Buying a Home in Salt Lake City, UT

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Salt Lake Market Update - 1st Quarter 2008 #1

Take a look at this graph that shows Average List Prices and Average SOLD Prices in Salt Lake County over the past 6 months and tell me you don't see the same thing that I do:

Salt Lake appears to have gone through a minor slump during 4th quarter 2007 and the beginning of 1st quarter 2008. Things appear to be almost exactly where they were 6 months ago.

It would appear that the real estate market in Salt Lake County has handled the necessary correction well and will go back to a small but sustainable appreciation rate.

The GOOD part in all of this is that the market was able to slow itself considerably and correct itself much better than many other markets around the country.

salt lake sale to list price real estate

 

Avg List PriceAvg Sold Price
Oct-07$279,640 $272,303
Nov-07$267,019 $260,306
Dec-07$275,348 $267,706
Jan-08$274,884 $267,534
Feb-08$277,292 $269,165
Mar-08$279,549 $272,743
Data from WFRMLS Statistics as of 10:30pm 3/28/2007

If you are thinking about moving to the Salt Lake City area, make sure you get an Agent on YOUR side! 

Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Area. We do not list any homes. We never represent Sellers.

We work for BUYERS ONLY on the Buyer's side of the transaction.

We work to get BUYERS the Best Price and Terms when they Buy...

We're "The Real Estate Agents on the Buyer's Side" TMreal estate agents on the buyers side

If you have excellent credit and are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 60-90 days, call us at (801) 969-8989 or contact us via the link on this page.

©2008 Homebuyer Representation, Inc. All Rights Reserved

Comment balloon 3 commentsBenjamin Clark • March 28 2008 11:38PM

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Good post. I am glad the market is improving in your area. Good luck.
Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 11 years ago

 

not everybody agrees 

 

 

http://www.deseretnews.com/article/1,5143,695273262,00.html

Posted by why ask a realtor? over 11 years ago

You got that right.

The article you link to is talking about the # of sales, not the List to Sales price. Of course the number of sales has slowed:

Getting a mortgage is harder
80/20 loans are gone
Many Sub-Prime loans are gone
Appraisers are under more scrutiny; Appraised values will be more conservative
Builders overbuilt for the supply (Who can blame them? In the hey-day they were able to.)
4th Quarter and 1st Quarter are historically the slowest for home sales
Many people who otherwise would have purchased in the 4th and 1st quarters waited to see what the market would do

It's still a Buyer's market. Inventory still exceeds demand. Many Sellers are still asking higher than market value for their homes as if it were still last summer.

I think (and hope) that Salt Lake has weathered the worst of things. I know that is hard to believe if you have seen what has happened in other markets across the nation. But signs show that the market at large is responding appropriately. Rents are rising in Salt Lake at one of the highest rates in the country
Builders have slowed new production (Believe me, this is GOOD!) Buyers are coming in with down payments. FHA limits have been increased. Sellers who are motivated ARE coming down to market value in negotiations.

I'm not ignoring the other stories you read. I read them too. But as an agent, I understand that less sales does not necessarily mean doom and gloom. Less sales means many Buyer's are simply unwilling to pay the ridiculous asking prices being asked by many Sellers. This is also a good thing. We don't want appreciation to go unchecked. We want stability in the marketplace. If Buyers would have continued to pay for homes as if homes were appreciating at 15-22% in the same high numbers as they had been, Salt Lake would be in much worse shape today than it currently is. Luckily, Buyers have been cautious and those who need to buy have been conservative when assessing value and aggressive in negotiations. Getting Sellers to lower their asking prices to at or near market values is definitely a good thing. That's what is saving us from a real estate bust.

Thanks for your concern and your comments.

 

Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 11 years ago

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