Buying a home in Utah feels extremely intimidating right now. Inventory is low, prices are increasing, and many buyers feel extremely frustrated. That being said, buying a home is still one of the best financial investments a person can make.
If you are feeling frustrated with the process of buying a home in the Salt Lake City region considering reading our four tips below, and talk to someone on our team as we’d love to help you find a home!
4) Don’t Get Discouraged
You might find your dream home, be ready to put an offer, and then suddenly another buyer swoops in and puts in a bid that puts you out of contention of purchasing what you thought was your ideal home. Deals fall apart all the time. If you are serious about buying a home, you have to pick yourself by your bootstraps and keep moving forward to find another home you love. It is not uncommon for real estate transactions to have bumps along the way, but you have to keep your eyes on the prize if you are serious about owning a home.
I’ve seen many buyers even happier with the home they ended up with than the home that got away.
3) Stay Away from Discount Agents
Discount agents often lack experience and lack industry connections. When homes are receiving multiple offers who do you think usually walks away with the home, the buyer with the experienced agent or the discounted agent.
If a discounted agent is unwilling to negotiate their own commission, why would you trust them to negotiate on your behalf? To keep a decent salary the discounted agent needs to buy and sell homes in bulk, which means they don’t care if you get a good deal they simply want the deal done as quickly as possible so that they can move onto the next “client.”
In an intimidating market, you need someone who has your back and is going to fight your best interests. You can’t afford to work with someone that is incentivized to get you in a home even if that home isn’t the best fit for you and your family.
2) Be Realistic About Your Expectations
This is not 2008 to 2011. You are not going to find a large single-family home in your dream community for next to nothing. Consider broadening your search criteria. If you require that your home is under a certain price, but you also expect the amenities that come in the luxurious mansion you’re going to find yourself disappointed without a new home at all.
That doesn’t mean there aren’t great deals and great homes out there. As long as your expectations are in check, then you’ll certainly find an amazing home.
1) Be Prepared
The market moves extremely quickly. In October 2020 homes in Utah averaged only 33 days on the market. That number shrinks to 27 days and 26 days in Salt Lake County and Utah County respectively.
If you are serious about buying a home then you have to be prepared, have your financials in order, and be ready to strike when the time is right. A buyer who is lackadaisical about the home buying process is going to lose out to the motivated buyer every single time.