Utah’s spring home-buying season is here and with 50% fewer homes for sale statewide, the chances you’ll end up in a bidding war are pretty good.
Dozens of people could be bidding on a home at once, and as a result homes can go for thousands over the asking price.
Katy Vanderdoes, a real estate agent and agent marketing manager with Homie, a Utah-based company, told 2News what you can expect when buying a home.
In the last few years, how common have bidding wars been in Utah?
With record-low levels of inventory, and higher than average demand, bidding wars are unfortunately becoming more and more common throughout the state. That’s making it really tough on Utah home buyers. Recently, Homie saw a home that got 74 offers.
How do you stand out in a bidding war?
- Be ready
- Act fast
- Present your best offer
- Use an experienced real estate agent
Where is the demand the most high?
Demand for homes tends to be higher in high-density urban areas, so you would be more likely to get into a bidding war in cities along the Wasatch Front.
What does the outlook for Utah’s housing market look like for 2021?
Inventory will probably increase during the hotter spring selling season, but it is still on the downward trend, overall. Average days on market are on the downward trend as well, indicating increasing demand. Interest rates are slowly coming up, which may help cool the competition.
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