Market Update October
Inventory is increasing, Demand is still there if Sellers will help with Interest Rate Buy Downs.
The Salt Lake, Utah real estate market continues to go into a very unique area. We see new housing slowly being listed and supply starting to build up as home mortgage rates stay high. There are a lot of buyers that want to buy a home because they understand that Utah is a great market to be in. The biggest thing holding these buyers back are the interest rates. We have now being in the higher rate environment for a year and we saw this summer sales went up a lot and days on market dropped to around 20. Now that winter is coming people have slowed down once again and we see Days On Market at 38.
For sellers it is a good time to be ready to provide incentives for closing costs and buy downs.
For buyers that are patient they can likely find a great deal from the seller that has to go.
If you have questions or are thinking about moving it would be helpful to have a no pressure discussion to see what is your best strategy to make your move happen. If you are afraid of selling and buying at the same time abd thing you will need to move twice, don't stress that. It is possible and often time pretty easy to make it very very smooth.
Schedule a call here.