Salt Lake and the surrounding areas are heating up for home sales. We are experiencing multiple offers happening right now on homes which we haven’t seen for a while.
Salt Lake City is ranked #6 in the Nation for best performing City, ranked by Milkens Institute. This is creating a stronger job market for Salt lake and will be a major factor in helping our economy on the road to recovery.
Sales Up, Inventory Down
Sales are up 18% but inventory is still down by 13%. Homes have become more affordable with low real estate prices and incredibly low interest rates. These two items are what helping fuel our home sales across the Wasatch Front.
With low inventory and low interest rates, this is causing the market to equalize itself. Before, the market gave the buyer’s an upper hand but now starting to neutarlise to an even playing field. Does this mean the good deals are going away, not at all, just more competition.
Low inventory is contrubuted mainly to sellers being under water on their homes and are unable to sell without doing a short sale. Most sellers who are not having problems paying their mortgage and do not need to sell, have elected to ride the storm out.
REOs & Short Sales Applying Pressure
Bank owned properties and short sales are still creating a downward pressure on the market, keeping home prices at bay…possibly, may even cause prices to drop another 3% to 5%.
Short sales you can still pick up a great deal but will take time and paitents. Short sales are still taking an average of 6 months to close.
REO properties are also a great buy, some are move in ready while others may need some TLC. In today’s market with multiple offers happening, you will want to make sure you come in with your best and highest offer in order to get an accepted offer.
Where Are The Hot Areas
Top 3 hot spots of the area for sales in the first quater for 2012 are…
#1 Kearns and Taylorsville
#3 South Jordan.
Todd Rodocker specializes with first time home buyers, seasoned buyers and investors. He can be contacted at firstname.lastname@example.org, cell 801-694-0903 or by visiting his web sites www.UtahRealEstateStore.com, www.SearchUtahFineHomes.com