nationally, with median home prices climbing 34%.
One core reason experts are attributing to the soaring rise in home prices is historically low interest rates, which have plunged below 3%. Millennials are also entering the market in overwhelming numbers; they are now the largest population of homebuyers.
Additionally, the pandemic has transitioned many individuals and families to remote work, opening up the flexibility to relocate to more desirable locations.
If you’re looking to capitalize on the seller’s market in Utah, the time is now—but it’s critical to begin by asking yourself an important question: how much is my home worth?
When you’re ready to get an accurate estimate of what your home is worth, the first step is to gain an understanding of both the fair market value and the appraised value of your home.
The fair market value of your home is the agreed price that your home will sell for in an open market. The appraised value of your home is determined by a licensed appraiser, who will take in various factors like the size and overall condition of your home. Both factors are critical for you to know before selling your home. Not only will an accurate valuation of your home help you be competitive in the market, but it will also guarantee you aren’t leaving money on the table.
Plenty of online tools claim to give you an accurate valuation of your home, but only a qualified broker can give you the most accurate and specific valuation of your home. Always reach out to a professional. When you do, you’ll be in good company.
In a recent survey conducted by the National Association of Realtors, more than half of buyers and sellers said that during the pandemic, relying on a real estate agent when searching for or selling a home was much more important than ever before.
Buyers and sellers from nearly every state are experiencing the effects of this surging housing market. Whether you’re a first-timer or a seasoned pro, buying and selling in the current market can be intimidating. That’s why it’s a great idea to work with a realtor who can help you navigate the unprecedented market, starting with the most up-to-date appraisal of your home.
A Closer Look at the Housing Market in Utah
The rising opportunity for remote work has only fueled in-migration to Utah, with Heber City experiencing the fifth-most net change among 926 metro areas, according to data from the New York Times.
It’s hardly surprising to Utah real estate agents that individuals and families are flocking to the state. From low-cost living to an outstanding quality of life, Utah residential relocation has been steadily on the rise, even pre-pandemic.
Rapid job growth is also contributing to in-migration, as Utah’s seasonally adjusted unemployment rate dipped to 2.7% in June 2021—the second-lowest nationally and well below the national rate (5.9%).
With home prices at all-time highs thanks to a steady influx of buyers looking to relocate to Utah, homeowners are giving serious consideration to listing their homes. You might already be thinking it’s time to sell your home.
What’s My Home Worth? Ask the Experts at Woodley.
In this hot housing market, it’s natural to wonder how your home value has changed. If you’re ready to sell, reach out to the Utah real estate professionals at Woodley for a no-obligation market valuation. Simply fill out a brief form, and our team members will create a custom report that includes both the projected value of your residential property as well as our listing recommendations.
Learn more about how the experts at Woodley Real Estate can help you accurately determine how much your home is worth.
