by Teresa Larson, Village Real Estate, Murray, Utah
20+ years year real estate experience
(801) 750-5446

According to the Salt lake Board of Realtors® home sales in Salt Lake and Davis County are down when you compare the year over year statistics for the month of August. The median price of homes has gone up in both Salt Lake and Davis Counties about 3% when comparing August 2013 to August 2014. This translates to fewer homes have sold and sellers are receiving slightly higher prices than a year ago. However, the number of homes scheduled to close in September were reported as 9% higher when comparing the year over year statistics from 2013 to 2014. The actual Sept. 2014 numbers will available soon.

Interest Rates Predicted to Rise

Economists  are reporting that interest rates will rise in March of 2015. This fear will be fueling increased home sales for the last quarter and into the first quarter of 2015. The first half of the year there was a drop of about 4% in the number of homes sold in the Wasatch Front. The median sales price of homes sold was up about 5%. August numbers haven’t changed much from that.

Sellers Market

It is a seller’s market in our area now especially if your property is priced under $300,000. It is still important to price your property at market value for area, age and size as an overpriced listing will not sell. Buyers are savvy and do the research needed before purchasing a home in today’s market. You also have to deal with appraisals coming in lower sometimes, even if a buyer is willing to pay the higher price. Banks are requiring appraisers to use comparables that have strict guidelines as to what is an acceptable comparable. Distance within a mile, condition similar to the home being purchased and the sale within 90 days are the preference.

Resources:
Utah Association of Realtors® and Salt Lake Board of Realtors® membership email updates

©Teresa O Larson PC, 2014