Market Heartbeat

September 2017 Salt Lake City Real Estate Market Heartbeat

Normally I post a video for my monthly market update. This month, I'm in the middle of renovating my new home and packing up my old one and still working full time. Needless to say, it's a bit crazy around here. We will return to our scheduled programming (a video update) next month from my new office. 

When I typically do these updates I throw a lot of facts at you to show you where the market is performing. I'll have a few facts today, but I also want to tell you the story of two buyers. 

First, the facts:

There are currently less than 4 months of inventory on the market in Salt Lake County keeping us solidly in a seller’s market.
— according to the Wasatch Front Multiple Listing Service

And now our stories. 

My first buyers found a house that had been on the market for two weeks. It had started out priced at $319,900 and had dropped in price twice in two weeks. When my buyers saw the house it was priced at $309,900. They fell in love with the house (a very solid and updated home) and wrote an offer for $305,000. The did not compete with any other buyers and the seller accepted it. 

My second buyer is looking in that same price range. This buyer found a wonderfully updated home on a gorgeous plot of land. He even got to see the home before it was put on the market. He wrote an offer on the home $5,000 over asking price, ended up competing against other buyers and did not get that home. But he didn't give up. We kept looking and found another home. We saw it the first day and quickly submitted an offer also $5,000 over asking price as there had been many showings that day. We wrote an offer that took the seller's needs into account and the seller accepted our offer that same day. 

Two different, yet successful situations for my two buyers. Though we are in a seller's market still, it has cooled off from what it was in the springtime. Some buyers are still having to compete with others and prices are still going over asking price, but there are homes out there that are staying on the market a bit longer and seller for at or just below the asking price. 

In summary, it's still a great time to sell and it's getting a bit easier to buy. Give me a call and we'll get started on your next move!