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What is Your Utah Commercial Property Worth?
If you own a business in Utah, or own commercial property, you are likely wondering what your commercial property is worth
This article was written in December 2020, the facts and numbers can change rapidly. Call Jody Jones at 801-577-2175 for a current numbers or a current assessment of your property’s value.
You can use a Commercial Real Estate agent to give you an honest assessment of what your property is worth based on recent activity in the area and current demand and other factors. A “Broker’s Opinion of Value” is a valuable bargaining tool you can use to gain financing or other needed credit. Or you can take several steps on your own to find out what it may be worth. A little research goes a long way when you want to know how much people are willing to pay for your property.
You may be surprised in this rapidly changing Utah economy that your property may be worth a lot more than you think. Many commercial property owners need this valuable information so they know if it’s smart to sell their property now or hold on to it until a later date. Making the right decision can either save or cost you thousands of dollars. The experience and expertise of a seasoned Commercial Real Estate agent is extremely valuable in helping you make the smart choice for your needs and situation. In addition to using a Commercial Realtor, you can use CoStar and other commercial property sites to find out what your property is worth. Although, Utah is a non-disclosure state so information found on those sites is often unreliable due to inaccurate information.
Average Property Value
Look up the average property value in your area to see where you stand. Prices for Utah property values are slightly lower than the national average, but they are much higher than they are in some states.
Keep in mind that your location, and the quality of your lease will also play a role in your selling price.
Utah has historically had a strong economy. It has experienced an annual growth of nearly 4%, and it still has a strong economy even during the pandemic. In fact, Utah was recently ranked the #1 economy in the Nation according to 24/7 Wall Street. Even after the virus hit, the state only has a 4.5% unemployment rate, giving it the strongest economy in the nation. Many businesses are looking to relocate to Utah. If you are looking to sell your commercial real estate, now may be the perfect chance to get the most from the sale.
Property Tax Time
Property tax time is closer than you think. Look at your tax bill to see the current value of your property, and you will have a good idea of what to expect moving forward. You can even look through your old tax records to see how your property value has changed over the years. Track the market value over time to see when you should make your move. You can even speak with your accountant if you need a professional opinion.
Ask Jody Jones
The other steps listed in this guide go a long way to show you the value of your property, but you can take it to the next level by speaking with a commercial real estate expert. Jody Jones has been in the commercial real estate business for many years, and she knows how to determine the actual value of any property. She works with clients and shows them how to get the most from each sale.
If you work with her, she will highlight your property in a way that grabs the attention of potential Buyers, and lets you reach your long-term goals. You will have no trouble selling your property and earning a reasonable price, and you will be happy with the outcome.
Contact Jody Jones for your commercial real estate questions or for your Broker’s Opinion of Value at 801.577.2175.