5 days ago
Homes staying on the market longer across Utah this year
SALT LAKE CITY () — The Utah housing market is shifting again. Houses are sitting on the market longer, and buyers are taking their time.
'There are more listings on the market right now than at any other time in the last six years,' said Tiffany Kennard, a broker at Edge Real Estate.
With more homes available, buyers can afford to be choosy.
'It's a buyer's market right now. There's more to choose from, so it's taking longer for homes to go under contract,' Kennard said.
Another factor real estate professionals say is interest rates. Higher mortgage costs are causing some hesitation.
'I think people are a little fearful because interest rates went up. That slows the urgency,' Kennard said.
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In April of this year, Utah had more than 17,000 homes on the market which is up from just over 11,000 in April of last year, according to Redfin.
'With tariffs, trade issues, and interest rates still elevated, inventory is up, and buyers don't feel pressure to act quickly,' Dejan Eskic, senior research fellow at the Kem C. Gardner Policy Institute said.
Kennard says that if homes do not get attention within the first two weeks, sellers will sometimes have to drop prices significantly.
'If we don't have showings in seven to fourteen days, depending on the price point, we're making a major price adjustment,' Eskic said.
Still, experts like Eskic remain optimistic, saying clarity in economic policy could restore confidence in the market.
'Things will work themselves out as trade and tariffs become clearer. Once there's predictability, people can plan and the market stabilizes,' Eskic said.
For now, experts say buyers have the advantage. Experts recommend staying informed and working with an experienced agent to navigate this shifting market.
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