Why Home Buyers Should Look Beyond Salt Lake County
Real estate buyers should consider looking beyond Salt Lake County for their home purchase, as prices in the region have become too expensive despite a boom in construction.
For instance, a house in a new housing community in Draper near Salt Lake City could be a better alternative. Wright Homes also notes that the tight competition among buyers also serves as another challenge for those who still want to buy a house in the capital city.
Average Home Prices
The average price for a new house in Salt Lake County amounts to approximately $400,000, but properties with that price are relatively rare. Even if there are some listings, you should expect the cost to increase easily since many are willing to pay a premium.
Other than the high demand, the rising cost of construction expenses has affected the prices of new properties in Salt Lake County. Some developers have created new designs over the previous year, just to meet the affordable housing concept preferred by many. This is important due to an increase in residents who believe that even renting a home is too expensive.
A Utah Foundation report showed that more people in Utah believe there are fewer available low-cost homes in the state for this year. This negative perception became more prominent in Salt Lake County, where one in five people said that personal housing costs have become expensive in 2018.
Tenants are also more likely to admit that residential expenses are less affordable than those who own a house. Analysts cited stable costs for fixed-rate mortgages in previous years as the reason behind the contrasting beliefs.
If you still want to buy a house in Salt Lake County, yet wish to acquire a lower-priced home, there is a higher chance of finding one in a different community. Work with a reputable agent or developer to find the best property and community.