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House committee holds bill that would give homebuyers brief priority over investor offers in Salt Lake County

February 25, 2025 | 2025 Utah Legislature, Utah Legislature, Utah Legislative Branch, Utah


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House committee holds bill that would give homebuyers brief priority over investor offers in Salt Lake County
Representative Bennion spoke to House Bill 151, a first substitute titled the "home sales amendments," introducing a proposal that would require a purchaser who intends to occupy a single‑family home in Salt Lake County to sign an affidavit of intent and give owner‑occupant buyers a 30‑day window at the start of a listing. Bennion said the change is meant to address a decline in homeownership and to give first‑time buyers a better chance against investors who often make faster, cash offers.

The bill’s sponsor said the measure includes an exemption allowing a seller to assert an exigent circumstance at any point and sell to any buyer. Lisa Thompson, a Salt Lake County real estate agent and former loan officer who testified with Bennion, told the committee investors can make offers with fewer contingencies and that the affidavit is aimed at giving occupant buyers a small competitive advantage during that 30‑day period.

Industry witnesses and home‑building groups opposed the bill. Chris Sloane, past president of the Utah Association of Realtors, said requiring sellers to wait 30 days imposes additional marketing costs and could jeopardize sellers with time‑sensitive transactions, including sellers who must meet deadlines tied to foreclosures or purchases of replacement homes. Taz Bieserner of the Utah Home Builders Association testified that investor ownership of large portfolios is a small share of Utah’s housing market and that the bill would not address affordability in a meaningful way.

Public commenters were split. Supporters described examples of homes bought by corporate investors that later reappeared on the market at higher prices and said the bill could help first‑time buyers. Opponents warned about delayed sales, added costs, and potential stigmatization of listings. Several witnesses also raised fair‑housing concerns and asked how the affidavit and any seller questions would avoid creating discriminatory inquiries; the sponsor and witnesses said the affidavit is completed by the purchaser, not the seller, and that the seller may decline to use the process by claiming an exigent circumstance.

After public comment and committee discussion, Representative Walter moved to hold House Bill 151. The chair announced the motion carries, with the chair stating there was one dissent as recorded by the committee. The committee did not adopt the bill at this meeting; the chair recorded the motion to hold as passing and the bill was not advanced.

Why it matters: sponsors framed HB151 as an attempt to preserve pathways to homeownership for first‑time buyers in parts of Salt Lake County where investors have been active; opponents said it imposes costs on sellers, risks unintended fair‑housing inquiries, and is unlikely to materially improve affordability.

What’s next: the committee held the bill; no final action was taken on HB151 at this hearing.

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