The last two years have been unprecedented, for more reasons than one. According to

Among the states with the largest price increases, Utah ranks within the top 10 states nationally, with median home prices climbing 34%.

One core reason experts are attributing to the soaring rise in home prices is historically low interest rates, which have plunged below 3%. Millennials are also entering the market in overwhelming numbers; they are now the largest population of homebuyers. 

Additionally, the pandemic has transitioned many individuals and families to remote work, opening up the flexibility to relocate to more desirable locations. 

If you’re looking to capitalize on the seller’s market in Utah, the time is now—but it’s critical to begin by asking yourself an important question: how much is my home worth? 

When you’re ready to get an accurate estimate of what your home is worth, the first step is to gain an understanding of both the fair market value and the appraised value of your home. 

The fair market value of your home is the agreed price that your home will sell for in an open market. The appraised value of your home is determined by a licensed appraiser, who will take in various factors like the size and overall condition of your home. Both factors are critical for you to know before selling your home. Not only will an accurate valuation of your home help you be competitive in the market, but it will also guarantee you aren’t leaving money on the table. 

Plenty of online tools claim to give you an accurate valuation of your home, but only a qualified broker can give you the most accurate and specific valuation of your home. Always reach out to a professional. When you do, you’ll be in good company. 

In a recent survey conducted by the National Association of Realtors, more than half of buyers and sellers said that during the pandemic, relying on a real estate agent when searching for or selling a home was much more important than ever before.

Buyers and sellers from nearly every state are experiencing the effects of this surging housing market. Whether you’re a first-timer or a seasoned pro, buying and selling in the current market can be intimidating. That’s why it’s a great idea to work with a realtor who can help you navigate the unprecedented market, starting with the most up-to-date appraisal of your home. 

A Closer Look at the Housing Market in Utah

The rising opportunity for remote work has only fueled in-migration to Utah, with Heber City experiencing the fifth-most net change among 926 metro areas, according to data from the New York Times.

It’s hardly surprising to Utah real estate agents that individuals and families are flocking to the state. From low-cost living to an outstanding quality of life, Utah residential relocation has been steadily on the rise, even pre-pandemic. 

Rapid job growth is also contributing to in-migration, as Utah’s seasonally adjusted unemployment rate dipped to 2.7% in June 2021—the second-lowest nationally and well below the national rate (5.9%). 

With home prices at all-time highs thanks to a steady influx of buyers looking to relocate to Utah, homeowners are giving serious consideration to listing their homes. You might already be thinking it’s time to sell your home. 

What’s My Home Worth? Ask the Experts at Woodley.

In this hot housing market, it’s natural to wonder how your home value has changed. If you’re ready to sell, reach out to the Utah real estate professionals at Woodley for a no-obligation market valuation. Simply fill out a brief form, and our team members will create a custom report that includes both the projected value of your residential property as well as our listing recommendations. 

Learn more about how the experts at Woodley Real Estate can help you accurately determine how much your home is worth.

The post How to Assess Your Home Value in a Hot Market appeared first on Woodley Real Estate.

In short, businesses in Utah are thriving and commercial realtors are busy. Vacancy rates in the retail and industrial sectors are decreasing, and commercial real estate agents are active in the office sector too. 

Whether you’re local to Utah or considering relocating your business to the state, take a look at what the market looks like and how a commercial broker can help you find the perfect space to grow your business. 

The Outlook for Utah Commercial Real Estate

The National Association of Realtors recently named Salt Lake City, Utah, one of the top 20 metro areas with the strongest commercial real estate conditions through the first quarter of 2021. The NAR compiled its list by examining 25 indicators pertaining to economic conditions like GDP growth, employment, wage growth, and instances of migration.

Perhaps the brightest sector for commercial real estate right now is the industrial market. In 2019, seven million square feet of new construction were added to the market, more than double the new construction in 2018. 

Construction hasn’t slowed in the last two years. In the same NAR report, both the office and industrial sectors in Utah have more construction underway than the rest of the country. 

As the market continues to boom, more and more businesses and employees are choosing Utah. But we know leasing or purchasing during a hot market can seem overwhelming for companies looking to establish themselves or expand in the state. Skilled commercial realtors, like our team at Woodley, know exactly how to navigate the market.

Getting the best space for your company is all about knowing how to find it. Whether you need larger conference rooms, smaller offices, long or short-term leasing, commercial brokers have access to diverse inventory and tenured expertise to help you purchase or lease the space that best suits your business. 

A Smart Move for Businesses

Utah’s reputation for being among the best states for businesses has only strengthened across the last five years. The state is consistently named Forbes’ Best State for Business, most recently earning the honor in 2018. 

A recent Spectrum piece noted, “Utah companies drew in nearly $1.2 billion in venture capital funding in 2018, equal to $369 per state resident, more per capita than all but four other states.”

