As an Exclusive Buyer's Agent I'm constantly exposed to the inventory on the market in the Salt Lake area.
There are still a ton of overpriced listings on the market, but that's improving.
1. Inventory is actually falling. My gut feeling is that the majority of homes coming off the market are from sellers who mistakenly thought their house was different from the others and that somehow it could commmand pre-bust pricing. Which leads us to point #2:
2. Fewer sellers are putting their homes on the market at ridiculous prices. Homes are finally being discounted to reasonable prices.
Here is the stat I received from the Salt Lake Board of Realtors in an email last night:
- The median sales price for single-family homes sold in 2010 was $220,000, a 6 percent drop compared to a median sales price of $233,900 in 2009.
Here is what I currently see on my Facebook Business Fan Page Real Estate tab powered by Roost.com and Altos Research:
Notice that since late 2008 there appears to be a correlation between home values dropping and the number of homes available for purchase. This is more healthy for the housing market than if inventory were to continue to be added to the marketplace at ridiculously high asking prices.
In other words: Things are getting more reasonable and the market is adjusting in a healthy manner.
That's not to say we've hit bottom yet or that it makes sense for YOU to buy a home in this market.
If you plan to stay in a home in the Salt Lake Valley for 5-10 years, buying now is could make sense as interest rates are still below 5% and housing prices are substantially more reasonable than they were just a few years ago.
Salt Lake is a great place to live, work, raise a family, run a business and have fun!
- Are you or your company relocating to Utah?
- Do you want to buy a $300,000-$800,000 home within 90 days?
- Do you have excellent credit?
- Are you making a substantial down payment or paying cash for your home?
If so, You Deserve the Best!
Don't buy a home without an agent on YOUR side of the transaction!
Make sure you hire an Exclusive Buyer's Agent!
Call us at (801) 969-8989 or contact us via the link on this page.
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