“The Struggle is Real…” Estate
For homes priced under $400,000, almost every property put up is going into a multiple offer situation. Home buyers are getting frustrated and feel like ripping out their hair when they finally find their perfect house, only to have some “punk” outbid them by $400.
The reason being is the lack of listings to satisfy the high property demand. Too many buyers want to take advantage of today’s low rates before they inevitably change. Buyers are snatching up homes faster than agents can list them on MLS. There are also not enough owners wanting to sell, perhaps waiting for values to continue appreciating. Many people are simply staying put, remodeling what they already have, perhaps due to lower rates from years ago. Others are converting their current homes into rental properties. In addition, builders are not able to keep up with the high demand to build new homes, as dwindling options give rise to a need for greater diversity.
Millennials are finally coming of age, buying homes unprecedentedly. Good paying jobs in Utah’s booming tech industry afford them the opportunity to be able to move into a starter home with a greater success rate than previously experienced.
According to the Salt Lake Tribune, Utah has the nation’s third highest growth rate in the country. They cite the reasoning being a continuation of high birth-rate and big-family culture, which many millennials in Utah are compelled to maintain. In fact, Utah has been in the top 10 for its growth rate every year so far this decade. As the number of new families continues to grow, the demand for property will sustain, putting increasing pressure on an already pressurized market.
The top 7 things you can do to get YOUR offer accepted:
- Strong Pre-Approval Letter
- Escalation Clause
- Tighter Deadlines
- Higher Earnest Money
- Letter to seller from buyer
- No Closing Costs
- Shorten or drop due diligence
