Utah’s real estate market is on fire, and thousands of first time buyers are looking for homes in the Salt Lake City area. With limited inventory and growing demand for affordable property, those buyers should be prepared for steep competition.
In 2011, nearly 6,000 homes were listed on the market. But as the real estate market recovered from the Great Recession, buyers started purchasing homes. Many Salt Lake City homeowners were underwater on their mortgages, and when property values started to rise they kept their houses off the market. Today, buyers have less than 2,000 homes to choose from, with high demand for affordable housing and stiff competition on every available home.
Despite the challenges, first time homebuyers can still find the perfect starter house. To outpace their competitors, buyers should get prequalified and be prepared to make an offer immediately.
“Your dream home is someone else’s dream home as well,” Linda Mandrow, a local realtor for Coldwell Banker, said. “When you’re going out to compete you have to make sure you have yourself in the very best competitive position possible.”
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This news summary contains excerpts from the KSL.com article dated April 25, 2016.