Salt Lake City Home Supply Shrinks, Prices Surge

Couple Outside Home with Sold SignHome buyers in Salt Lake City should consider applying for financing assistance, as prices have surged and supply has shrunk in the last five years.

According to an Associated Press analysis, the city’s home inventory dropped almost 70%, representing approximately 1,100 homes that will be on the market every month in 2017 compared to 3,600 property listings per month in 2012.

Median home prices have also increased within that period, which has made the challenge of buying homes even tougher.

Affordable Housing

Buyers not only have to worry about rising home prices and the lack of available supply, but should also take note of increasing competition for properties, especially for low-cost houses. You can maximize your spending power by applying for a mortgage loan. By seeking financial aid, you may increase your chances of purchasing a property in a less crowded market since you have the means to look elsewhere.

Finding the best mortgage rate in Salt Lake City shouldn’t also be that hard, thanks to competition among lending companies that prompt them to outsmart their rival businesses. In addition, the city government is also helping to resolve the shortage of housing inventory, even for homeless people.

Homeless Shelter

As much as 500 beds in three different sites will soon cater to homeless people, following the Utah Homeless Coordinating Committee’s approval for proposals to develop facilities in Salt Lake Country.

However, the proposed projects gained opposition from community leaders, since they claim that these projects will affect existing homeowners in South Salt Lake negatively, which will serve as the location for the homeless facilities.

Home inventory in Salt Lake City may have dropped significantly, but that doesn’t mean buyers should stop trying to look for a decent house. You simply need to be patient in scouting for properties and of course, be flexible in knowing when to seek funding assistance to close a deal.