Everyone that has been wondering how the market is looking…… Here is your Salt Lake Market Update!
Compared to last year, Salt Lake County in 2014 showed a 1.6% increase in number of listings, decrease of .1% in closed sales, and an increase of 3.6 % in median sales price. What does that mean for you?
If you are listing you home you can expect a slightly longer number of days on market with a higher number of listings and no significant amount of change in closed sales. As frustrating as it can be, patience is a virtue in this market.
Don’t want to or can’t wait to sell your home? One strategy to offset the timeline is a change in price. With the median sales price going up over 3%, people are going to want to cash in on the value of their home, creating an opportunity to price yourself into a quick sale. A lower list price can often times lead to a quick sale, saving you time and money.
Not in a hurry to sell? This is a decent time to contact us to put your house on the market. If you are not in a position that forces you to sell, it may be in your best interest to try and cash out on your home. However be sure that you are not selling your house at a premium, just to turn around and overpay on your new property! Information is your best friend in this market – don’t rush into a decision that could cost you in the long run.
Buying a home? This is a great time to be a buyer, as you have an opportunity to walk into a home with INSTANT equity in it. Interest rates are still low, and expected to jump in the upcoming year. Take advantage of the longer days on market to get a great deal on your next property. Whether you are looking to find a new home, or looking for an investment property, you are in a good position. More homes on market without a significant change in closed deals means more inventory for you to choose from. Be sure you are getting help from a professional to capitalize on this opportunity.
Get in touch with us to see how one of the agents from The Muve Group can help you out.
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