Utah ranked number one in Best Economies Nationwide.
Utah has the highest Employment growth in the Nation.
(https://247wallst.com/special-report/2020/08/25/the-states-with-the-best-and-worst-economics-4/1/)
Utah ranked as the second happiest state and ranked number one for community and environment and work environment.
(https://wallethub.com/edu/happiest-states/6959)
The questions over the housing market linger, but the fact of the matter is there has never been a better time to sell, buy, or refinance.
In early March 2020, we all received a crash course on COVID, whether we liked it or not. As quarantine, business shutdowns, and required masks became the new norm; it became abundantly clear how reliant we all truly are on each other. Assessing the four necessities of life became front and center: food, water, clothing, and shelter (and apparently toilet paper).
For most, the worry of whether their job would be considered “essential” was front and center. For me, as a Real Estate Agent, I certainly had this concern. In an industry that already ebbs and flows, a pandemic could have unheard-of consequences for the industry. Initially, early Spring Real Estate went on hold. All phone calls stopped, sellers began to take their homes off the market, and renters stopped paying their rent. Clients pulled out of escrows, deeming it a win to walk away from $10,000-$15,000 earnest money rather than risk the possibility of losing out on a lower price point later. Everyone was trying to predict the future to know what the housing market would do. In my industry, though, we don’t predict the future; we just do the best with what’s happening to the market at the moment.
And for that moment, it paused. However, when Utah moved from Red to Orange, the Real Estate Market, especially that of the Wasatch Front, was an unforeseen boom.
Some of the “consequences” of COVID actually brought about some amazing silver linings for the state of Utah. These silver linings led to a housing market perfect for buyers and sellers:
There was a new realization that people could productively work virtually from anywhere. Avoiding other people and crowded areas was the new norm. Many in big metro cities saw Utah, with its booming economy, historically low unemployment rates, a backdrop that rivals the best in the world — and according to a recent article in Utah Business, a now cleaner air quality — as a top spot to relocate to. (https://www.utahbusiness.com/air-apparent-improving-utahs-air-quality)
Interest rates dropped to an all-time low. Interest rates on a typical 30- year mortgage dropped (and currently remain) well below 3%. Many areas are seeing a record decrease in inventory, which creates a very competitive market. If you are purchasing a home, expect to be one of multiple competitive offers and expect your closing to be longer than usual. Some lenders are asking for 45 plus days to close a new loan. Lenders are flooded with business, and many are focusing primarily on refinancing existing loans versus new loans. However, there are competitive lenders out there. Ask a Real Estate professional for assistance in locating them.
Many Utah schools planned to reopen come fall, which perked a lot of interest in the late summer months! Schools reopening became especially attractive to residents of states like IL, NY, and CA who have stricter COVID policies in place. Even within our own state, people in the more congested areas of Utah had Wasatch and Summit Counties on their radar for potential moves.
There is no doubt that the events of 2020 will go down in history books and the suffering that COVID caused right along with it. However, one thing that never fails is Utah’s resilience.
