The Return of a Market

In case you missed the news - the real estate market is back.   Now that may not apply to every market in the country, or even every type of property in some markets. After this past weekend I'm excited.

For our market here in Northern Utah I had the most encouraging development.  As a matter of fact I had the most encouraging thing that has happened for me in the market in about 8 years.

I have a custom home listed in a very sought after area.  That the home is super custom is a plus, and a minus.  It takes a specific buyer to love a specific home.  

The price started too high.  I knew it. The seller knew it and didn't want it to be true.  That said he's a realistic guy and last week we finally got the list price to the sweet spot.  Still not what has me so encouraged.

With the latest price reduction I scheduled an open house.  We reduced the price on Wed, and I scheduled the open house for Saturday.  Not nearly enough time to do the work required to make it successul, but I got on the work immediately and made sure the word was out as much as I could get the word out in three days.

I showed up for the open house at the scheduled time - and had a car following me as I put up the signs.  These first folks walked in behind me.  Then more showed up, and more.  I was scheduled from 11-1 and didn't finally leave the house until after 3.  

So what was so encouraging about this?  It's a properly priced home in a very sought after location.  No brainer right?

The fact is I have done a lot of open houses over the years.  Some in homes just as well priced in equally desired neighborhoods.  

For me - and perhaps this is my own interjection into the whole thing - is that curiosity is back.  Interest in the real estate market has returned.  Again perhaps my own take on it, but people aren't very curious if they are uncertain or scared.

Fear kills curiosity.  So even a well priced home in a desireable location usually isn't enough to overcome fear - in this case it's been a fear of the economy.  

I take from my weekend experience that curiosity is back and therefore confidence is back.  People are feeling more secure in where they are, and where they are headed.  

That frees them up to think about the fun things - like a new home.

Utah Hassle Free blogs are written by Jim Beitz.  The Utah Hassle Free Group is with Keller Williams Success Realty in South Ogden, Utah.  Connect with us at BuilderTradeInUtah.com or search for homes for sale in Utah at YourUtahDreamHome.com