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Utah Real Estate News & Trends Utah real estate news, current events, updates, articles and trends provided by Equity Real Estate Realtor website. Real estate news for Salt lake City, Provo, Park City - Salt Lake County & Utah County. Featuring information, resources, real estate services, residential property news, townhouses & condos construction news, and Utah land and property trends. Click on the month or topic that interest you. _________________________________________ Is It A Good Time To Sell A Home? It Depends…. April 7, 2008
Many people have been asking me lately if it is a good time to sell
their home or should they wait until the market is
better. Timing the real estate market is a daunting task
since the market is somewhat unpredictable. What is
predictable is that the real estate market, like the
economy; move up and down in cycles. Our current cycle
as a nation is a downward trend. The current national
downtrend is affecting Utah, but not to the same extent
as many other states. Using the words of Utah’s economic
advisor to the governor, “our state’s increase is
starting to decrease.” That means we are still showing
economic increases in the state as well as in real
estate prices, but our increase is slowing.
Real estate often has regional factors and local factors that influence the market. For instance, our state’s unemployment rate is among the lowest in the nation. Our economy in Utah is still very strong. That is why Utah did not have a home price decrease in 2007 like most of the nation. In fact, the only county suffering a price decrease in Utah was Washington County. In this county, Saint George experienced explosive growth over the past decade. This explosive growth is now correcting itself.
Utah’s current real estate market favors buyers. There
is a lot of inventory, interest rates are low and
Sellers are willing to negotiate. This combination
favors home buyers. Buyers waiting for better market
conditions will likely be disappointed in the months
ahead. Government actions to spur the economy will
eventually take effect and as market conditions improve,
home prices will increase.
Sellers may also feel they should wait until the market improves. However, it could be a mistake for Sellers to wait if they plan to purchase another home to replace the one they are selling. Waiting for the market to transition into a “Sellers Market” will help you increase your equity for your home, but it will also increase the cost of your replacement home. Any gain on the selling side will likely be adjusted upon purchasing a new property. Buyers who plan to upgrade their existing homes for a larger, modern home will likely find themselves paying a lot more later than if they purchased now.
In summary, home prices in Utah have been stable while the rest of the nation has had a pretty tough time. Below is a month-to-month trend report for Utah covering the past 12 years. As you can see, average home prices fluctuate from month to month but show a steady increase from year to year. The number of homes sold has decreased significantly over the past few months. The average home sold for $233,211 in 2006. In 2007 the average climbed to $255,880. The year-to-date 2008 average sold home price is $254,333. That is a good price trend, considering the winter months are traditionally the poorest months of the year for home sales.
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