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Wednesday, May 12, 2021

Housing Frenzy

Posted By on May 12, 2021, 4:00 AM

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As we native New Yorkers like to say, "Fugetaboutit!" Forget about what? Buying a home! The latest stats from utahrealestate.com show that the sold price for all types of housing in April increased 26.9% from April of 2020!

So, the average sales price of a home data shows: Salt Lake: $440,000 (up 20.5%), Davis: $435,500 (up 25.5%), Utah Co.: $438,943 (up 25.4%), Weber: $350,000 (up $71,000) and Washington Co.: $450,000 (up 36.9%). Interest rates on mortgages remain at all-time lows, so getting a home loan is pretty easy.

The big problemo is that there's about a two-week supply of homes on the market, meaning there's virtually nothing to buy. and if you do find something, you'll most likely be in a bidding war against cash buyers, forcing you to pay 5%, 10% or even 20% over asking price to seal a deal. Is there any hope in the future for buyers?

Lumber prices have jumped over almost 250% since the onset of the pandemic last year and are expected to keep rising quickly. Supply is backlogged and can't keep up with demand. Lumber mills closed during the quarantines while people stuck at home started remodeling like never before. New housing starts nationally hit their highest levels since 2006. Suppliers cannot keep up with demands of builders and developers, and frankly, none of them can keep up with the national labor shortage.

Given these issues, it's still better to try and buy now because prices will continue to go up. Buyers have to get in the game and may make many offers before getting one accepted. It's worth the battle!

Some folks think that there is hope for the 600 acres under the Utah State Prison to offer some affordable housing options. Many want to see the area, once vacated, developed into a suburb bustling with innovation, economic growth, a mix of retail and rental and for-sale housing of all types and sustainability. This area is now being called The Point, and you can read the draft plan at thepointutah.org where you can click on the key vision elements for transit, community, collaboration and more.

Five working groups are gathering input from as many folks as possible to plan for the site's future. They hope The Point will become a new civic locus for Draper, Bluffdale and Riverton with its own unique open spaces and pedestrian-friendly movement linking those communities via a car-free network in and around the land. You can voice your opinion of how to develop the area for future generations by participating in a survey that only takes about five minutes at lighthousereasearchsurvey.com. Your opinion will help!

There is some hope for housing: Salt Lake Mayor Mendenhall announced a tiny house project being initiated by The Other Side Academy, an adult training school that serves as an alternative to people facing long-term incarceration. They are looking for land to develop with this unique housing plan within the next few years.

About The Author

Babs Delay

Babs Delay

Bio:
De Lay is realtor/broker/owner of Urban Utah Homes and Estates. She is a former member of the Utah Transit Authority's Board of Trustees.

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