Properties in several cities in Utah — including Ogden and Provo — could be overvalued by as much as 50%. The tidal wave of Californians, a growing millennial population, and a shortage of home-building materials have combined to raise prices.
Broussard, who previously rented a home from a friend in the pricey Stanford–Palo Alto area south of San Francisco, where housing costs, she told MarketWatch, are “just totally outrageous.”
That influx has come at a price: Recent research from Florida Atlantic University and Florida International University suggests that, based on historical pricing, properties in several cities in Utah — including Ogden and Provo — could be overvalued by as much as 50%.
Local experts, however, disagree that houses in Provo are overvalued and destined to decline. Instead, they say, prices are actually likely to appreciate further given the surge of interest in the Beehive State. The question is, for how long? Case in point: At one point during the pandemic, Andrew Ford, a Realtor in Provo, told MarketWatch that it was not unusual for a property to receive 50 offers. “It was crazy to submit the offers to our sellers,” he said.
The authors add that just because a market is overvalued by 50% or 60% based on historical price movements does not mean it will fall by that amount, but they don’t discount a painful wakeup call for buyers and sellers in those markets.
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