Selling a House in Utah in 2023: Here’s How to Sell in 6 Simple Steps

Selling a house in Utah offers several opportunities in the dynamic real estate market of the Beehive State. Moreover, the real estate market in the Beehive State has seen some interesting trends recently. 

In April 2023, home prices in Utah experienced a 9.6% decrease compared to the previous year, with a median price of $520,500. In this blog post, we’ll explore the current landscape of selling a house in Utah and provide some valuable insights.

We have broken down the important steps in selling a house in Utah, so you can attract more buyers and sell for the best price.

Step 1: Determine How You Want to Sell Your House in Utah

How you choose to sell will determine all other aspects of selling your Utah home. These include the cost of selling a house in Utah, marketing strategy, the level of preparation you need, etc.

Home sellers in the Beehive State are no longer required to work with only 3% commission realtors to list and sell their houses. You have options now – MLS listing services, discount brokers, FSBO sites, etc. – who work at lower rates. Weigh the pros and cons of each option before you choose one.

1. Sell With a Discount Broker: A discount real estate broker in Utah offers all the services similar to a traditional broker at discounted rates. Discount brokers in Utah charge a 1.5%-2% commission or a $3,000-$5,000 flat rate. They will help you with everything, from listing to closing, and offer decent savings.
2. Sell Your Property For Sale By Owner: You can sell your home without a Realtor, independently. You will save the entire 3% listing commission but won’t get MLS access. You can list your Utah home on For Sale By Owner websites. The best FSBO sites leverage technology to get you listed and connect you with potential buyers directly.
3. Sell With a Traditional Realtor: We do not recommend working with a traditional Realtor. They charge a 5%-6% commission and control most aspects of the transaction. However, if you need guidance at every step, work with Utah Realtors in your area who have expertise in the Utah housing market.
4. Offer Your Home to a Cash Buyer: Selling a house “as is” in Utah is a viable option for homeowners, as you can sell your home in its current condition to a cash buyer. Utah cash home buyers offer 30% to 50% of the Fair Market Value and offer flexible closing timelines.

✍️ Pro Tip: Offer your home to an iBuyer if your house is in good condition. iBuyers offer up to 70% of the Fair Market Value and make instant cash offers.

Step 2: Set a Realistic Listing Price

The listing or the asking price is the most important factor for a successful home sale. Typically, the real estate broker in Utah will run comps and help you arrive at an asking price. However, in an FSBO sale, you can use online tools like Zestimate to determine the asking price for your Utah home.

Do not overprice your home. If you do, your home will spend more days on the market, and buyers may make negative assumptions about it.

On the other hand, underpricing can be a good strategy. Remember, the listing price is not equal to the sale price. The purpose of the listing price is to attract buyers for your home.

You can set the asking price at the lowest price acceptable to you. You might get multiple offers which may lead to a bidding war among buyers. Bidding wars can help you sell at a price higher than what you had in mind. Refer to this informative guide on how to price your home for sale for more such strategies.

Step 3: Market Your Home

A good marketing strategy will help you attract more potential buyers. You can work with a broker to market your home or do it yourself. Here are a few marketing tips that can increase your home sale value substantially:

• Stage Your Home: You can sell your home for up to $40,000 more by staging it. You can either DIY it or work with local Utah home staging companies. They will rearrange the interiors of your house to make it look spacious and presentable.
• Hire a Real Estate Photographer: With professional real estate photography, you could sell your home in Utah 32% faster. Professionally clicked pictures will make your property listing pop. It will also help you to market your home to 90% of buyers who search for properties online. Check out the top real estate photographers in Utah.
• List on MLS: With an MLS listing, you can sell faster and for up to 17% more. Your property listing will also get syndicated to 100+ real estate websites. But, only licensed real estate agents in Utah have access to the MLS. They charge a 3% commission which can burn a hole in your pocket. You can list your house on MLS in Utah with Utah Flat Fee MLS companies. Houzeo will get you listed for $379, and that too within 48 hours.
• List on Free FSBO Websites: Several FSBO sites allow you to list your home on their website for free. Your Utah property can attract buyer traffic that visits a particular FSBO website. Some examples of free FSBO listing websites in Utah include Craigslist, Zillow, ForSaleByOwner.com, etc. However, you may attract unverified buyers or scammers as well.
• Post a Yard Sign: With a yard sign, you can attract unrepresented buyers and save the buyer agent commission. Ensure you get a yard sign with your phone number so that the buyers can contact you directly.
• Host Open Houses: In a hot market like Jacksonville or Miami, an open house can be a great way of showing your property to home buyers. Also, you can attract unrepresented buyers.

