Is it a buyers market in Utah?

Recently the Utah housing market has begun to normalize. Although most figures point upward of 17% growth, it can be a bit misleading. This figure is for the last 12 month period but does not reflect what is truly happening.

Many sellers are tempted to over price their homes when they see a number like 17% growth and headlines reading "Utah's Hot Housing Market" and without a good Realtor they will often price their homes too high or worse yet, will try to sell when they may not be ready only to find out their homes are not selling for what they hoped. It is very important to see what is happening in the smaller 3 and 6 month cycles to accurately guess your market values.

For Example, the latest 6 month cycle shows slowing in the sellers market and even more softness in the 3 month cycle. This can have a dramatic impact on a sellers plan if they were not aware of this trend.

What does that mean to you? It depends on if you are trying to sell your home or buy a new house.

To the Seller: In a "buyer's market" you can still sell you home, you just have to prepare properly and make the right moves and that's where a professional and knowledgeable real estate team shines. The most important step is to price your house appropriately from the first day.

For the Buyer: This is a great time to buy a home. The market has stabilized to a normal rate which means home prices and interest rates have also stabilized; limiting the bidding wars recently seen from home buyers in the past. Sellers are adjusting to the new market and homes prices are more in line with the expectations and needs of home consumers. So if you're thinking of buying your first home, moving, or upgrading, this is a fantastic time.