Utah: where real estate transactions are very fast
If you've purchased a property in Utah recently, you'll know very well that the real estate market here is definitely in turmoil. The speed of real estate transactions is impressive, so much so as to define this country as one of the most active in the US in real estate. Among the various metropolitan areas that have allowed this nation to reach one of the first places in the real estate sector, we find Ogden-Clearfield, where the average time of a house on the market was about 31 days. Faster in real estate transactions were only the largest markets in California (26 days), Texas (29) and Washington (30). A small gap, almost insignificant if we take into consideration also the vastness (decidedly superior) of these big markets compared to that of Utah.
However, what does this exceptional performance derive from? According to various economists and industry experts, considerable support has been given by the high level of employment consultation in the country. Kiplinger recently drafted a ranking that sees Utah as the second state, just after Idaho, with the highest employment rate in the United States. Reason why, the workers are the main investors of the brick of Utah.
Also according to the ranking drawn up by Kiplinger, this growth is increasing with a trend that does not seem to have a precise purpose, indeed. Forecasts announce a steady rise in Utah. Tourism is the second key to reading the economic market and obviously also real estate. There are many tourists every year who visit this state and as many who decide to settle in this land, reflecting a considerable increase in national GDP and faster economic recirculation.
The only sector that seems to have remained slightly behind is the construction sector, which instead recorded a 15% fall.
The flagship element that seals the real estate economic picture is undoubtedly the technology. Almost 80% of the buildings have been converted into smart buildings, welcoming the general technological real estate innovation that has invested throughout North America. Smart homes, photovoltaic systems and eco-sustainable recycling materials. The excellent quality then mixes with the market needs, thus ensuring the results that are actually detected by the statistics.
As for prices, however, they seem to have increased, obviously given the increase in quality for the buildings and the economy in general. Reason for which mortgages are also required more. The demand for a mortgage loan in Utah has grown exponentially by 45%, demonstrating that the investors themselves have decided to make the only savings in the brick converge.
The forecasts announce that rates will remain low but fixed-rate mortgages will increase by 6% in 2019. And by 7.7% in 2020.
What to say, Utah seems to have distinguished itself in recent years and, as always, we hope that it will continue to ride the wave of success in the real estate market.
However, what does this exceptional performance derive from? According to various economists and industry experts, considerable support has been given by the high level of employment consultation in the country. Kiplinger recently drafted a ranking that sees Utah as the second state, just after Idaho, with the highest employment rate in the United States. Reason why, the workers are the main investors of the brick of Utah.
Also according to the ranking drawn up by Kiplinger, this growth is increasing with a trend that does not seem to have a precise purpose, indeed. Forecasts announce a steady rise in Utah. Tourism is the second key to reading the economic market and obviously also real estate. There are many tourists every year who visit this state and as many who decide to settle in this land, reflecting a considerable increase in national GDP and faster economic recirculation.
The only sector that seems to have remained slightly behind is the construction sector, which instead recorded a 15% fall.
The flagship element that seals the real estate economic picture is undoubtedly the technology. Almost 80% of the buildings have been converted into smart buildings, welcoming the general technological real estate innovation that has invested throughout North America. Smart homes, photovoltaic systems and eco-sustainable recycling materials. The excellent quality then mixes with the market needs, thus ensuring the results that are actually detected by the statistics.
As for prices, however, they seem to have increased, obviously given the increase in quality for the buildings and the economy in general. Reason for which mortgages are also required more. The demand for a mortgage loan in Utah has grown exponentially by 45%, demonstrating that the investors themselves have decided to make the only savings in the brick converge.
The forecasts announce that rates will remain low but fixed-rate mortgages will increase by 6% in 2019. And by 7.7% in 2020.
What to say, Utah seems to have distinguished itself in recent years and, as always, we hope that it will continue to ride the wave of success in the real estate market.
