Know your local market: Orem, Utah
Understanding the neighborhood where you’ll buy or sell a property is critical. There’s a well-known phrase in the real estate industry: location, location, location. When you’re buying or selling a property, the one thing that can’t be changed is the location. You’ll want to choose wisely. If you’re selling your property, highlighting the benefits of your neighborhood is a great way to attract buyers. If you’re purchasing a house, taking a closer look at the community will help you understand the market and investment potential more clearly.
Need to sell your home fast? Get an offer from Brick, fast!
Whether you’re moving on a deadline, or you just want to speed up the sales process so you can move on faster, we can help. We offer:
- Fast, fair offers: The average home sits on the market between 25 and 30 days. Once your home is under contract, it can take up to 45 days to close. At Brick, we’ll make a fair, cash offer within days.
- No closing costs: Selling a home can cost several thousand dollars when you factor in realtor fees, closing costs, and repairs. You won’t have any of those expenses when you sell to Brick.
- No walkthroughs: Don’t worry about scheduling open houses or walkthroughs. We purchase homes as-is. We can buy properties site unseen. We also purchase properties in any condition.
- Close in days: Instead of waiting a month or more to finalize your sale and move on, sell to Brick. Once you accept the cash offer, we can close the deal within days.
Housing Market Trends in Orem, Utah
The housing market in Orem is slightly behind the Salt Lake City area. However, housing prices are still significantly higher in year-over-year data. While the number of homes sold this year is about 16% lower than last year, homes are staying on the market for an average of only 7 days (a 70% decrease from last year). The average home price in Orem is $427,000, an increase of 29.2% from last year.
Low interest rates and a low supply of homes on the market have created a highly competitive market in Orem. At publication, the average home sells around 4% above the listing price.
In 2016, the average home price in Orem was $242,484. In the last five years, the average sales prices on homes have nearly doubled.
When you plan to sell your house, consider listing your home in the late spring to take advantage of a more saturated buyer’s market. You could also consider selling during the late winter months to take advantage of lower competition with fewer homes on the market.
Tips for Selling Your Home Fast:
Significant life changes don’t always come at the most convenient times. Selling your home quickly may be a desire, or it might be a necessity. Whether you’ve decided to start a new life across the country on a tight deadline or you’re just ready to ditch your investment properties, managing your sale the right way is essential. Check out these helpful articles for navigating the quick sale of your house:
- Need to sell a home quickly to avoid foreclosure?
- When you need to sell your home fast, what are your options?
- How to sell a house that needs work when you don’t want to do it.
Key Tips for Selling Your Home:
Selling your home(s) can be difficult, but it doesn’t have to feel overwhelming. Taking a few minutes to prepare yourself for the sales process can make a world of difference when it comes time to part with your house. Here are a few things to consider:
Why are you selling?
Before you list your house or contact us for a cash offer, it helps to know why you’re selling your home. Identifying your why helps with the sales process, including setting expectations for a sales price. It can also help you emotionally process the transaction so that you’re able to let go of your property.
Sellers offloading an inherited property, downsizing, going through retirement, or selling because of a divorce, should consider whether their emotional attachment could make the sales process more difficult. We’ve noticed that buyers who are overly passionate about the sale are more likely to:
- Ignore staging advice
- Overprice the home
- Respond irrationally to lower offers or requests for repairs
- Fail to market to their target audience
If you’re selling because you’re liquidating your investment properties, you may need to consciously withdraw the idea of control over what happens to the property once you sell.
What are your selling needs?
Once you’ve identified why you’re selling and identified ways to emotionally detach from the sales process, it’s time to think about your needs during the sales process. Which of these are concerns you have about your upcoming move?
- Cost of relocation
- Access to equity in your property
- Ability to provide seller financing
- Time to pack and move
- Cost of realtor fees and closing costs
- Cost of repairs
- Finding a buyer to purchase the property as-is
- Desire or ability to manage walkthroughs and appraisals
Many sellers spend as much as 10% of their sales price on repairs, fees, and closing costs. Are you comfortable, or able, to let go of that money to sell your home on the traditional market? If your home needs extensive repairs, you may need to pay for repairs or make concessions on the sale price. If you’d rather avoid appraisals and negotiating with buyers, selling your home for cash could be a better option.
Prepare for signing and closing
One of the most anticipated parts of selling a house is signing and closing. This final step makes everything official. The process can be a little different depending on if you sell your home through the traditional market or with an ibuyer.
If you sell your home on the traditional market, the sale can fall through at any point before closing. Complications with appraisal or funding could delay a sale. In worst-case scenarios, a deal could completely fall through if a buyer isn’t approved for financing or if the lender refuses to fund the loan because the property appraises for less than the offered amount.
During closing, you’ll meet with the lender and the buyers and sign paperwork to finalize the sale. Before the final paperwork, your property undergoes an appraisal and inspection. The agent will do a title search, and you’ll complete any repairs or other concessions. Once the closing paperwork is filed and the title is transferred into the seller’s name, the home is no longer yours.
When you work with an ibuyer, the closing process is a little different. The process is much faster because there are fewer hoops to jump through. We offer more flexibility for sellers, including the ability to control when you move out. We don’t require inspections or appraisals, and you won’t have to worry about our financing falling through. We can help you sell your home in a matter of days instead of weeks
What does Orem have to offer:
Orem is in the northern part of the state, about 45 minutes south of Salt Lake City. Orem is located approximately 15 minutes north of Provo and the Brigham Young University college campus. Sandwiched between Utah Lake and the Wasatch Mountain Range, there is no shortage of outdoor activities to take advantage of in the area.
Popular attractions in Orem include:
- Hale Center Theater
- Utah Valley University School of Arts
- Classic Fun Center
- Provo Canyon
- Utah Valley University Sports
- Kid’s Place
- SCERA Center for the Arts
- SCERA Shell Outdoor Theater
- Woodbury Art Museum
- Timpanogas Storytelling Festival
- Murdock Canal Trail
Orem is located near major attractions in other cities like Thanksgiving Point, just 20 minutes north in Lehi, and the Provo River Walkway. If you’re interested in enjoying some stunning outdoor scenery, head over to Provo for an easy hike to Bridal Veil Falls. You can also drive 30 minutes east to the Mount Timpanogas Trailhead. Want to enjoy some beautiful fall scenery? Don’t miss the Alpine Loop, which traverses some narrow roads but offers access to colorful views. Orem is a quick drive away from the University Mall for people who prefer window shopping to star gazing.
Get an offer on your home.
When life closes a door, and you need to sell.
We buy homes at the speed of life. Request your offer today and lets build a solution that works for you.
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