Lender · TX · Member since 2026 · 164 posts · 67 votes
3mo
Yeah, you’re not alone on that. Most lenders and flippers I’m talking to are seeing Utah volume normalize pretty noticeably from the 2021–2023 peak.
From what I’m seeing, it’s less a “dead market” and more a selective liquidity market now:
Higher-end flips ($700k+) have slowed a lot—buyers are more rate-sensitive and holding power is stronger there.
Entry to mid-range ($350k–$550k) in Salt Lake County and Utah County still moves, but only if it’s priced tight on exit.
Days-on-market has become the real killer, not lack of demand—anything even slightly over-improved sits.
The pockets that still seem to pencil:
Older SFR stock in West Valley, Kearns, Taylorsville (value-add cosmetic plays still clear if basis is disciplined)
Ogden area is still producing spread, but appraisal risk is more inconsistent
Utah County infill (Provo/Orem edges) if you can stay under the median and avoid over-renovation
On the lending side, I’m also hearing that a lot of “soft pullback” is coming from:
tighter DSCR exits
insurance costs creeping up on investors
and buyers needing more concessions than they did a year ago
So I’d say deal flow being down ~30–50% isn’t surprising, but I wouldn’t interpret it as a full contraction—more like the easy, broad market is gone and it’s reverted back to pocket-driven underwriting again.
Curious if you’re seeing the same pattern in your borrower base, or if it’s more deal selection on your end tightening the pipeline?