Real Estate Today
Home sales have been continually increasing during the last six months of this year. Utah County has seen an increase of 8.8% increase in sales this year. The bulging inventory has dropped from a nine month supply to less than a four month supply. The number of homes for sale has dropped 21%. This is good news for home owners wanting to sell in the next few months.
Home sales are moving at the fastest pace in the last four years. Last year it was taking an average of eleven months to sell a home. Today it is taking less than four months. With less inventory and more buyers looking, doesn’t it make sense to get off the fence and make that decision to move? Sellers have received an average of 91% of their asking price compared to 89% a year ago. These signs are very encouraging to home owners wishing to sell.
If you would like to list your home for sale, this improved market might be a good time. Most home owners are waiting for the weather to change next spring before putting that FOR SALE sign in their yards. However, the inventory is lower now, so competition is not as great. Buyers who look in the winter months are hoping to find a better deal on a home just because there are fewer buyers, and they hope that sellers will be more anxious to sell.
With interest rates still low and qualifications for a loan more relaxed, those buyers still taking a “wait and see” posture will be sorry not to take the opportunity of a lifetime to get into home ownership. With the improved economic conditions in the State of Utah—including less unemployment, higher wages, new incoming businesses, an excellent work force, and great living circumstances—prices will continue to increase and inventory will continue to decrease. Now is the time to be decisive by setting your goals for next year to include that home of your dreams. He who hesitates may lose out. Don’t let it be you! Have a Merry Christmas. Until next week, keep smiling. Email your questions to firstname.lastname@example.org.