Home inventory for Utah County is UP! right now. What does that mean?
It means that compared to last year at this time, there are 30% MORE homes available for sale in Utah County! (27% in Salt Lake County) So, if you’re looking to buy a home right now, you have many more options to choose from- you can actually get the home you want and not have to settle.
For sellers, on the other hand, you need to make sure that your home stands out. I took a buyer out to look at homes recently. They had 80 homes to choose from that were in the same area and had similar size, condition, and pricing. If you were one of those 80 homes, you’d really want to catch a potential buyer’s eye.
If your home is priced between $400,000 and $600,000 and not one more home was listed, it would take about four months to sell everything- a balanced market (where it’s neither a seller’s market nor a buyer’s market would be six months). This is the closest we have been to a balanced market in a long time.
Your takeaway? It’s a better time to buy than it was last year! Still a seller’s market (especially on homes under $300,000) but it’s better balanced than it has been in some time.
As always, feel free to contact me with any questions!