I have been asked questions about this tough market and have listed a few of them below.
Has the Utah Real Estate Market bottomed?
The Utah market has NOTshown a confirmed bottom. Please understand the market conditions vary from area to area even within a geographical region. Expect markets to confirm their bottom independently of each other. It is a common occurrence in the bottoming process.
The National news media will probably not report a bottom until the average of the homes in the US show a confirmed bottom by exhibiting positive price action.
Is there a solid indicator we can trust to confirm a bottom?
Look for homes appreciating in value, in your area of interest. With confirmed appreciation in the market we will have started our climb from the bottom.
I want to get a jump on the appreciation cycle to maximize my appreciation in the up cycle. Who can tell me when we are at the bottom prior to the market confirming with price appreciation?
Short answer is no one can. We can roll the dice and buy without a confirmed bottom. Some call it bottom fishing. Others liken it to catching a falling knife.
This is not for the average home buyer. You need to have a high risk tolerance. Normally that is a speculative buyers profile.
Please understand the answers to the above questions are designed to answer the majority of the buyers concerns. As with life there are always exceptions.
I do believe in the free market system and believe the market will improve. I wish I could say we have endured all the pain. Honestly I can't.
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