List Your Tooele UT Home Today
Now is time to list Tooele UT homeIf you are thinking of selling, then let me shout from the rooftops; list your Tooele UT home today! Last week I posted a piece from Keeping Current Matters with some great charts about why now is a great time to list your house. Like most of the KCM articles it dealt with the topic of putting your property on the market now from a national perspective.
The stats were impressive. But……. When I started looking at the numbers of our local Tooele real estate market, I was amazed.
Here is a re-post of that article with some comments from me about what these graphics mean a little closer to home. (and only 30 miles from downtown SLC)
After all, as you have heard me say so often “all real estate is local”.
Enjoy!
3 Charts That Shout, ‘List Your Home Today!’
In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.
SUPPLY
The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.
In the Tooele County market, there are a little less than 170 homes listed on the MLS and monthly units sold is about the same number. With less than seventy homes listed last month you can see that Tooele faces a scarcity of marketable product.
DEMAND
Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.
On the demand front in Tooele County, I will offer anecdotal evidence to prove that now is a good time to list.
Last week we put a nice home on the market, and within 40 hours of the listing showing up on the MLS we had 19 showings and received 10 offers.to purchase.
Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).
Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Using my previous anecdote, it will not surprise you to know that all of the offers were countered with a request for highest and best offer to be submitted w/in a few days. Our seller made more than originally expected.(with no contingencies)
HOME EQUITY
Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!
Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.
I will be happy to prepare a net sheet to project the amount of money you can expect to take from the closing table.
Bottom Line
If you are debating selling your home this year, let’s meet up to evaluate the equity you have in your home, as well as the opportunities available in your market.
Give me a call; Berna Sloan 435-840-5029. Let’s talk about why you should list your Tooele UT home today.
Comments(0)