BOUNTIFUL — Utah housing prices are on the rise, but local realtors and business seem to be unfazed. This is odd after the 2018 housing analysis by the U.S. Census Bureau.
Tanner Peck is a founder of T&T Serving You, a Utah company that installs the nice white posts telling people your house is for sale.
The Bureau reported a near 40% increase in Utah housing prices since 2015. The national average for a home in 2018 was $229,700, and Utah tops in at $303,300.
And business is busy right now. Peck says “between the weekends, we sometimes get to 200 signs a week.”
So what makes housing increase possible while still keeping Peck in business?
Utah Realtor Leo Calquin says, “The biggest things right now is the interest rates.” Rates are low, which in turn heightens consumer confidence.
The other reason that keeps Peck and Calquin in business is rent. Just as housing prices have increased, so has rent. And for Calquin, “it just makes sense to own your own place and have that money go towards your future instead of your landlord’s future.”
The census report shows that a high percentage of Utah is moving towards home buying. Calquin says that now is the time to buy, and you may have a better chance at a nicer home because rates are so low.