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Comparative Pricing is Key in our "Normalizing" market
Friday's Salt Lake Tribune (6/1/07) ran a front page article titled: "Utah's red-hot home market may not last".  If you were already confused about the current market, this headline probably didn't help.  The article basically said that the Utah Real Estate market  is currently the hottest in the country, but that it is showing signs of cooling and will probably normalize in the coming months. All that seems to be well and good, except that the cooling has already begun and it's sellers who are getting disillusioned thinking things are still "Red Hot".
The problem with this data is that all the trends are based on the difference in price from first quarter 2006 to first quarter 2007, but that 12 month span really has two very different 6 month cycles wrapped up in it.  This probably is why there seems to be the current  disparity between the sellers perspective and  the buyers perspective.  It also may explain why so many properties on our local market begin their listings with unrealistically high prices, and why the days on market seem to be rising rapidly for many price ranges.  
From a sellers perspective, all this appreciation talk bolsters confidence that they can ... more

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