The real estate market in Ogden, Utah, has been robust for years—long before the market became hot for other cities in the U.S. It’s not hard to see why. Ogden is a gorgeous place, offering majestic views of the mountains, and its real estate provides access to an amazing quality of life.

    No longer a hidden gem at the foot of the mountains, the word is officially out about Ogden. Home prices have been rising for many years in the Ogden Valley and Weber County at a rate higher than the national average. In fact, Forbes listed Ogden as one of the top hottest housing markets in the country in 2021.

    According to Redfin, homes in Ogden sell for about 4 percent above list price and sell in around six days compared to 13 days last year. In April 2021, home prices were up 25.5 percent, selling for an average of $315K.

    We’re giving you an insider’s view on ways to be competitive so there are no surprises and you can put in an attractive offer and snag one of the highly desirable homes for sale in Ogden.

    Ways to Be a Competitive Buyer

    Before you start hitting the open houses and contacting real estate agents, here are some factors to consider.

    Get prequalified

    Quick and free, prequalification is an easy way to get a general idea of your mortgage amount. It doesn’t affect your credit score and is simply a preliminary check based on some basic facts about your financial situation to determine loans available to you.

    Prequalification is primarily for your benefit and related information and results are not verified for accuracy. Don’t fudge the facts on this one! It is intended only to help you get an idea of future mortgage payments.

    Prequalification is different from pre-approval. A preapproved mortgage usually comes from a single lender and is the result of official personal information about you obtained from various sources, such as your credit score and credit history, debt-to-income ratio, proof of employment, and more.

    If you have a preapproved mortgage, realtors will see that you’re a serious buyer. It will show them how much you’re able to pay on your mortgage – and that someone is willing to lend to you.

    Work with a lender you can trust

    When it comes to your money, an investment like your home, and the future of your family, you don’t want to take any chances and you definitely don’t want any surprises. That’s why it’s important to go with a lender you know and trust.

    This is where borrowing from a financial institution like Wasatch Peaks makes sense. As a credit union, we are a member-owned nonprofit based in the community. We’re right where you live, work, play, or go to school.

    Unlike a traditional commercial bank, we’re not profit-driven. Once we meet our overhead, we pass the wealth along to our members, who enjoy higher dividends on savings accounts and lower interest rates on loans.

    We are invested in your personal and financial success. You’re not a faceless member or number on a spreadsheet. When you come to us to pursue homeownership, we’ll sit down and talk with you. We’ll get to know you and your goals, and come up with a strategy to meet those goals.

    What’s more, we offer educational resources to our members to help them make confident, informed financial decisions.

    Work with an experienced agent

    In a hot market, time is of the essence. Once you’ve identified a trusted lender, find an experienced agent who can share information about homes right as they’re hitting the market.

    Put in a clean/attractive offer

    When you find a house you’re interested in and you’re ready to put in an offer, make sure there are no contingencies on your part. That means an offer that doesn’t depend on external factors, such as your ability to sell your home first.

    When homes are selling at a rapid clip, sellers don’t have to wait around for you to sell your house to be able to buy their house. Houses will sell so you have to be ready to make an attractive offer that will stand out.

    Remember, there is no time to delay in a hot market! Put in that contingency-free offer as soon as possible so you can be competitive.

    Consider buying outside of the metro area

    Sure, everyone wants to live on the East Bench, but sometimes looking in communities outside of the metro area helps your dollar stretch further!

    Are you willing or able to commute? Take a look at other factors, such as school districts and types of schools available.

    Considered calculations of area amenities and public services can help you identify an area outside the metro area that could be perfect for you!

    Be willing to renovate

    Everyone imagines moving into brand new single-family homes. However, there’s no reason to limit yourself in that way. With a little creativity and imagination (and a willingness to roll up your sleeves), you can customize an existing home into the perfect house for you! Be ready to turn a “good enough” home into your dream home.

    Consider writing a (heartfelt) letter to the seller

    Crafting an offer letter to the seller can be an opportunity to explain why you are the ideal buyer for the home.

    Don’t be afraid to flatter the seller, pointing out specific details of the home that you’ve noticed and that particularly appeal to you. You can explain your personal reasons for wanting to buy the home without oversharing. And don’t forget to thank the seller for the opportunity!

    Be flexible

    In today’s markets, sellers hold the upper hand and you may have to be flexible to secure the deal. Along with removing contingencies, the seller may request specific things, such as renting the house back for some time, that you may have to consider.

    Turn Your Ogden Real Estate Goal into Success!

    If you’re serious about home-buying in a highly competitive market, these tips can help you get started. And step one? Find out about getting pre-approved!

    Why You Should Get A Mortgage Pre-Approval

    Wasatch Peaks

    Written by Wasatch Peaks