The Truth About Utah’s Housing Market

By Cory & Rhonda Berdinner

Dynamic husband and wife team, Cory & Rhonda believe customer service is the key to a successful (and fun!) transaction. Whether you are buying your first home or selling your 10th, they use their experience to negotiate on your behalf and always strive to deliver a smooth transaction.

Have you noticed a shift in the real estate market lately? It’s not the same as it was a couple of years ago—it’s more balanced now. So, if you’re thinking of buying or selling, there’s a lot you need to know. Let’s break it down!

The headlines are wrong. If you’ve seen national headlines predicting doom for the housing market, don’t panic! They paint a broad picture that often misses Utah’s unique trends. While rates have risen to around 6%-7%, the Utah market is holding steady. Why? Because we’re short on homes—about 30,000 short, to be exact. When there’s a lack of supply, values stay up. That’s a basic rule of economics.

It’s not 2020 anymore. Remember the “Covid market”? Homes flew off the shelves without any effort. Back then, sellers didn’t even need a ‘For Sale’ sign! But now, it’s different. Buyers have more options, so homes must shine to get offers. If you’re selling, your home needs to look its best. Walk through your house and check for things that might turn off buyers. Fix those before listing. I can’t stress curb appeal enough. Buyers start judging the moment they pull up to your house.

Why buy now? If you’re waiting for rates to drop, you might miss out. The market’s quieter now, giving buyers more room to negotiate. You can ask for closing cost help or other perks, which wasn’t possible when rates were lower. Sure, a 6% rate isn’t ideal, but here’s the truth: you can always refinance later when rates go down. Right now, there’s less competition—meaning better deals. When rates drop, more buyers will jump back in, making it harder for you to get your dream home.

Here’s the question I get a lot: “Will the market pick up soon?” I wish I had a crystal ball, but I can’t say for sure. What I can tell you is that factors like the upcoming election and job market reports will play a role. And while some folks are waiting for these events to pass, we think there’s no time like the present to act.

So, what should you do? If you’re selling, make sure your home’s ready—no shortcuts. If you’re buying, don’t wait for perfect rates. Lock in your home now and plan to refinance when rates drop. We’re here to guide you, whether it’s to prep your home for sale or to help you negotiate a great buy.

Don’t wait for the “perfect” market; let’s make the most of today’s opportunities! If you have any questions about real estate, you can call or text us at 801-821-9400. We’d be happy to help you find what your next move should be.