If you’ve been thinking about buying a place in Utah, you’ve probably also been thinking about another question: Should you buy a house now or wait? With median sale prices surging to more than $520,000, according to the Utah Association of Realtors, it may feel like a very difficult time to try to become a homeowner here. However, if you’re committed to living in Utah for the long term, it’s still wise to buy now instead of down the road — especially with prices and mortgage rates unlikely to drop dramatically anytime soon.
So, whether you’re looking to live in Salt Lake City or St. George, read on for all the steps you need to take to buy a house in Utah.
How to buy a house in Utah
Decide where to live in Utah
If you’re moving to Utah with no particular destination in mind, it’s important to understand that the state is massive: nearly 85,000 square miles. And while housing prices have been increasing across all of Utah, there is a wide gap among different regions. For example, Summit County — the home of popular skiing-and-Sundance destination Park City — has a high median price tag of $1.35 million, whereas counties like Carbon, Duchesne and Emery boast much more affordable medians below $250,000.
When choosing a Utah home, you’ll also need to think about the cost of buying everything else, like groceries, gasoline, utilities, food and more. And keep in mind that ski-resort towns that attract tourists will almost always be more expensive. Bankrate’s cost of living calculator can be a helpful tool in getting a sense of how far your income can stretch from one location to another. For example, the cost of living in Ogden is around 6 percent lower than it is in Salt Lake City.
Tips for buying a house in Utah
Before you start comparing mortgage rates in Utah, it’s smart to have a good idea of how much money you’ll be looking to borrow. Across nearly the entire state, the 2022 conforming loan limit is $647,200. There are two exceptions: Wasatch and Summit Counties both have limits of $970,800. If you need to borrow more to buy a home, you’ll enter jumbo loan territory, and you’ll need both a higher credit score and a bigger down payment.
Things to know about buying a house in Utah
Utah is a unique state with some unusual laws and a very competitive housing market. Here’s a rundown of some key considerations for homebuyers:
- Property taxes: Property tax rates here are quite low. According to the Tax …….