Is it still a buyer’s market today in Salt Lake City?
As experts in the Salt Lake City real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. In certain areas, homes will have a higher demands in the market because of location, while others can seem like ghost towns.
Most Buyers will look for the same thing – no repairs, good neighborhoods, close to everything, access to the freeway, shopping, good schools, close to work, etc. houses that have all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
Condos and townhouses can be a different story– especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Salt Lake City, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the market in unique ways.
Overall, real estate investors or other type of buyers who are in a position to pay all cash for houses have been buying up the great deals in the marketplace.
Since it is a sellers market right now, there are a lot of sellers who will try a higher price just to see if anyone will bite, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s very common for approved buyers to get almost to closing and then not be approved because the interest rates went up and the buyers didn’t lock in their loan. It is still better than it was just back in 2007 though.
Overall the markets remain a sellers market. – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of ups and downs in the US economy still taking place, and the markets are moving fast in lots of directions at once. Most people are wondering when the bubble is going to burst.
We’re investing in Salt Lake City because we believe in the community and the people here.
If you need to sell a property near Salt Lake City, we can help you.
We buy properties like yours from people who need to sell fast.