The real estate market in Utah is on fire. Sellers are taking advantage in a big way due to strong demand.

In fact, the median home price is up 30% from the year prior. It is not uncommon for sellers to receive multiple offers on their home. Many buyers are making more than ten offers before one is accepted.

Moving to Utah from another state is appealing to many. The low cost of living and abundance of land make Utah one of the fastest-growing populations in the country.

Read on for a guide to buying a home in Utah. Explore topics like buying a house on a budget and navigating a supply crunch.

Lay the Ground Work

You need all your ducks in a row in a hot Utah real estate market. This means getting pre-qualified for financing if you need it.

Also, make sure that you have the right real estate agent for your needs. This market requires a real estate agent that is available and not overbooked. You may need to schedule a showing or place an offer on a moment’s notice.

Be Aggressive

The current market is not suited towards timid buyers. If you are buying a new home, it is imperative to move aggressively.

When a new home hits the market, you want to strike fast. This means you should tour the property quickly because quality homes do not last long.

If you love the house, do not hesitate on making an offer. More time passing gives other buyers an opportunity to step in and outbid you. 

Being aggressive also requires making a competitive offer. This is not a market in which you can make low-ball offers.

As mentioned earlier, the seller is likely to receive multiple offers on their home. In a seller’s market, you need to meet or exceed the asking price to have a realistic shot.

Save Up

Cash is your best friend during the home buying process. A cash buyer is more appealing to sellers as they do not require financing.

Even if you do not have enough to buy the home outright, cash is still important. You will need to make a significant down payment to receive financing approval.

For a conventional loan, the standard down payment is 20%. While FHA allows 3.5% down payments, it is still a sizable amount.

With home prices growing so rapidly, the importance of saving cash cannot be stressed enough.

For those struggling to save enough for a down payment, there are programs like the Chenoa Fund to help. There are many other down payment assistance programs available to Utahans.

Buying a Home in Utah

Utah is a beautiful state that is ripe with opportunity. It comes as no surprise that Americans are rushing to live in Utah.

With such a competitive real estate market, the key is acting fast and aggressively. Find a real estate agent that is hungry to make a deal. Also, save up for your down payment and make competitive offers.

If you enjoyed this guide to buying a home in Utah, check out our blog for more great content.