Why This Market is the Perfect Move Up Market

If you are ready to be a Move Up like the Jeffersons then now is the perfect time. You can sell your home where the demand is high and then buy where the demand is lower. The result is you get into a great home at a discount while maximizing the return on your investment.

To get an idea of how demand is playing out in Salt Lake County, let’s look at some numbers from the WFRMLS. In the last 30 days, 497 homes sold in the $140,000-$280,000 price range. That is 59% percent of all homes that sold. But the total number of homes listed available on the MLS in that price range? Only 2534, or about 37% of the total homes on the market. In other words, you have 59% of all buyers chasing 37% of all homes.

For first time home buyers this can be a frustrating situation. You hear all day in the media how the market is taking a hit and then you put in an offer on a home only to find out you are in a multiple offer situation.

But for the Move Up buyer, you can sell your home in this price range and then go find a motivated seller and make a deal in the $300,000 price range. In order to pull this off I recommend a few tips: 1) Make sure your home is in top shape before you put it on the market. (buyers are only interested in the top ten percent of the market when it comes to condition and price) 2) Act quickly while you can take advantage of the low interest rates and the higher than usual FHA loan limits 3) Be open to all types of ways to sell your home like FHA down payment assistance, seller financing, and lease options.