How Active is Utah Flip Market?

Question

I run a family office that does primarily hard money loans.

The deal flow I am getting in Utah is about Half of what it was a year ago.  Not shocking given new product and post pandemic run cooling.

For those of you actually doing deals in Utah, Is volume down for you too? Or are you finding pockets that are still produce?

Seph Hancock · Answer

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?