Is It Really A Buyer's Market?

Both nationally and here in Utah, the real estate market is receiving a lot of media attention as inventory has been climbing and prices have been decreasing. Both factors are signaling that we are moving towards a buyers market.

People often ask if this is true in our Utah real estate market. Although, we have been shielded a bit, fairing much better than that displayed in much of the national real estate statistics, we are still moving away from being within a true seller's market. Periodically, the average Utah prices, increases, and decreases have been featured in this blog. If you are interested in reading on that kind of detail, please visit some of my other posts.

For today though, I am answering a question that I often get, which is, "Is it really a buyers market in Utah and what does it mean?"

Well it does mean some of what I have already listed above

•- Rising housing inventory in Utah

•- Decreasing home prices

•- Good Interest rates both nationally and locally

•- And negotiations in favor of the Utah buyer

I have included some statistics below which show how over the last couple of years the real estate negotiating process has been moving in favor of the buyer. The percentages are based on the sale price relative to the list price. This is a sure sign that we are moving towards a buyer's market, as well as showing that it is a great time to buy. Buyers have great negotiating power right now!

Percentages based on sales transactions between January and April of the corresponding years.

Sale Price as Compared to List Price