If you own a house along the Wasatch Front, Utah, it may be a good time to sell it due to the record increase in property prices between April and June.
Salt Lake Board of Realtors noted that second-quarter median prices for single-family properties in the area amounted to 300,000 from $275,000 in the previous year. Troy Peterson, the group’s president, described it as the strongest market for sellers so far. Even Froerer Real Estate, a trusted property management company in Utah, agrees on this.
Residential property management in Utah will be necessary in case you plan to buy properties as an investment. If you are looking to buy in Salt Lake County, note that the median price rose 10% to $327,000.
Homes for sale in this area and along the Wasatch Front have struck tight competition among bidders, mainly because of median prices amounting below $500,000, according to Peterson. Some are even willing to pay more than the asking price. On the other hand, the most expensive homes during the second quarter are in Emigration Canyon, where the median price rose 19.4% to $561,000.
While increasing residential property values may be good for sellers, the story is different for buyers. Affordable housing has become a pressing concern, which requires the help of property developers in launching more projects. However, the government can contribute more than just implementing programs.
Infrastructure expansion serves as a way to lure companies to build more houses. For instance, transportation projects near lesser-valued land can be a good way to spur new construction.
Rising home prices are good for sellers yet a seeming nightmare for buyers, especially those who plan to own their first property. If prices continue to rise, more people will likely be priced out of the market, so it is better to consider financing options to help with a transaction.