5 tips to buy a home in a hot housing market like Salt Lake City, Utah. The key is knowing when to go slow and when to go fast. Get started!
For very understandable reasons, a lot of people want new homes right now. If you’re one of them, you might be wondering whether you’ll actually get that often-dreamed-of and dearly-wished-for home. Well, we’re here to tell you that you can do this. And the key is knowing when to go slow and when to go fast. Keep reading for tips on how to buy a home in a hot housing market like Salt Lake City, Utah.
Let’s start with the $
No, it’s not the most exciting part of homeshopping. In fact it’s kind of the opposite of exciting. But it’s really important to have your financial ducks in a row as early in the process as possible.
Begin by determining how much you want to spend on your new home. When you’re browsing through the Daybreak homefinder you’ll find a simple mortgage calculator on every floorplan page. With today’s ultra-low interest rates, you may be pleasantly surprised at how much you can afford.
Once you have a rough idea of what you want to spend, get yourself pre-qualified for a mortgage. This will let you move faster when you find The One. Also, to qualify for the lowest interest rate possible, you’ll need to correct any inaccuracies or negatives on your credit record. So something you can do this very minute is get a free credit report from all three credit reporting agencies.
Ok, now to the fun stuff.
Do your homework
Homework … see what we did there? Of course what we’re talking about is the research you’ll need to do to help you decide exactly where and how you want to live. Single-family home, townhome or condominium? Closer to light rail, live music and local restaurants or an easy walk or bike ride to school and the park? Or maybe, just maybe, you’re dreaming of being able to stroll down to the beach for a little sunning or stand-up paddle boarding.
These are the things you want to be thinking about. And it really comes down to one big question: what do you want your days to look like?
Here is where you take your time. Resist getting swept off your feet by the first home that greets you with a pretty face and a big kitchen island. Look around. Get a feel for the different villages and districts and home styles. Ponder the rhythm of your life and find a place that makes sense for you. By planning ahead, you will prepared for the hot housing marketing versus allowing it to stress you out.
Oh, and create a system that lets you track your favorites. TourDaybreak is a tool that lets you find model homes and any available quick move-in homes throughout Daybreak. It also lets you save your favorite homes and share them with friends and family. In short, it brings a little high-tech handiness to your home search.
You found it! Now what?
You’ve fallen in love with a home. And you can’t stop thinking about how charming it is. How close it is to The Loop (Daybreak’s network of trails and nature). Just how pretty and practical and perfect it is. Ah, l’amour.
With today’s market and its scarcity of available homes, you’ll probably have to wait for your home to be built, a process that typically takes around 10-12 months. And there’s a good chance you’ll have to go on a waiting list before you can even begin building your home. So talk to your builder about timelines and when you can expect your new home to be completed.
How to play the waiting game
So. You’ve just learned that there’s a waiting list for the home of your dreams. Which is at least inconvenient and probably feels more like a total bummer. But here’s an old saying that we just made up: it is better to wait for what you want than to get what you don’t want.
In other words, don’t settle. There’s a reason why Daybreak was the fifth best-selling community in the nation in 2020. More importantly, this is your home we’re talking about. Your everyday life. And if just imagining your life in Daybreak makes you smile, think what the real thing is going to feel like.
The question is: how to manage the waiting period.
First, hopefully the wait won’t be too long. Some of Daybreak’s homebuilders are introducing new home collections as we speak. And this spring, we’re launching a new gallery of homes in our Cascade neighborhood. Which is within walking distance to The Watercourse, our chain of canals and ponds coming soon to the Upper Villages of Daybreak. (Stay tuned for some big announcements.)
But since at least some waiting will probably be required, consider leasing an apartment to carry you through the gap. Both Vida and Olympus in Daybreak offer one-, two- and three-bedroom apartments with great amenities and ready access to the delights of Daybreak.
Get to know the neighborhood
Once you’ve contracted to buy a home in Daybreak, you are given the keys to the kingdom. That is to say, you’re welcome to experience Daybreak as a resident. Enjoy the pools and the trails. The lakes and the tennis courts. You can even bring your dog to one of our dog parks. Because dogs are Daybreak people too.
And before you know it, the waiting will be over and you’ll be moving into your new home — and your new life — in Daybreak.
Interested in additional resources? Check out our helpful resources below:
5 Reasons to Buy New vs Resale Home
New Home Market Conditions in Utah
20 Things to Know About Moving to Utah
The Complete Guide for First Time Home Buyers in Utah
P.S. Check out this article for more tips on how to buy a home in a hot housing market like Salt Lake City, UT. And if there’s anything we can do to help with your search for a home in Daybreak, give us a call: 385.529.4741.
