Hot Sellers Market is Cooling of as Fall Approaches
Stats are for April, May, and June of 2018
Secong Quarter of 2018 (April-June)
An article in Realtor Magazine.
The fall season is cooling down more than the temperature outside; it’s also putting a much-needed chill on hot housing markets, where home prices have become unaffordable to the average buyer. More than one in four home sellers dropped their asking price last month, according to a new report by real estate brokerage Redfin. With inventory starting to inch up, sellers are facing stiffer competition in the market and adjusting their price expectations, according to the report.
Nearly 27 percent of homes that were listed in the four weeks ending Sept. 16 saw a price drop, according to the report. Redfin defines a price drop as a reduction in the home’s value between 1 percent and 50 percent. The areas seeing some of the biggest price drops year over year are Las Vegas; San Jose, Calif.; Seattle; Atlanta.
“After years of strong price growth and intense competition for homes, buyers are taking advantage of the market’s easing pressure by being selective about which homes to make an offer on and how high to bid,” says Redfin Senior Economist Taylor Marr. “But there are some early signs of a softening market, and the increase in price drops may be another indicator that sellers are going to have trouble getting the prices—and the bidding wars—that they may have just months ago. Instead, many are finding their homes are sitting on the market without much interest until they start reducing their prices.”
Courtesy of Realtor Magazine
Should You Buy a Home Now or Wait Until Next Year?
Top Days to List Your Home for Sale in Utah by Utah Realty
Top Days to List Your Home for Sale Some Highlights: ATTOM Data Solutions conducted an analysis of more than 29 million single family home and condo sales over the past eight years to determine the top days to list your home for sale. The top five days to list your...
Are Older Generations in Utah Really Not Selling Their Homes
Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...
Searching for your Utah Dream Home
Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...
Utah Home Prices
Salt Lake City's Home Prices Keep Climbing Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...
Parents of Utah Graduates, Are you about to be empty nesters!
Utah Realty Presents A Tale of Two Markets
Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...
South Jordan Utah Home Buyers are Optimistic About Homeownership
Home Buyers are Optimistic About Homeownership! When we consider buying an item, we naturally go through a research process prior to making our decision. We ask our friends and family members who have made similar purchases about their experience, we get opinions and...
Utah Realty Tip of the Day! Access Important to Getting your Home Sold
Why Access Is One of the Most Important Factors in Getting Your House Sold! So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide to your...
Cost of Renting vs Buying – Utah Realty
The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...