St. George has been a prime spot to live for some time. The city provides easy access to Zion National Park, Snow canyon State park and other attractions around the area, offering an easy outdoor lifestyle. According to the United States Census Bureau, St. George topped the list as the fastest growing metro area in the nation. If you are planning to buy a home in this competitive market, there are a few things to know before jumping in.
Market Stability
Utah’s economy is currently in a very stable place. This factor draws people from across the country, making a significant drop in the market less likely in the near future. The median home value may continue to rise, however not as quickly as in the past few years. The 2018 projected rise in value is expected to be around 3.4%, much less than the 10.7% it was at in 2017. This continuous rise can still make it difficult for a first time home buyer, but you won’t be outpriced as quickly during your house hunt as in recent years.
Lack of Inventory
In a city where even the rental vacancy is less than 1%, Southern Utah Real Estate is in full swing. The number of homes for sale in St. George, Utah is on the rise with builders trying to fill the growing demand in the area. Single family homes cannot be built fast enough! This lack of housing also serves to drive up prices and make it harder to find a home.
Building Vs Buying
Another thing to consider is that, while existing homes are being sold for the highest value, it is also not much more to build. Consider what you want and which neighborhood you would like to live in. It may make more sense financially to build than to buy.
Ultimately, don’t be afraid to buy if you are able to afford it. Taking part in this competitive market may be intimidating, but stick with it through the ups and downs and you will be rewarded for your patience.
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