It seems that all we hear about anymore is how bad the housing market is. Unless of course you’re talking to a real estate agent. And asking a real estate agent if it’s a good time to buy is like…, well…, it’s like asking a real estate agent if it’s a good time to buy…ha, ha.
Jokes aside, there’s no question that real estate has softened here in Northern Utah. The numbers speak for themselves (see September statistics). Additionally, short sales and bank foreclosures continue to flood our market daily.
So you would think that this is the perfect recipe to snag a screaming deal, right? …maybe. This may be the case if you’re looking to buy a higher end or luxury home. But if you want in on a well priced home under $250k, you might find yourself fighting for it.
That’s been the case for 3 different buyers that I’ve been helping over the last few weeks. One looking for a condo within driving distance to Salt Lake and the other two are house-buyers in Weber County.
You know, it’s tough enough just finding the right place for you and your family to call home. But when you discover that there are multiple offers on the home that you want, it can turn an already emotional experience into a minor nervous breakdown.
Ok, that might be a little dramatic, but all in all it’s frustrating to say the least. And not just for the buyers.
The buyers agent wants to help secure the property for their clients. The trick is to determine the right offer price. Not too high, not too low. It’s not always easy, but often I’ll coach my clients with notes that I wrote on an earlier post about how to determine the right offer price.
The seller’s agent wants to net the seller as much money as possible. However, they must handle the multiple offer process in a way that doesn’t upset the competing buyers to the point that they lose a sale all together.
The seller wants the buyers to create a bidding war which typically drives the price upward, however, if for whatever reason the sale fails to close, it’s unlikely that the other buyer will still be around.
Anyway, in short, there still seems to be a pretty decent demand along the Wasatch Front for homes that don’t break the bank. Last month, home sales under $250,000 made up 68% of all homes sold in Davis County and 74% in Weber County.
In contrast, the upper end market is hardly seeing offers at all. There were only 14 out of 245 sales over $400,000 in Davis County for the month of September. Similarly, Weber County had only 8 out of 237 sales over the $400k mark.
This news may be a little disheartening if you’re trying to sell your home on the hill. But if you’re a buyer that wants to trade in that starter home for something bigger and a bit more lavish, the tide has turned in your favor and you should take advantage of the opportunity at hand.
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