With approx. 23,000 homes to sell in Utah currently, Buyers are holding all most every card possible (Data from the MLS and estimated FSBO activity). This is a great time to buy.
I was helping with a buyer currently that has decent income, but credit was the issue for him. It is important to remember that even in good times like these for the buyers, they need to have their house in order (figuratively speaking). There are great deals available and banks will be increasingly helpful during the entire winter.
As most of you are aware this is the slow time in our industry and to make it worse banks are having to take back too much inventory! The new proposed legislation will help banks minimize this with freezing interest rates. So many of these homeowners that are forced to sell, will be able to hold on to their homes for the short term. It's impossible to see how this will effect the market, so be cautious with this information. It may be a good thing and help to stabilize the market, or it could have an adverse effect and hurt the free market by imposing governmental restrictions. Time will tell.
Utah is still a great place to live and with the winter in full swing now, the snow season is looking great!!!
As for the Winter forecast, due to the high volume of listings on the market the winter will appear to be exceptionally long, but keep in mind units are still selling and yes homeowners are very overpriced on their respected properties given the market as a whole. This equates to longer days and market and for a lot of Utah sellers this will mean no home sales.
Price those homes to sell and they'll sell! For pricing homes correctly click here.
Have a great Holliday Season! :)