Lehi is one of the fastest-growing cities in Utah, and its real estate market is booming. If you are thinking about selling your home here, it is important to understand the factors that affect how much you can get for it and how fast it can go off the market. Here are three crucial elements to understanding the Lehi, Utah, seller’s real estate market.
Jobs and Businesses
Jobs and businesses are how people afford homes. So, the amount of money you make will directly impact the prices you can afford when buying a home. If your house is closer to high-paying jobs and thriving businesses like Vivint Solar and IM Flash, people will be able and willing to pay more for your home.
Supply and Demand for Homes
Of course, the housing demands in Lehi will also impact the selling price and how fast you can sell your home. If there are more buyers than homes available, prices will go up. However, if there is an ample supply of homes and not enough buyers, prices will decrease. Currently, housing prices are pretty high due to Utah’s low unemployment and low-interest rates and a housing shortage of about 50,000 units.
Location will always be a significant factor in the value of homes. If you live in a desirable area with good schools, accessibility to amenities, and low crime rates like Lehi Northeast and Willow Park, your home will be worth more than a similar home in a less desirable area. Fortunately, most Lehi neighborhoods are safe and with crime rates 51 percent lower than the national average.
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