LEHI, Utah – Homebuyers in the Beehive State are facing intense competition and bidding wars due to strong demand and a lack of available homes for sale, according to real estate experts.
“I’ve never seen it this crazy, as far as how hectic it is,” said Jeremy Holmgren, the Utah manager for Zions Bank Mortgage. “There’s so little inventory. Rates are still really low, so the buying power is there and it’s just a crazy, crazy time to buy a home.”
Holmgren calls it the perfect storm affecting the Utah housing market that includes a lot of cash offers and out-of-state buyers moving to the state.
“A lot of California buyers coming in and it just creates a very difficult situation for the standard homebuyer who’s looking to buy their first home or upgrade to their second home,” he said.
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