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Tooele UT Housing Inventory Shortage

By
Real Estate Agent with Group 1 Real Estate

 

 

How The Tooele UT Housing Inventory Shortage Affects Real Estate Consumers

There is low available inventory in Tooele UT. There are basically more potential buyers in the market than suitable available listings. This develops an interesting experience for buyers and sellers. Here is how the Tooele UT housing inventory shortage affects real estate consumers.

Increased Competition

Scarce inventory generates higher competition for potential home buyers. Any new properties will normally draw a lot of activity. Properties will commonly receive multiple offers and sell quickly. Under these circumstances, it is not uncommon for homes to receive more than asking price. What else does this mean for home buyers?

Home buyers need to be prepared to write up an offer. This requires having a pre-approval performed and the letter ready to include with an offer. After viewing a property, they must not procrastinate making a decision. Waiting even one day could lead to a lost opportunity. Also, when submitting offers, it is essential to submit a uncomplicated one with your best terms. Sometimes you have just that one chance. There is little opportunity to negotiate a reduced sale price unless the house has been marketed for an unusually long period of time and lacks competing bids.

An Ideal Situation for Home Sellers

Sellers thrive in this market. It is stressful keeping a property in showing condition, so fast sales make the process much. In bidding situations, sellers are also in a good position and can be more selective of buyers.

Sellers must not make the common mistake of overpricing in this market. Highest sales prices are usually obtained by starting at the appropriate point. Overpricing may backfire in this, and in fact any, market. 

To give you an idea about houses that are available and prices here are some recent listings in Tooele.

Homes listed last 3 days

homes posted last 7 days

Listings 14 days ago in Tooele UT

Buying and selling simultaneously will not be simple right now. Even though you might be able to promptly locate a buyer for your current home, securing a new home could take some time because of the lack of inventory. You should accept an offer from a buyer with a flexible time line or use temporary housing to give you more time to locate your next home.

How The Tooele UT Housing Inventory Shortage Affects Real Estate Consumers

Overall, how the Tooele UT housing inventory shortage affects real estate consumers is the typically shorter selling process but a possibly extended buying time frame. Prices will also be higher. It is important to understand the Tooele UT real estate market if attempting to buy or sell. Set reasonable goals when it comes to both sale price and timing. Connecting with a local real estate agent will help you better understand the process.

I would like to be that connection, and help you and your family work thru the process. I'm local (lived here all my life). Experienced, (over 20 years full time), and qualified, (Tooele agent of the year 3 of the last 5 years).

Call me, Berna 435-840-5029; I know how the Tooele UT housing inventory shortage affects real estate consumers

 

Comments (2)

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Thanks Chris and Berna Sloan for a well written and easy to read post about  the housing inventory shortage in Tooele, Utah.

Looking forward to reading more excellent posts from you - and just realized we were not currently following you - so fixing that now!  CLICK!!

May 08, 2016 01:05 AM
Chris and Berna Sloan
Group 1 Real Estate - Tooele, UT
Tooele UT

Thanks!

May 08, 2016 02:26 AM