If you’ve looked into real estate markets before, you may have heard the terms ‘buyer’s market’ or ‘seller’s market’. In addition, there’s a balanced market, where the number of buyers and sellers is about the same, so neither party has the advantage.
Where are we in Utah and Salt Lake counties in 2020? ALL of them!
If you are looking in the $1,000,000+ market, it’s a buyer’s market. There are more homes available than buyers looking, which is one reason why some from out of state are coming to buy what locals aren’t interested in.
At the $750,000-$1,000,000 price point, it’s a balanced market. If nothing new were listed in this price point, it would take about five months to sell everything that is currently available. Anything around that time frame is considered balanced because the number of buyers and sellers are about the same.
In the $400,000 to $700,000 range, it’s a seller’s market. We have about three months of inventory and there are a lot of people shopping in this price range, especially closer to the $400,000 point. In Utah County, conforming loan limits have gone up to $510,000, which means that more people can buy homes at that half a million dollar mark.
Anything under $400,000 is in an aggressive seller’s market. There is only about 90 days of inventory available, which shows many more potential buyers than sellers, giving the seller’s an advantage.
If you’re looking to sell a home under $300,000 and buy a house around $400/500,000, you can take advantage of the seller’s market when selling and the balanced market when buying to get the most bang for your buck. And of course, if you want a professional Realtor’s help with that, feel free to contact me anytime!