The data is showing a balanced market with increased opportunities for buyers. 

The local market has been changing rapidly since May. There is so much conflicting information out there. What we know is the local data. The data shows a balanced market between buyers and sellers where homes are selling at decreased but still decent volume. 

Across the board for the Wasatch Front counties, inventory/supply ranges from three to five+ months. In the current inventory we are seeing a lot of price reductions. In Salt Lake County, 16.6% of the current inventory reduced offering price in the last 7 days. We have all seen headlines that discuss price reductions. Seller adjusting their offering price strategy does not mean declining home values. I would argue that there are a lot of sellers stuck in the past and these sellers are dropping their price to where they should have been from when they first listed. 

Expired listings (homes that listed and did not sell) are back. In the last 30 days there were 554 Expireds in Salt Lake County, 484 Expireds in Utah County, and 199 Expireds in Davis County. The increase in expired listing shows a change in seller psychology and a return to what we typically see in a normal market. 

The headlines these days are all about mortgage rates. 30 year mortgages are now at 7.08% (Freddie Mac). 

So what does this market shift actually mean? Market conditions show a balanced market where most homes do not sell right away with multiple offers. The primary change is that buyers have more available homes to choose from. In practice that means that buyers are able make offers subject to inspection and appraisal again. We are back in a more normal environment where two parties (buyer and sellers) have to negotiate with each other to find a mutually outcome. 

If you are having thoughts of moving, it might benefit you to have a casual conversation about what is possible in this market. Pro tip, selling and buying at the same time without moving twice IS POSSIBLE in the current market. Schedule a strategy session HERE