A majority of the venture capital funding is drawn in by startups. With large increases in capital, these once small startups have quickly outgrown their leased spaces, now opting to purchase larger buildings to accommodate their rapid growth.

Also largely responsible for the influx in capital are tech companies, which started flocking to Utah years ago. As they relocated to Utah, they brought along some of the industry’s top talent to areas like Silicon Slopes.

“Our land costs, our university research, our advantages all became apparent to people in the technology world,” said Natalie Gochnour, associate dean at the University of Utah’s David Eccles School of Business, in a 2018 interview with Site Selection. 

The same Site Selection article also points to a quote from Val Hale, executive director of the Governor’s Office of Economic Development, who said, “We have a business-friendly legislature that is intent on enacting business-friendly laws and regulations, including low corporate and individual taxes.”

From ample infrastructure to tax breaks, the economics are clear; it’s a smart move to relocate your business to Utah. No matter the industry, there’s proven opportunity for organizations ranging from small startups to large corporations to grow their business efficiently, while also attracting some of the brightest minds. 

The Expertise You Need in a Hot Commercial Real Estate Market

Choosing to lease or purchase in a booming commercial real estate market is a big decision. Whether you’re in retail, industrial, office space, or other commercial real estate sectors, the experts at Woodley Real Estate bring the experience you need to invest with confidence.

Whatever your needs, Woodley is Utah’s choice for commercial real estate. Contact our commercial real estate experts today.

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A tenant rep helps a business find a commercial property, negotiate terms, and eventually lease the space. While the principles of tenant representation seem straightforward, the process can be confusing. Let’s discuss commercial tenant representation more in-depth to understand what the process will look like for you.

Why Business Owners Need a Tenant Representative

When you start your search for a commercial office lease, you will quickly realize that the market has a seemingly endless variety of options. You could spend hours driving around, looking for ‘for lease’ signs or browsing the internet for available spaces, yet still come up empty-handed.

Then, when you finally begin looking at available properties, you might not understand how to negotiate a lease that includes terms that fit your criteria and protect your interests. However, if you partner with a tenant representation broker, you will save yourself time and effort, and you’ll ensure you’re well protected.

A commercial real estate broker will work with you to understand which lease options will offer your business the most advantages. Together, you and a real estate broker specializing in tenant representation will create long-term comprehensive strategies that combine financial, business, and real estate objectives to find the perfect fit.

For example, a tenant rep broker understands how ongoing changes in commercial real estate influence space requirements and overall costs. These changes combined with an unpredictable economy, make commercial leasing a difficult pursuit. Your broker will work with you to help you make the right decision for your current and future needs.

While tenant representation varies by the brokerage firm, it usually includes a needs assessment, an in-depth comparative analysis of the current market, expert negotiation, and execution. Here is what you can expect during the tenant representation process.

What to Expect When Partnering with a Tenant Rep Broker

A Tenant Rep Will Prioritize Your Interests

When you work with a broker specializing in tenant representation, you have someone on your side throughout the entire leasing process. A qualified tenant rep will add a member to your team whose main goal is to find you a space that best aligns with your needs.

Tenant reps will also provide you with all available information and every opportunity possible to ensure that you make the right choice. They will help you identify potential pitfalls or hidden costs and map out all the advantages and disadvantages of a given space. These are key insights that are sometimes overlooked by the commercial lease owner or the owner’s broker, who represent the owner’s interest, not yours.

A Tenant Rep Will Increase Your Leasing Options

Tenant rep brokers will also present you with a variety of leasing options so that you can compare and contrast. Unlike an owner or owner’s broker, whose interest is in leasing a specific space (their space), your tenant rep will provide you with a wide selection of leases that may fit your needs. Together, you will tour different spaces and discuss which one is the best fit for you.

A Tenant Rep Will Offer Off Market Opportunities

While you might find an on-market property, the perfect off-market space could be waiting for you. Many commercial lease deals happen off market, before brokers add the property to the list of available options on the public market. If you are unrepresented during your search for a commercial lease, you might miss out on these crucial opportunities. Working with a tenant rep broker, you have your best chance of finding the perfect lease, whether it is listed or not.

A Tenant Rep Will Improve Your Leasing Terms

Anyone who has been a part of a real estate transaction knows the many challenges that come before signing on the dotted line. A tenant rep will guide you through the entire process, from negotiating terms and customizing floor plans to coordinating contractors and finalizing contracts.

Your tenant rep broker will help you negotiate rent, tenant improvement allowances, rent abatement, and more. Their experience and knowledge of the current market will ensure that you get the best deal possible on the commercial space of your dreams.

