SALT LAKE CITY — Real estate prices continue to fluctuate in Utah after reaching all-time highs in May of last year. Back then, the median home price in Salt Lake County approached $600,000.
Prices have come down and continue to hover right around $500,000, which is still an expensive proposition for first-time home buyers who are dealing with historically high prices plus interest rates at or above 6 percent.
Despite the numbers, homes are still selling in northern Utah.
"Ever since I graduated college, I've been renting ever since," said Nate Paul. "And I've recently decided that I kind of want to, you know, build some equity for myself."
Paul says the stars have aligned for him, so he's pulling the trigger now and becoming a homebuyer.
"It's difficult for anyone right now to purchase a home, especially first time," said Paul. "We don't necessarily have too much saved up to be able to put down a massive down payment. Luckily, I've got kind of a special circumstance; my parents were able to help me with a gift to be able to put a sizable down payment on the home."
Every year, when the weather warms up, home sales rebound from the winter doldrums.
In February, only 762 homes were sold in Salt Lake County, which was down 24 percent from the same month in 2022. But in March, closings jumped 40 percent, which is much better but still 20 percent below March 2022.
With the way things stand, realtors have to get creative to sell homes.
"People have a list price, but that's an offer price and getting creative is in this market, sellers are more inclined to give you a little bit in closing costs to help keeping some money in your pocket. If they're not, you can add a little bit on top," said realtor Mallorie Buresh. "There's just a lot of ways to get creative when it comes to the loan process."
But getting qualified for a loan can be a hurdle.
"First-time home buyers are obviously a little bit riskier," explained Buresh. "But the whole plan is to make everybody a homeowner."
Paul feels like buyers can make the process easy or difficult, and he believes he made it fairly easy on himself. Others, however, could use some help with navigating the maze of becoming a home buyer.
"Talk to me, talk to the lender and just put your puzzle piece together and see what it looks like for you," said Buresh.
Buresh added that buyers should not worry about interest rates, but that's easier said than done because they really do affect how much a house payment will be and how much house a buyer afford.
