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Seller Advice in a Sellers Market Salt Lake City UT 8015805624

By
Real Estate Agent with Results Real Estate 801.580.5624 5642270-PBOO

It's a sellers market and it's been a sellers market for a very long time but it won't always be a sellers market. I caution sellers as I start to feel a shift in the market.  Be prepared.  Do not take for granite the offers you are receiving or the price you are reaching for.  While inventory is still low that will not always be the case.  Some things I've noticed recently (not all in the industry will agree)

I have noticed that homes are starting to slowly stay available longer.  

I have noticed short sales... Yes short sales have been creeping back into the inventory and more of them.  As a seller you will need to watch this closely.  When it comes to the appraisal value of your home this may affect your final sales price/value.  Should an appraiser only use non short sale homes as comparable, yes but that doesn't mean they will.  Also with low inventory for them to choose from for comparable, the short sale two doors down might be one of the best comparable for your home and they will adjust the price for conditions etc.  In the past short sales / foreclosures have sold traditionally for a lot less than what a non short sale seller typically wants to receive for their home.  Sellers beware. 

I have also noticed that new construction builders are starting to reach out to agents this is also a sign

Multiple offers are slowing down *this is very dependent on location and price point* This summer I was seeing multiple offers on homes over 350,000 and below in price range.  Now I'm seeing the multiple offers drop back to the $250,000 and under price point. 

 I have noticed some price reduction signs popping up

 

Now this does not mean its a buyers market.  This does not mean that buyers should go in and offer extremely low in hopes sellers are desperate.  More than likely they are not desperate.  It is still a sellers market, it's just a little softer than it was.  I caution sellers to be open to offers.  To listen to their agent regarding current conditions.  To listen to their agent about the condition of their home and location to the other homes on the market and your competition.  Not every buyer is firm in their location desires especially in an area like Salt Lake County.  You have options for schools, you have options for housing and you have public transit in most areas which also allows more flexibility depending on your needs.

As always, please consult and work with a local Realtor.  There are a lot of "people" claiming you can save money doing it on your own or by working with their site.  Again, Utah is non disclosure unless you have full disclosure on the market your information will not be complete or accurate.  

Is it really saving money if your home is for sale 10-15,000 less than it should be or more than it should be?  Please realize that if your price is too low people typically look at it and wonder whats wrong with that house, not what a great bargain.  Also realize no matter what you price it at; buyers normally are going to come in and offer less.  Is it really saving money if you have to sit on the home and keep having to make house payments and maintenance while houses around you turn over and you sit.  

 

There are a lot of factors to consider when it comes to selling your home.  If it sounds good to be true, it just might be.  I caution you to take an educated look at the reality of the market and your situation.  Best wishes to you as you consider selling your home.

 

If you are in Utah and would like to meet with me to sell your home, please call/text/email me.  I would love to meet with you.  

Best wishes!

Kim

801-580-5624

kim@resultsrealestateutah.com