COVID-19 Impact on Utah Real Estate

Posted by Diana Fulcher on Thursday, April 2nd, 2020 at 4:26pm.

We are conducting business, just not business as usual 

Even before concerns of the corona virus hit the market, mortgage rates were down compared to a year ago, creating a more advantageous position for buyers. In the face of COVID-19, the greatest challenge facing the market is still the lack in inventory. Before the virus, the market was already competitive, but with more sellers deciding when to list given the circumstances, the gap is widening. However, as of right now, we are still seeing plenty of market activity.

Here's what we're seeing:

   Considering listing? There are still active buyers (let's talk)

  •         Under contracts are still closing
  •         Low foot traffic in open houses
  •         Increase in online traffic 

Government Response:

Here’s why the Utah real estate market is poised to weather the storm:

  •         In state migration

o   Population to almost double by 2050

  •         Business friendly state

o   Utah Continues “Podium” Streak in Forbes Best States for Business Ranking

  •         Strong Economy
  •         Room to build

o   Utah now ranks No. 1 in nation for building new housing

How we've evolved to serve you:

  •         We've taken all necessary precautions by working remotely and following CDC and NAR guidelines
  •         Our digital transaction processes provide a seamless, secure digital contract process
  •         Virtual Open House tours are available upon request 
  •         Buyers can still tour homes, but the number of individuals in a home is limited
  •         I'd love to meet you via video chat or phone to discuss your goals

Our top priority is the health and safety of everyone. I am here for you, as your REALTOR® to help you with your needs during this time. Don't hesitate to call us to stay up-to-date on how the real estate market adapts and changes in this unique situation we've found ourselves in.

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