OGDEN, Utah (ABC4) – The Utah real estate market is hot and prices continue to rise. Some residents say they fear they won’t find an affordable home soon.
Look at the affordable housing crisis in Utah
“It gave me a lot of depression, a lot of fear, it was just hard,” says Marisa Galvan.
Marisa Galvan lives in Ogden and says that she and her husband have been looking for an apartment for several months with no luck, forcing them to stay in an apartment where the rent is also rising.
“We got about 7 offers for different homes and they cost more than $ 50,000,” says Galvan.
Amanda Schleininger is one of the top-selling real estate agents in the US, based in Ogden.
Groups urge Salt Lake officials to address the “housing crisis”
“We are widening the gap between the American dream, which is affordable and / or achievable for most Americans and especially for most of the locals here,” says Schleininger.
She says supply and demand determine market value, and residents like Marisa are not alone.
“Our offer is completely low, we not only have a low interest rate at all times, but also a low inventory level at all times,” says Schleininger.
According to Schleininger, many buyers come from abroad, which also drives up prices.
“And they have a big down payment and they can buy cash out here because it’s so affordable and they beat all the locals here in Utah,” Schleininger says.
According to the Utah Association of Realtors, the median home sales price in the state is only rising.
“The part that is disastrous and that we don’t really see here creates a gap between our locals who can be competitive with their offerings in today’s market,” says Schleininger.
But Schleininger is hopeful and says the American dream is still achievable.
“I definitely wanted my own home and wanted my dogs to have their own yard and be able to run around,” says Galvan.
It’s also important to partner with a broker and lender you can trust and save as much as you can when competing in such a real estate market.
Comments are closed.