Is the Utah real estate market in a buyer's market or seller's market right now?
I would say thanks to the shortage of available homes, we're definitely in a seller's market. Because of that, homeowners are getting top price for their homes when selling, which is very exciting for them.
If you're looking to buy a home, the good news is that interest rates are still near the lowest they've been in about 40 years. As a result, buyers are able to afford homes that they otherwise wouldn't have been able to afford in past markets. This has caused buyers to continue pushing the market despite the lack of inventory and price increases.
We're still trying to keep up with the demand for both sellers and new construction homes in the Utah market. We're also seeing many homeowners able to sell their house and buy a new one they wouldn't have been able to afford with the equity previously.
In short, it's a seller's market, but interest rates make it a great time to buy a home too. If you're thinking of buying or selling a home, give me call or send me an email. I'd love to speak more with you about it.