Good news for those hoping to buy (or sell?) homes under $300,000 in Salt Lake County:
The Salt Lake Board of Realtors said this week that 71 percent of home sales in Salt Lake County in July were for properties priced less than $300,000. The most active price range was from $200,000 to $250,000, the board said.(Salt Lake Tribune)
A majority of my clients thus far in 2008 have purchased homes between $250,000 and $500,000.
Here are my thoughts on this "announcement":
- It's easier to get a mortgage for homes priced at $300,000 or less
- There is a higher percentage of first time homeowners who can only afford to purchase homes at $300,000 or less
- The dollar difference between actual value and asking price is close enough to negotiate on homes $300,000 or less
- There is less oversupply of homes priced at $300,000 or less
- I believe that homes prices at $300,000 or less probably are still appreciating at higher rates than homes at $400,000 and up
- It's easier to save up a 10-20% downpayment of $300,000 or less (First Time Buyers)
- Those with plenty of cash to buy the $400,000 and up homes are more likely to be move-up Buyers who will have to (or would rather) sell their homes first. Because of oversupply in homes priced $400,000 and up, many of those owners won't sell their homes until supply decreases and demand increases.
It all boils down to Supply, Demand and Affordability
If you are planning on buying real estate in the Salt Lake City area, make sure you get an Agent on YOUR side of the transaction!
If you have excellent credit and will be buying a $250,000-$750,000 home in the next 30-60 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
©2008 Homebuyer Representation, Inc. "The Real Estate Agents on the Buyer's Side" ™ Exclusive Buyers Agents (EBA) - All Rights Reserved
Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2008 Homebuyer Representation, Inc. - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved