Utah Real Estate Market Update: What Buyers and Sellers Need To Know

Everything that buyers and sellers need to know about today’s market.

By Spring Bengtzen

When it comes to living life at the highest level, Spring Bengtzen is at the top of the list. Currently running one of the top producing real estate teams in Utah, Spring and her team sold 598 homes in 2022 positioning them to quickly become one of the top teams in the country.

Today, I’m here to give you a quick update on what’s happening in the Utah real estate market. First, know that the Utah Housing Market is down by 20% compared to last year. Now, what does that mean for buyers and sellers? 

If you’re a homeowner looking to sell, know that this is a fantastic time to act. Inventory has been down for a long time, which makes a great environment for sellers. Therefore, if you list your home today, know that it will sell, just maybe not as fast as before. 

However, the caveat is that we’re moving into the summer months, so multiple offers will start to occur again in certain areas. If you’re curious about what’s happening in your neighborhood since the real estate market is very local, let me know.

If you want to buy a home, know that this is still a great time for you as well. Rates are around 5% to 6%, which is historically great. They’re higher than they were a couple of years ago, but experts are saying we won’t see those numbers again. 

Therefore, know that there are advantages for you in today’s market, like how some sellers are a little bit more negotiable again. Therefore, get in touch and we can help you get started with things like connecting with a lender and seeing what you qualify for. 

Overall, know that this is a great time to buy and sell. If you have any questions, don’t hesitate to reach out. You can call or email me anytime, and I would be happy to hear from you!