Are you a sucker?
MSN's Jim Cramer says: "If you don't buy a house in 6-18 months you're a sucker." I won't go so far as that, but in our market, if you are waiting to buy a home, you are likely going to pay much more for that home in 6-18 months than you are able to save by not buying today.
Click this link to watch the video clip:
He seems to be saying that because the economy is so good in other aspects (employment, etc.) - people who do not yet own homes should take advantage of the drop in home prices and buy now while the market is low. (Anyone ever heard the phrase: "Buy Low - Sell High"?)
Homes in Salt Lake - NOT on Sale
I would not say that the Salt Lake real estate market has homes on sale at a discount. In fact, many of the homes listed for sale today are overpriced in our market. 2/3rds of all listings in the 3rd quarter of 2007 did not sell. Still, those that do sell are selling for more than they would have a year ago, which means that home prices are still rising.
The Salt Lake Real Estate Market has indeed slowed
In spite of the fact that home prices are still rising for homes that do sell, the Salt Lake Real Estate market has slowed in more than one way:
- The number of units sold is declining: Less homes are being sold. Fewer Buyers are Buying homes.
- The appreciation rate for sold homes has slowed from highs last year of 15-25% to more nominal rates of 8-15% (At the end of 3rd quarter 2007 - I believe it has slowed even more to between 7 and 10%)
- Homes that do sell are on the market an average of 1 week longer.
It is still a good time to buy a home in Salt Lake
All of this actually makes it a good time to Buy:
- You have many options as far as what to buy
- Seller's are more motivated to lower their price or offer more favorable terms (because there are fewer Buyers),
and, unlike some national markets
- Appreciation on your investment is still positive (assuming you purchase at or below fair market value).
How to protect yourself as a home buyer in Salt Lake
To make sure your best interest is being protected and you are being fully represented, look for an Exclusive Buyer's Agent to help you with your home purchase in the Salt Lake Area. We can help you evalulate the true worth of a property in today's marketplace.
Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and don't represent Sellers. We work for you on the Buying side of the transaction at all times.
For more information, just contact us at (801) 969-8989 or contact us via the link on this page.
|Contact Benjamin Clark - BUYER'S AGENT - Salt Lake City, Utah|