|Closing Conducted by:||Lenders, Title Companies|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||4 - 5 months|
|Notice of Sale:||Trustee|
|Redemption Period:||180 Days|
|Median Property Tax:||0.60%|
|Property Taxes by County:||http://www.tax-rates.org/utah/property-tax#Counties|
|Transfer Fee:||No Fees|
Median Home Value: $386,723
1-Year Appreciation Rate: +11.0%
Median Home Value (1-Year Forecast): +11.2%
Median Rent Price: $1,595
Price-To-Rent Ratio: 20.20
Average Days On Market: 49
Unemployment Rate: 4.3% (latest estimate by the Bureau Of Labor Statistics)
Population: 3,161,105 (latest estimate by the U.S. Census Bureau)
Median Household Income: $65,325 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 9.79%
Foreclosure Rate: 1 in every 23,258 (0.4%)
Sevier: (1 in every 2,885)
Carbon: (1 in every 4,885)
Grand: (1 in every 5,224)
Tooele: (1 in every 5,246)
Kane: (1 in every 5,954)
As recently as December 2020, the monthly average commitment rate on a 30-year fixed-rate mortgage was 2.68%. At that rate, it's never been cheaper to borrow institutional money, which simultaneously helps to offset today's high prices and increases monthly cash flow for investors who buy rental properties.
With a 20.20 price-to-rent ratio, it is more affordable to rent a home in Utah than to buy one. As a result, it's safe to assume more people will turn to landlords for living arrangements.
Home values in Utah have increased for eight years, which means profit margins on flips have dropped. Investors are still free to conduct rehabs, but long-term rentals are more viable under the market's current conditions.
St. George to receive more millennial attention: Only a short drive from Nevada and Arizona, St. George's location is perfectly suited for anyone looking to take advantage of Utah's picturesque desert landscapes or its outdoor activities. More millennials, in particular, may start calling St. George home because of its proximity to other states but also because of its affordable home prices. Approximately $30,000 less than the state average, the median home value in St. George should attract more buyers in a market that is starting to get a little too expensive.
Inventory will drive appreciation: Prices in the Utah real estate market have increased for eight consecutive years. While the driving force behind the latest bought of appreciation may be attributed to several factors, a distinct lack of inventory is perhaps the most prominent reason prices have risen so much. The Coronavirus has also prevented builders from adding to inventory, which only compounds the inventory shortage. As a result, expect prices to increase for the foreseeable future.
Suburban influx: 2021 may be just the beginning, but there's a good chance more people will move away from expensive cities with a reputation for Coronavirus breeding grounds. More people are already using "work-from-home" practices as an excuse to move to the less expensive suburbs of Utah, and the trend should build momentum this year.