Step 4: Show Your Home to Potential Buyers

Showings are essential when selling a property in Utah or anywhere. The more the number of buyers touring your home, the greater the chances of you getting an offer. But this doesn’t mean showings should be inconvenient for you. You can use an online showings management tool like Houzeo Showings.

Houzeo Showings allows you to schedule slots for buyers to tour your Utah house. Home buyers can also request and reschedule or cancel showings.

Step 5: Negotiate Offers

Interested buyers will send written offers to your agent or directly to you, in case of an FSBO sale. In a seller’s market, buyers might make offers above the list price. But, experts predict 2023 to be a buyer’s market. So, be open to negotiations.

As a seller, you can accept, reject, or counter an offer. A counteroffer is a way of negotiating an offer for better terms or prices. It should be in written format and must have a set timeframe for the buyers to respond. In the counteroffer, you can offer seller concessions, repair credits, etc., in exchange for selling at the list price.

In case of multiple offers, weigh all of them across various merits and do not accept the highest bid right away. You may want to consider the following before accepting an offer amongst multiple offers:

• Mode of payment (cash vs financing)
• Home buyer’s mortgage approval status (pre-approval vs pre-qualified)
• Buyer’s willingness to cover the closing costs in Utah or some part of it
• Buyer’s willingness to bypass some contingencies like a home appraisal, home inspection in Utah, etc.
• Closing timeline

In a traditional home sale, a real estate professional will negotiate for you. However, as an FSBO seller in Utah, you are on your own. In such a situation, you can use digital offer management tools like Houzeo Offers. With Houzeo Offers, you can counter an offer, call for the highest and the best offer, and more.

Step 6: Close the Sale

After the seller accepts an offer, the MLS listing status is changed to “house under contract“. You and the buyer have to complete a lot of tasks from contract to closing. Here are the key milestones in the closing process in Utah:

Allow the Buyer to Complete the Due Diligence

After you accept an offer, your Utah property goes off the market, and the buyer can perform the necessary due diligence. The buyer inspects their to-be-home to proceed with the purchase.

Post due diligence, the buyer works on securing a mortgage, known as the underwriting period. During this period, the lender verifies the buyer’s finances and inspects and appraises the property. An amount equivalent to the property’s appraised value is sanctioned to the buyer.

Pay the Closing Costs

As a seller, you will pay 5%-6% in Utah real estate commissions, equally split between your and the buyer’s agent. Additional seller closing costs Utah that you may have to incur include:

• The escrow or the title fee
• Taxes on selling a house in Utah such as the transfer tax, capital gains tax, etc.
• Outstanding HOA dues
• Real estate attorney fees
• Seller credits (if you have offered any).

» Utah Seller Closing Costs Calculator: Estimate the exact cost to sell a house in Utah.

Sign the Escrow and Title Documents

This is the final step in the process of selling a home in Utah. Here, you sign the escrow and title documents needed to sell a house in Utah. Additionally, you sign the deed and closing disclosure. Also, ensure you bring two valid ID proofs at the signing.

After the close of the escrow, the new homeowner’s details are registered in the public records. You receive a wire transfer or a check for the final home sale price, and the sale is complete.

Final Word

Selling a house in Utah can be a rewarding experience, despite the recent challenges in the real estate market. By staying informed about the latest trends and leveraging the expertise of local professionals, you can position your property for success. 

Whether you’re in Salt Lake City, Provo, or any other part of Utah, understanding the real estate market will increase your chances of a successful sale. So, if you’re ready to make a move in the Utah real estate market, don’t hesitate to take advantage of the opportunities that await you.

So, get on the MLS with a Flat Fee Realtor or a Flat Fee MLS company like Houzeo. Moreover, with Houzeo, your home will be listed for $379 within 48 hours. Read Houzeo reviews to know what home sellers across Utah say about Houzeo.

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