Utah Real Estate Market Commentary
January 10, 2008
Inventory continues to climb, as the percentage of 'solds' continues to drop. We are in a strong buyer's market and will remain here for a while. Prices are falling and will stabilize this Spring.
The next probable opportunity for a healthy seller's market is Spring 2009. It is very interesting to look at the history of homes on the MLS. Many homes that are still for sale from last summer/fall have experienced major price reductions. I have seen many homes priced around $300-$500k drop their prices $30k-$70k. Like Walmart, prices are falling. However, I do feel they have hit the bottom. The speculative bubble has burst, I believe, taking with it lots of money and dreams.
Musical chairs has ended for the many "get rich quick" real estate investment groups in Utah County. Most of these groups promised high monthly returns based on the defunct business model (often complex pyramid) that the market will continue to perpetuate a high appreciation and new victims.
If you must sell a home in today's market, throw away your appraisal and any hopes of last season's prices. That was the past. If I can say this politely, "Get over it." Price your home correctly in this new market, and your home will sell. When you get an offer, don't be too greedy (like us Realtors). Be realistic and flexible enough to get your home sold.
The buyers are out this January in full force. I think many buyers feel that it is a great time to buy. Our team member, Dave, landed offers on two of our listings just this week from his own buyers.
The first 10 days of January have been busier than the entire month of December. I am really excited about the new amount of buyers moving into the January market. It snowed 6 inches last night. It is a very bullish move to see buyers this early.
I look forward to the 2008 market with great anticipation. The Spring market will be better than the media and sooth-sayers claim. I consider this market a great time to buy. We want to be your Agents. Join our home buyers Early Bird Club.
P.S. I have more Utah County Real Estate commentary and graphs on our Utah County Real Estate website.
Inventory continues to climb, as the percentage of 'solds' continues to drop. We are in a strong buyer's market and will remain here for a while. Prices are falling and will stabilize this Spring.
The next probable opportunity for a healthy seller's market is Spring 2009. It is very interesting to look at the history of homes on the MLS. Many homes that are still for sale from last summer/fall have experienced major price reductions. I have seen many homes priced around $300-$500k drop their prices $30k-$70k. Like Walmart, prices are falling. However, I do feel they have hit the bottom. The speculative bubble has burst, I believe, taking with it lots of money and dreams.
Musical chairs has ended for the many "get rich quick" real estate investment groups in Utah County. Most of these groups promised high monthly returns based on the defunct business model (often complex pyramid) that the market will continue to perpetuate a high appreciation and new victims.
If you must sell a home in today's market, throw away your appraisal and any hopes of last season's prices. That was the past. If I can say this politely, "Get over it." Price your home correctly in this new market, and your home will sell. When you get an offer, don't be too greedy (like us Realtors). Be realistic and flexible enough to get your home sold.
The buyers are out this January in full force. I think many buyers feel that it is a great time to buy. Our team member, Dave, landed offers on two of our listings just this week from his own buyers.
The first 10 days of January have been busier than the entire month of December. I am really excited about the new amount of buyers moving into the January market. It snowed 6 inches last night. It is a very bullish move to see buyers this early.
I look forward to the 2008 market with great anticipation. The Spring market will be better than the media and sooth-sayers claim. I consider this market a great time to buy. We want to be your Agents. Join our home buyers Early Bird Club.
P.S. I have more Utah County Real Estate commentary and graphs on our Utah County Real Estate website.
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