Record-high home prices, record-low mortgage interest rates, and record-high meth contamination rates.
If you own or are buying real estate in Utah in 2021, you are experiencing an unprecedented ‘triple witching’ style piece of history never before seen in the region: record-high home prices, record-low mortgage interest rates, and record-high meth contamination rates.
Record High Home Prices
Low mortgage interest rates, historic low underdevelopment, and strong economic growth over the past decade have pushed the demand for housing to record levels. According to the Utah Board of Realtors, Utah’s housing market is on fire, with projections that prices could rise by 8 to 10 percent by year’s end. This is despite the fact that the median price of a single-family home in Salt Lake County climbed to another historic high of more than $535,000 in May.
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A “Housing Heat Index” from Bankrate.com put Utah #1 for the strongest Housing economy in 2020’s fourth quarter.
Record Low Interest Rates
As of this writing, mortgage interest rates remain at historic low levels that have persisted for a time period well beyond what most experts predicted. While government policy has had a major influence on keeping rates low, many experts are still puzzled by the length of this low-interest-rate cycle. A New York Times article published late last year reported that, “Economists don’t entirely know why rates have been so low for so long..”1
Only a few months ago, CNBC reported that the Fed was signaling its intent to keep interest rates low to help stimulate the recovery from Covid-19, and suggested, “That means many Americans could refinance debt to save money.”2
- https://www.nytimes.com/2020/12/04/business/low-interest-rates-puzzle.html?ref=oembed
- https://www.cnbc.com/2021/03/17/how-the-fed-decision-to-keep-interest-rates-low-impacts-your-wallet.html
Record High Meth Contamination
Meth usage and resulting property contamination have risen in lockstep with home prices in the blazing hot Utah real estate market over the past several years. Partly driven by the expanded housing market, the situation was worsened by the COVID-19 lockdown, which put many people out of work and disrupted lives. This created a spike in reported anxiety, depression, drug usage, and suicide incidents.
The Utah Department of Health reports that the number of meth-contaminated properties rose 19% last year over previous years. Home inspectors estimate that approximately 10-25% of homes they inspect are contaminated.
The Problem with Meth
Meth smoked in a single room can contaminate the entire house through the HVAC system, creating a health hazard for everyone. And it’s not just a meth lab issue – although those are the worst cases. Recreational use in a space can quickly contaminate a house to unhealthy levels.
Unfortunately, this type of contamination doesn’t get better with time. The half-life of meth is extremely long, meaning that a contaminated property will stay that way for years or even decades unless properly remediated. And in Utah, a contaminated property cannot be sold or rented until it has been remediated by a certified provider.
What to Do? Start with a Certified Test
If you suspect meth contamination in your home, get it tested right away. The health exposure is significant, even weeks or months after an incident. Even if you aren’t aware of specific meth contamination in your home or property, in this market it’s best to have it tested, especially before you buy or sell. Many people have been surprised to find contamination in a property they are considering, and have seen hopeful real estate transactions derailed because of a contamination discovery.
Meth testing is reasonably priced, and when completed by a certified provider through a state-certified laboratory, is highly reliable. A single test can highlight a potential problem, and additional testing can be added to verify the extent of contamination. Multi-test discounts are available that make the cost of testing even more affordable.
Don’t Leave it to Chance
Meth is a potent toxin with both health and economic impacts. If there’s any doubt, get the test. Call a Utah certified meth remediation company like RainFire Restoration and order the RF Method testing so you can buy, sell and rent with full confidence.
Make Triple Witching Work for You
This is a great time to be in the real estate market in Utah. By eliminating one of the ‘witches’ – meth contamination – you can take full advantage of record low interest rates and continued escalating home prices.
About RainFire Restoration and RF Method
RF Method is the most effective, professional, and affordable comprehensive METH testing and remediation available. We are certified and licensed for meth remediation in the State of Utah. Click here for more information, or call us at 385-336-7246 for a free estimate.
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Why Choose RainFire Restoration?
When it comes to any damage or remediation, you need a team you can trust. At RainFire Restoration, we bring years of experience and a commitment to excellence to every project. Here’s what sets us apart:
- Expert Technicians: Our team is trained in the latest fire damage and smoke odor removal techniques.
- Comprehensive Services: From cleaning and deodorizing to structural repairs, we handle every aspect of restoration.
- Advanced Equipment: We use state-of-the-art tools and treatments to ensure your home is safe and odor-free.
- Customer-Centric Approach: We’re here to support you every step of the way, providing clear communication and compassionate service.
Final Thoughts
A lingering smoke odor is more than just an inconvenience—it’s a warning sign that your home may still harbor harmful particles and hidden damage. At RainFire Restoration, we’re dedicated to helping you eliminate these risks and restore your home to a safe, comfortable environment.
If you’re struggling with smoke odors or fire damage, don’t wait to take action. Call us today at (385) 336-7246. Let my team and I help you breathe easier and reclaim your home.
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About the Author: Alan Seegrist
