Housing market in Utah looking better for first-time home buyers, says real-estate agent.

Jun 15, 2022, 9:00 AM
first time millennial homebuyer Utah...
The down payment, and a fast-moving market are getting in the way of some first-time millennial homebuyers. Photo: Getty Images

SALT LAKE CITY —  Is the housing crisis making the “American Dream” unreachable for younger generations? A real-estate agents says now is good time for first-time home buyers to take another look at the housing market in Utah.

“The U.S. housing market is at the beginning stages of the most significant contraction in activity since 2006,” Len Kiefer, deputy chief economist at Freddie Mac, tweeted Thursday, according to Deseret News.

To slow inflation further, Federal Reserve officials apparently are contemplating raising the interest rate an additional  three-quarters of a point this week, as reported by CNBC.

New listings for houses are up 23% in Utah

Devi Cooper, vice president of the Northern Wasatch Association of Realtors, joins Dave Noriega and Debbie Dujanovic to discuss the housing market right now in Utah.

Cooper’s advice to young adults contemplating entering the housing market now for the first time: “If you can, I still think you absolutely should.”

“One thing to consider is right now is we are experiencing a correction, not a crash,” she said. “We’re seeing a 23% increase in new listings, even since last May. And sales are down seven and a half percent since last May.”

Cooper added now is a great time to ask the seller to pay closing costs.

“Sellers need to be realistic here. We can’t expect everything all the time. They had their little moment. We’re correcting now with interest rates. . . . Make sure you have that, you know, in your back pocket because that could help you make that payment just a little bit more affordable.”

Bidding wars in Utah housing market are cooling

“For the 20-something year olds who are afraid of getting into a situation where they are in a bidding war or multiple offers . . . but they really want to buy, have those multiple offers cooled off?” Debbie asked.

“Yes, very much so,” Cooper replied. “In between like the three to the 450 [$300,000- $450,000] you’ll still see them, but you’re not seeing them go much more above ask [asking price].”

As the bidding wars for real estate starts to settled down, the market becomes competitive for first-time buyers, she added.

“What kind of price drop gets you excited?” Dave asked. “Is it $10,000? Does that get you excited about a home? $25,000? Is there a number to be looking for or hoping for?”

“If a home is priced correctly right now, it’s not going to see a price drop,” Cooper said. “If you see a price drop right now, it means that the sellers or the listing agent just overpriced it for the market.”

She also recommended that if you are shopping for a house that has been for sale less than two weeks, and the price falls $5,000 to $10,000 price drop, jump on it.

“The buyer at that point is going to get a deal because it was still appraised for that. It’s just these sellers are getting anxious because like, ‘Oh my gosh, I didn’t sell within 24 hours,'” Cooper said.


Utah’s hot housing market and high inflation rate go hand in hand


Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play. 

Today’s Top Stories

Dave & Dujanovic

Rioters at the US Capitol...
Curt Gresseth

Utah bill would limit police access to your cellphone data

A spokesman for a a libertarian think tank in Utah discusses why he supports a bill at the Legislature limiting law enforcement access to the cellphone of a person near a crime scene.
4 months ago
rollercoaster lagoon...
Curt Gresseth

Lagoon spokesman explains big price hike for day pass

Lagoon announces Primordial, a new one-of-a-kind interactive rollercoaster, coming in 2023, but with the new ride comes higher season passes.
4 months ago
Police provided an update but added little new information about four University of Idaho students ...
Curt Gresseth

Police stay quiet after quadruple homicide in Idaho

A killer is on the loose, police in Moscow, Idaho, are tight-lipped and a community is on edge after four university students were found slain Saturday.
4 months ago
A Utah psychiatry expert joined KSL NewsRadio's Dave and Dujanovic to discuss how friends and famil...
Curt Gresseth

Setting boundaries on a friend or family member’s addiction

Instead of boundaries that look like giving in or cutting off the person with an addiction, one Utah expert suggests seeking middle ground.
4 months ago
Being involved with a bad financial advisor is no good for investors. A KSL investigative reporter ...
Curt Gresseth

Do you know how to spot a bad financial advisor?

Spotting a bad financial advisor is easier if you know which red flags to look for.
4 months ago
A member of the Utah Taxpayers Association weighs in on how Salt Lake County will spend an 85 milli...
Curt Gresseth

SLC voters OK $85 million parks and trails bond. Is it worth higher taxes?

The Utah Tax Payers Association offers insight into the parks and trails bond and breaks down what the money will fund.
4 months ago

Sponsored Articles

Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
Housing market in Utah looking better for first-time home buyers, says real-estate agent.