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4 Tips For the Utah First Time Home Buyer: What You Need to Know to Get Into the Housing Market Right Now

Oct 28, 2020, 5:22 PM | Updated: 7:29 pm

Utah First Time Home Buyers...

Photo: Adobe Stock

Altabank - Jumbo LoansThis article for the Utah first time home buyer is sponsored by Altabank. Member FDIC.


Utah’s housing market is unique when compared to other states. But there have been a lot of trends shifting over the past year. If you are a Utah first time home buyer, how can you get the bid on a house you are looking for?

1. A Utah First Time Home Buyer Needs to Act Fast

 

Utah First Time Home Buyer

Photo: Adobe Stock

If you are a first-time home buyer, you’re going to be seeing homes in Utah going fast with multiple offers. Most homes under $350,000 are going under contract within 24 hours. Rates aren’t going down at all, so don’t wait to put in a bid. Especially with housing costs continuing to increase.

2. Save a Down Payment

Utah First Time Home Buyer - First time Home Buyer in Utah

Photo: Adobe Stock

One big mistake that first time home buyers make is not saving up for a down payment. While there are programs that allow little to 0% down, it will likely lead to much higher monthly payments. Typical down payments are 20%, but choose a down payment that makes sense for you. 

3. Find an Experienced Realtor

Photo: Adobe Stock

An experienced realtor is going to know the area, and they’ll be able to help guide you through the steps needed. Not only that, you likely won’t be able to even look at some houses without a realtor. Don’t just hire a friend or family member, find someone who will help you get in on the competitive offers.

4. Get Pre-Approved

Photo: Adobe Stock

Start by getting pre-approved. This will help you understand your budget and help you shop within it. Plus, it will help you keep your monthly payments at a minimum. You can also apply directly right on Altabank.com or on their app.

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4 Tips For the Utah First Time Home Buyer: What You Need to Know to Get Into the Housing Market Right Now