There's something undeniably exciting about searching for your dream home. However, with the state of today's housing market, you'll need to take a pause and balance your lofty dreams with practicality.
Finding a property that ticks every box on your list might be more challenging than you think due to fluctuations in mortgage rates, limited availability and housing prices soaring through the roof. However, facing a few hiccups doesn't mean it's impossible. Here's how you can navigate the house-hunting process for your Utah dream home.
1. Understand the Current Housing Market
The Utah housing market is competitive. There's a shortage of available properties, and many newly-listed homes sell immediately after over 30 days, which reflects strong demand. Mortgage rates have also increased compared to previous years. These factors altogether affect the affordability of homes in Utah, making your dream home pricier than expected.
Research the average home prices in your desired neighborhoods to set more realistic expectations. For example, homes in Salt Lake County are often priced higher than those in surrounding areas like Utah County. Knowing what's available within your budget helps you focus on options that align with your financial goals.
You also have to consider how long the actual house-buying process will take. House-hunting for the perfect home can last years, but purchasing can take a few weeks to six months or even more, especially if you're struggling with funding.
2. Prioritize Your "Must-Haves" from "Nice-to-Haves"
While it's tempting to dream big, not every home will have everything on your wishlist. To simplify your search, make a list of your non-negotiables instead. This includes the number of bedrooms you want or proximity to reputable schools if you have or are planning to have children. Next, list features you want but can live without, such as a completed basement or a pool.
For example, if you can't find a house with both a large backyard and a gourmet kitchen, decide which feature matters more. Prioritizing your needs ensures you focus on homes that truly fit your lifestyle and everyday activities.
3. Know Your Financial Boundaries
Before the house-hunting excitement gets to you, you have to calculate your budget. Factor in your expected mortgage payments, property taxes, homeowners insurance and potential maintenance costs. Remember the classic 30% rule — a household must only spend a maximum of 30% of its income on housing expenses, including mortgage.
It's also wise to get preapproved for a mortgage. This shows sellers you mean business and are serious about buying a home. It also gives you a clear picture of the price point you can afford. You can reduce your mortgage expenses by paying a larger down payment.
4. Consider New Construction Homes
If your dream house has specific features that are hard to come by in existing properties, consider building or purchasing a new construction home instead. New builds can turn your dream home into a reality by allowing you to customize the layout, floor plan, finishes and upgrades that make it more you.
For instance, many new developments in Utah's fast-growing cities — like Saratoga Springs or Lehi — include modern houses with open floor plans and energy-efficient features. While new construction may cost more upfront, it allows you to create a space tailored to your tastes.
5. Be Open to Compromising on Location
Your ideal neighborhood might not have places for sale, but nearby regions may have comparable benefits at a lower price point. If areas like Park City are way over your budget, consider exploring properties in Heber City or Midway, which still provide panoramic views of Wasatch Rage and offer great outdoor amenities. Exploring neighborhoods you've never considered before can help you stretch your wallet while finding the dream home that meets your needs.
Work Toward Your Dream Home One Step at a Time
Your dream home won't materialize overnight, and that's OK. It's a process that requires patience and careful strategizing. Staying flexible and patient will help you enjoy house-hunting rather than feeling overwhelmed by all the considerations.
Remember — the perfect home isn't just about features or location. It's about creating a space where you can truly thrive.
Posted by Kristopher Larson
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