Why Building a Home in Utah is a Smart Choice

Utah’s housing market remains one of the hottest in the nation. Realtor.com named the Salt Lake City region the top housing market in the country for 2022, with an estimated 15.2% sales growth and an 8% price growth. In 2021, the housing market in Utah experienced a record-breaking year, in which house prices increased by a staggering 27%. With home prices in Utah rising with no end in sight, many may wonder if now is a good time to buy a home in Utah. Or, should you choose a new home with a Utah home builder in this current market? Let’s compare the two.

Ready to Buy a Home in Utah? Here’s What You Need to Know

Will house prices in Utah go down?

Many experts agree that the housing market won’t be slowing down anytime soon. One factor keeping the Utah housing market moving onward is the demand for housing. The need for houses remains high while the inventory is low. With Utah being a great place to live and find a job, many people are moving in, and few people are moving out. Homebuilders in Utah are working to keep up with the demand.

Realtors predict that more sellers with new home financing will enter the market in 2022. However, with many buyers still on the hunt, there will remain a demand for new homes in Utah. Because of this, the average home price is predicted to rise throughout the year.

Should I wait to buy a home or buy one now?

Some house hunters may be waiting for a bubble to burst, similar to the housing crash that caused the Great Recession. While it’s easy to think there will be another housing market crash, home buyers waiting for a dramatic drop in housing prices may need to be patient. High housing demand and relatively low-interest rates are expected to keep the housing market robust for the rest of the decade.

So is it a smart time to purchase a new house, or is it wise to wait? Those who choose to buy in the current housing market will experience a low inventory of houses and high purchasing prices. Unfortunately, waiting to see how things unfold with the housing market leaves some unknowns, such as fluctuating inventory of homes and ever-increasing asking price.

Should I Buy or Build a Home: Which is Easier in Utah?

You’ve decided that now is the time to move into a home. But is it better to build or to buy a home in Utah? Because of the current market, it may be easier to build a new house in Utah. Here are a few reasons why:

• There’s space for everyone

  Even with the housing shortage in Utah, there is plenty of land for expansion. Many cities are growing rapidly and creating subdivisions. If you want to live in a specific area, the chances are that you can find land for sale or a company that is building houses where you’d like to live.

• There’s no settling in your choice

  With market inventory at a historic low, it can be hard to find a home that’s ideal for you. You could end up with home floor plans you don’t like, a house that needs extensive remodeling, or a neighborhood you aren’t comfortable with.

• There are no bidding wars when you build a home in Utah

  You save yourself the time and hassle of touring homes, putting in offers, and potentially being outbid on homes when you build. With some houses going over the asking price, you’ll also save yourself from a bidding war and potentially pay more than you wanted for a home.

Is building a home a good investment?

Choosing to build a home comes with many advantages. While it may be easier and a little cheaper to buy a preexisting home, there are many financial benefits to building a new house.

• Can stick within a stricter budget

  Are you interested in building a custom, luxury home or need something simple on a budget? When you build a house, you can stick to an outlined budget and choose any upgrades that you’d like.

• You have the opportunity to choose where you live

  Want to build on a large lot on the outskirts of town or a smaller lot inside a city? When you build a new home, you can choose your land and neighborhood.

• More energy-efficient, safer, etc.

  Older, existing homes may have unseen issues, such as lead paint, asbestos, or mold. Newer homes adhere to modern building codes and are built with materials deemed safe by today’s standards. They’re also designed to be more energy-efficient, including Energy Star-rated appliances and more efficient plumbing and electrical fixtures. You’ll save substantially on utility bills in the long run.

• You’ll recoup the costs of building

  While some of the upfront costs of building a new house can be higher, you’ll recoup the expenses from your investment. Should you need to sell a few years down the road, your newer house will sell for more than the older house down the street. On top of that, your new house will require fewer repairs and have less maintenance than an older home, which helps you pocket more money every year.

• There’s no need for remodeling

  You’ll save yourself the time, extra expense, and hassle of remodeling down the road when you build. A new construction home has built-in pricing and warranties on many items in the house, which means you’ll get what you want instead of moving in and dealing with the dust when you change things later.

Your Solution to Utah County New Homes? Arive Homes

At Arive Homes, we believe that there is a better way to build the home of your dreams. Instead of settling for one that doesn’t work for your family, you can truly customize what you need. Our build process is unmatched by our quality and exceptional service. You’ll see the difference when you walk through one of our model homes. Contact us today to get started on your home building experience in Utah today.