Rare BUYER OPPORTUNITY
Decreased mortgage rates boost affordability. Plenty of available homes to choose from. Decent demand keeping market normal/advantage sellers

Highlights:
1) Increased affordability. 30 year fixed currently near a 1 YEAR+ low, and holding steady
2) Local housing inventory just peaked for 2025 and is now declining. 2025 annual/seasonal inventory increase began in February. Since June, in the historically normal range for the first time in quite some time. High annual water mark for this number is typically in early November.

This is such a unique market. The market is active, but behaviors and perceptions haven't changed. The comical way of describing this is that sellers think it is 2021, buyers think it is 2008, and the skilled Realtor's job is to close that gap.

Local housing inventory just peaked for 2025 and is now declining. As of June of this year, inventory, by historic standards is in the range of "normal" for the first time since the late 2010's. By the standards of the last half decade there is plenty to choose from. Would be buyers, that need to sell first, can finally feel confident in finding their next home. High annual water mark for inventory is typically in early November. Likely to see week over week inventory declines until the flowers come out in the Spring. 

It is an exciting time. Many savvy people accomplishing goals that they may have put off for a long time. I would argue that there is A LOT of pent up demand in the market from the past several years. A huge amount of people that want to make a move but feel like they can't afford it and/or they feel handcuffed by their current advantageous interest rate. 

Across the board for the Wasatch Front counties, inventory/supply ranges from three months and five months. By that measure alone it is a balanced sellers market. Some homes go gangbusters multiple offers (some neighborhood and price brackets have been super competitive with multiple offer situations being common) while others sit on market. In the current inventory we are seeing some price reductions. In Salt Lake County, 14.1% of the current inventory reduced offering price in the last 7 days and 37.3% of the current inventory reduced offering price in the last 30 days. Both of those numbers were higher in recent months. More than half (53.9%) of the homes currently on the market in Salt Lake County reduced price at least once. 

Expired listings (homes that listed and did not sell) happen in every market. In the last 30 days there were 218 Expireds in Salt Lake County, 140 Expireds in Utah County, and 64 Expireds in Davis County. Even in a sellers market, not every listing sells. 

Excellent recent news recently in the current mortgage environment with declining rates. 30 year mortgages are now at 6.22% (Freddie Mac). This means that the most qualified borrowers can get rates in the 5's. These numbers are posted every Thursday. 

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