We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.
PRICE ACTION
Other good signs in addition to positive price action is lower DOM (days of the market), lower new listingsand higher percent of new listings being SOLD.
SUMMARY
Has the Utah Real Estate Market bottomed?
Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom. This is NOT a good time for those investor with low and/or no risk tolerance to purchase. Investors with a long term buy and hold strategic. Opportunities are starting to make sense. Contact your property resource specialist for information to make an informed buying decision.
Owner/occupied homeowners need to look at the cost to own versus the cost to rent. Then you need consultant a resource specialist for information to make an informed buying decision.
High and medium risk tolerant investors and some homeowners are making buying decisions.
Some are trying to time the market and market timing is risky. Trying to time the bottom is not for the inexperienced buyer and extremely difficult.
Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators.
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Mark Watterson is a Utah licensed Real Estate Broker with Principle Realty Group, Inc. and a Utah license Loan Officer with Springwater Capital, LLC
Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date market conditions data for Salt Lake, Davis, Utah and Weber Counties. View comprehensive property resource information at www.markwatterson.com or www.UtahMark.com
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