Provo is the third largest city of the state of Utah in the United States. It lies between the cities of Springville to the south and Orem to the north. It has a population of more than 112,488. It is the capital city of the Provo-Orem Metropolitan area. It is ranked by Forbes as the second top city on its list of Best Places for Business and Careers.
Provo is the biggest tech hub in the whole of Utah. It has the fastest internet because Google awarded the city with its Google Fiber program way back in 2014. Residents and businesses enjoy lightning speed internet. The Utah Valley Chamber of Commerce in Provo call themselves the Silicon Slopes. Many small businesses have set up offices near Provo because of the fast internet.
Provo Real Estate Market
The real estate market in Provo is ablaze. Prices are steadily rising. In the past, the real estate market was underwater with mortgages. But it slowly recovered as home prices are rising. A massive shift in the housing landscape is already evident. It is now standing on a solid ground. With population growing at a steady rising rate than the housing supply, economy has become awesome. Houses are selling very fast. More homeowners are selling high because investors are buying high.
The area of Provo is booming with new houses being built and homes, either newly constructed or pre-owned are selling fast like pancakes. Because not everyone can afford to buy single-family homes, two income households share the same house. This is a solution to rising prices and growing population.
Today, the demand for housing is greater than the supply or inventory. There will be more buyers in the years to come. What worries the buyers is the ambiguity of the mortgage rate market. Although the point rise will not affect the housing prices, it will have an impact at the bottom line, if one is buying in cash. There is a possibility that the prices will go down.
Even when the real estate market has slowed down in other states, the real estate in Provo continued to increase in value. Because of its robust estate market, people are investing in building new houses. However, the number of new house constructed or pre-owned house sold, there is never enough inventory and people continue to look for homes to buy.
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