Published September 8, 2025
Utah Buyers Market

Shelby and Tyler Clark were home shopping on a tight deadline after years of saving and months of deliberating. Their first baby was due in less than a month, and their apartment lease was up just a few weeks later.
The Clarks dreamed of finding a single family home in a good neighborhood with no HOA fees and a backyard big enough for their kids to play. They didn’t want anything fancy, simply a place to raise their kids with childhoods similar to their own. As they searched for homes online, their goal quickly felt out of reach after calculating potential mortgages.
Peter Morkel and Andy Larsen, the Clarks’ respective realtor and lender, gave them hope that they could find something that fit their criteria within their price range, but they knew it would be difficult. After looking at just two houses, the Clarks decided to submit an offer on a home they had fallen in love with. The only problem was that it was nearly $25,000 outside of their price range.
About a month later the Clarks’ dream became reality due to Peter’s expertise and knowledge of the changing Utah housing market. Not only did Peter negotiate $25,000 off the asking price, he also got the sellers to agree to pay $8,000 in closing costs and $1,500 for minor repairs as well as his commission. With Andy’s help, the Clarks used some of the closing cost funds to buy down their rate, making their monthly mortgage payment less expensive than they had anticipated despite buying a bigger home than they had originally planned.
On closing day, Peter and Andy arranged for a mobile notary to come to the Clarks' apartment and they were able to sign documents with a perfect week old baby sleeping beside them in a bassinet. Now that baby loves to lie on a blanket outside in their backyard and look up at the leaves on the trees.
The Clarks are one example of many millennial and Gen Z couples who face affordability concerns and high interest rates when buying a first home. In the last five years (since 2019) home prices in Utah have risen 65%, as reported by the Federal Housing Finance Agency's Quarterly House Price Index.
Despite challenging financial hurdles, Utah first-time home buyers have more negotiating power today than during the strong seller's market of the pandemic years. Housing inventory has risen to a six month supply and homes are taking longer to sell.
As the housing market shifts to become balanced and buyer friendly, industry knowledge and experience becomes ever more important when buying or selling a home. A skilled real estate agent will be able to save buyers thousands of dollars through skilled negotiation and help sellers price their home to get multiple offers without sitting for months on the market.
Mortgage rates have hit their lowest point in a year which means that more change is on the horizon. Our phones are already ringing more frequently. Reach out to your agent to strategize your next home purchase or sale.