Real Estate Report For October

There is a lot of talk about what is going on in our market today and I wanted to clear up some of the rumors.

Right now is still a fabulous time to sell, and perhaps the best time in the next few years. The real estate market experiences normal ups and downs and now we are heading into the down market. If we take a look at what the market has done historically, we will be in a down market for somewhere around 2 years and then take a year or two to flatten out from that down market. So in 3 to 4 years we will be in a situation where we are seeing solid appreciation rates again and values will come back up. Many people are thinking that this is a temporary thing and come next fall the market will bounce right back. Unfortunately this is not the truth.

Currently there are over 9900 homes for sale in SLC and Davis County…and only 1170 sold last month. That means that there is over a 9 months supply of homes on the market, if no other homes come on the market, and 3738 homes came on the market in the last 30 days. Last month we jumped from a 7 month supply of homes to a 9+ month supply of homes.

The good news is that homes are still selling. If the home is ‘priced right’ and ‘aggressively marketed’ it can still sell for a good price.

The other great news for buyers is that people are much more willing to negotiate right now; in fact, builders are very open to negotiation right now. I am seeing some crazy things that builders are doing. Sellers that really have to sell for one reason or another at times are selling well below market value.

If you are thinking about selling in the near future or know someone that is, I can give you an honest estimate of what your home will actually sell for. If you can stay in your home for the next 3 to 4 years, that might be a good option for you.

If you know of anyone looking to buy right now there are some fabulous opportunities to jump into a home.

I appreciate referrals of your family and friends.