Woodley’s Tenant Rep Commercial Real Estate Services

Across Utah, Woodley Real Estate helps companies both large and small with commercial leases and purchase negotiations. Woodley’s comprehensive tenant representation services allow clients to focus on the critical work of growing their business while the team takes care of the details of their real estate needs.

Trust Woodley’s tenant rep brokers to keep your best interests at the forefront of everything they do. Get in touch with one of our commercial real estate professionals to learn more.

The post What to Expect During the Tenant Representation Process appeared first on Woodley Real Estate.

Despite a brief period of retraction between Q1 and Q2, the real estate market quickly recovered and gained significant momentum through the balance of 2020. That momentum has only accelerated as we enter the new year and solid growth is expected throughout the U.S. and more particularly in Utah during 2021.

While the median home value in Utah over the past 12 months experienced a 16.36% increase, the mortgage payment for the average buyer has only increased $30/month thanks to a drop of 1.04% in the average interest rate over the last year.

These statistics support continued high demand for real estate and will lead to several positive trends. Here is what our full-service residential real estate brokers forecast for the upcoming 12-months in Utah’s real estate market.

Utah Real Estate Trends to Expect

One of those key principles to understanding the real estate market is the economy. Last year, the U.S. saw some of the best housing demographics ever recorded, including ending the year as the most out-performing sector of the economy. 

As monumental as 2020 was, 2021 could be even more so—thanks to last year’s investment decisions coming to fruition over the next 12 months. If you include additional disaster relief and vaccine distribution, it’s not difficult to imagine that momentum within the real estate market will continue to spread.

A few trends already shaping up in the 2021 real estate market include:

Low-interest rates

If you are asking yourself, “Is now the right time to sell my home,” current interest rates are the place to start. This year, the Federal Reserve promises to keep interest rates low to ensure that the real estate market stays intact. Compare the current interest rate of 2.68% to 3.72% in 2019 and 4.64% in 2018. Even though the average home price is selling for a higher rate, buyers can offset the slight increase by taking advantage of the low interest rates. All in all, these promising numbers will likely increase buyers’ and investors’ interest, keeping demand high in the residential sector. 

High home prices with low inventory

The latter half of 2020 saw a rise in average home prices. As interest rates stay low, home buyers will have a hard time finding a new home. For the past year, buyers have been chasing an ever-dwindling supply of homes in Salt Lake and Utah Counties. Consider this: Double the number of homes sold in 2020 with ~30,000 transactions last year as opposed to ~15,000 homes in 2008.. But 96% fewer homes are for sale today with 929 homes on the market, compared to 15,000 homes in 2008. To be clear, there were over 31,000 homes listed for sale from January 2020 to December. All but 929 of them sold, leaving an available inventory of only 929 homes. Compare this to 2008, when over 30,000 homes were listed for sale and only 15,000 or so sold.

Another prime example of high prices and low inventory is Saint George, Utah. People are moving to southern Utah at a rapid rate, and with interest rates reaching record lows, buyers can obtain the highest possible value for their homes. This combination is causing a housing shortage throughout the town. 

Transition back to in-person work with an emphasis on digital capabilities

The pandemic might have taught businesses to work remotely, but many companies crave getting back to the office. Most companies recognize there is always a need for office space. But these spaces will be less dense and more flexible, allowing employees to work a couple of days a week from home. All in all, the office market should reach the bottom and begin stabilizing during 2021. Mid-year, 85.7% of companies plan to return to the office, according to CBRE.

Rise of diverse home offerings

Utah housing experts are predicting an increased demand from homebuyers who delayed purchasing because of the uncertainty of 2020. Now, these buyers are looking for homes that will accommodate their growing needs, such as large spaces that provide room for working from home and virtual school attendance. Along with traditional buyers, previous renters will also transition into single-family homes to mitigate exposure to the virus. These changes will create evolving shifts in the Utah real estate market, which will forever change what home builders and sellers bring to the table. 

Demand for affordable housing solutions

Affordability is the question on the minds of buyers everywhere. In the fourth quarter of 2020, the United States market saw an increase of at least 10 percent of median home prices in most of the nation, according to a report by Attom Data Solutions. The report found that more than half of the counties analyzed were less affordable in the fourth quarter of 2020 than in the past. All in all, the report showed the average worker was unable to meet the 28 percent affordability guideline used by lenders. Sellers should work with an experienced Utah realtor to navigate the current market, finding an affordable price for buyers that won’t leave money on the table.

Invest in the Future with Woodley Real Estate

Whether you are looking to sell or buy a home, Woodley’s real estate brokers will draw upon our vast market experience to guide you through each step of the process. Our full-service real estate firm will ensure that you make the best moves at the right time to capitalize on the growing Utah real estate market. Our philosophy is that real estate is more than just financials. It’s about finding a place where you and your family can thrive.

Let’s make the right decision. Contact our Utah real estate brokers today.

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