Salt Lake Homes for Sale...by the numbers
My friend Jay Thompson, the "Phoenix Real Estate Guy" posted an interesting blog Friday. Chris, in our Tooele office picked it up, I saw it and thought it might be of interest to my folks. I guess that's how this Internet thing is supposed to work. Like Chris, I can't give you the nice graphics Jay did but I can share some good Real Estate Information.
It's just a simple thumb nail sketch, (Jay called it a "snapshot") of what the overall Real Estate market is like in a given area, TODAY. Using statistics from the Wasatch Front Regional MLS we can look @ Salt Lake County.
As an example, we'll take the number of Homes and Condominiums for sale in Salt Lake County today (7551). Divide that number by the Houses and Condos sold last month (1261). The answer is the number of months @ the current rate of home sales it will take to sell out the current inventory of homes. (5.9 months).
What a six month inventory of houses means to you is that now more than ever before, you can not be average.
If your Selling:
Your Home can't be average: Clean up, pick up, fix up. Listen to your agent. You need to stand out!!!
Your price can't be average: Price your home so that it stands out. Remember 6 months of payments @ $1500 is $9000 thousand dollars plus ulcers.
Your agent can't be average: Now is not the time to interview agents that have never been through a down market. No relatives or good friends unless they understand that this is serious business, and are experts in your Neighborhood. No out of area agents.
If your buying:
Your agent can't be average: Now is the time to partner up with someone that understands tough negotiating, and is willing to step out on your behalf . Remember the old adage, "you don't make money when you sell, you make your money when you buy". Don't be in a hurry, you have time.
If you need an Agent that has seen every type of market, give me a call, I'd love to help. 801-567-0946