Salt Lake Is A Home Buyers Market - Take Advantage!
Salt Lake is a Home Buyers market. Take advantage of it. Areas in the South end of the Salt Lake Valley have a wide variety of homes for sale and condominiums listed on the MLS that are foreclosures (homes that have been foreclosed by a bank or lending institution) and pre-foreclosures, IE Short Sales. Homes that the owner is asking permission from the banks to sell "short" of what the present mortgage is.
Home-Owners are trying to do this to avoid the stigma and penalties associated with having a home foreclosed on. Banks are co-operating in many cases to avoid the cost of foreclosure.
The results of this are that many homes are selling for 50% of what they were listed at or sold for last year.
Whether you are looking to buy a New Home @ Daybreak or one previously owned in Rosecrest, horse property in Draper, a small Ranchette in Bluffdale, a luxury home in Herriman or a condominium in South Jordan, the availability of a good buy in Salt Lake is a reality. Your local Realtor can point you in the right direction.
Chris Sloan, our Broker in Tooele, and this years UAR president wrote in last weeks presidents message about how to take advantage of this buyers market. Part of what he said was....
Reports of lower real estate sales and prices may come as gloomy news for home sellers, but for potential home buyers who have a chance to cash in on one of the strongest buyer's markets in years, things couldn't look better.
A buyer's market is characterized by high inventory and low demand, a situation where many sellers are competing to sell property to fewer buyers. Buyers have more negotiating power and sellers are more flexible, which ultimately results in lower prices and a better chance of getting the home of your dreams.
Over the past few weeks, I've talked about the some of the unique characteristics of this particular buyer's market, including the super-low mortgage rates and the new $8,000 tax credit that does not have to be repaid. Alone, either of these incentives would offer a compelling reason to look at buying a home in the next year, but there are other less-obvious benefits as well. Below are some of the additional ways you can make the most of today's market. To read the entire article go to Home Buyers Market.
What I would add to Chris's article is based on recent experience. When you start looking, have your pre-qualification letter in your pocket. We just got an offer accepted on a Foreclosed Home @ Parry Farms in Bluffdale that was less than a competing offer that did not attach a letter from their lender.
For a list of all of the foreclosed homes, Bank Owned, Short sales, visit our home page at Salt Lake Real Estate, and search the appropriate icon. You'll find what your looking for.
Or you can call us 801-567-0946 to talk about Real Estate in Salt Lake City or how to take advantage of this home buyers market in SLC.