I recently received the Realtors Confidence Index August 2015 Survey from the National Association of Realtors. That means it's time for my monthly update on the Salt Lake City real estate market.
Last month in my first market update I explained some industry jargon. I'll link that post here for you to refer to as needed.
We are still in a seller's market. According to the Wasatch Front Regional MLS we have about 4 months of inventory on the market in Salt Lake County. This means that prices are still on an upswing (though this has slowed) and that there isn't a lot of inventory for buyers. In Utah the current average days on the market is under 30 days. As an agent I am working every day with both sellers and buyers. Let me tell you what this market feels like from both angles.
My sellers are often selling their homes quickly and for close to their asking price. My current average days on the market for my sellers is 25 days at 99% of their asking price. This is awesome if you're a seller. (Hint, hint. Call me and we'll sell yours too!) It's not all perfect though. If you price your house too high, your home will take longer to sell. Buyers may not have much to choose from, but they are still savvy and know a fair price when they see one. Also, the market does feel like it's slowed some since even a month or two ago. This is typical for this time of year as new fall school routines are getting ironed out.
My buyers are definitely having a harder time finding "the one." There are great houses coming on the market still, but they don't show up as regularly. In the spring time more houses are listed each day and buyers will often want to go out and see 10-15 or more houses that seem like possibilities. In this market it feels like listings trickle in and we look at 1 or 2 or 3 at a time instead. In a market like this, it's important not to get discouraged and to keep looking. Getting out there and looking will educate you to the market and so when the right house at the right price pops up you are ready to buy it.
The Fed hasn't raised those interest rates yet either. The threat is looming. Many are saying it may happen by the end of the year. I am not an expert in that field, but I do know that the rates are still great and it's still an excellent time to begin or upgrade in home ownership.
If you're ready to buy or sell a home, give me a call. I'm excited to help.