It’s no secret that the Utah housing market has boomed over the last year or so. Many Utahns are looking to build or buy houses and, combined with a booming economy, it can be a competitive market. However, we have great news for Utah homeowners or soon-to-be homeowners! The housing market is in a great place, Utah’s economy is prospering, and the future is looking bright.
Recently, Utah has seen a big increase in its economic standing. According to this article from Cache Valley Daily, Utah’s Department of Workforce Services employment summary for May 2022 states, “Utah’s nonfarm payroll has increased 3.5% over the past 12 months adding a cumulative 55,500 jobs since May 2021.” In addition, Utah is ranked second in the nation in economic performance.
This positively affects homeowners in Utah because a strong economy means security, stability, and potential for more growth and development. When purchasing or owning a home, security in your investment is the most you can ask for. Job security and a growing economy provide peace of mind to homebuyers as they try to take on as little risk as possible.
As stated before, Utah is seeing an influx of available job opportunities. With Utah being one of the fastest growing job markets and economies, this influx increases the likelihood that homeowners will find secure employment.
The tech industry is one job market booming in Utah. According to The Center Square:
“The Salt Lake City metro area, located in Utah, has one of the fastest growing high-tech sectors in the country. Between 2015 and 2020, employment in high-tech industries climbed by 30.0%, or 9,855 jobs, compared to 8.9% nationwide. The growth was led by surging employment in the scientific research and development services industry, which reported 74.5% job growth over the same period.”
With increasing job and tech opportunities in the Utah economy, the future of homeownership is full of exciting possibilities!
The job market isn’t the only entity increasing in Utah. When it comes to buying houses, specifically, great things are happening.
First, average days on the market are increasing. This means that houses will be sitting a little longer, giving more people a chance to view them and put in offers. That creates a slightly less competitive and high-stakes market and increases the chances of purchasing a house.
The number of houses available has also bounced back to pre-pandemic levels – another exciting development in the Utah housing market! This increase in housing supply indicates that more people will have the opportunity to buy homes in Utah.
At EDGEhomes, we can help homeowners in the Utah housing market find their ideal home in one of our beautiful new home communities. We offer many resources to ensure homeowners are well informed about their housing choices and financing options.
With newly available options in this booming market, it can be an overwhelming task to pick the right house for you. Luckily, EDGE has created the Smart Guide to help you narrow down which options will be best for you regarding the product type, location, floorplan, and more! Once you decide on your home, EDGE also offers the ability to lock in an interest rate with our preferred lender.
Nothing is more exciting and promising than becoming a homeowner here in Utah. At EDGE, we want to be a part of your journey, giving you the ultimate home-buying experience. Let EDGE help you buy your dream home in the nation’s strongest economy.
Contact us today, and we’ll get you started on this exciting, new journey.
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