Market Update Recap - Times Are Changing!

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Real Estate

The median sales price for detached homes in Salt Lake County for July 2022 was $600,000. It was $550,000 in July 2021. 

Days on market is averaging 30 (for homes that have actually sold).

Inventory has doubled. Sales have slowed, along with the rest of the nation.

Home loan rates are below 6, but certainly higher than a lot of buyers were looking at the last couple of years.

Homes are still selling though!!!

The best time to sell a home is when it’s right for you, just know that it's not the wild ride for Sellers that it was for the last 2 years.

Buyers that were beat out over and over again are starting to come back out a bit. The ones that were doing FHA loans, low down payments, or needed closing cost help, are seeing their offers get accepted!


p.s. If you do decide to sell, remember that buyers are smart, just like you….they no longer wish to overpay on a home.

Be sure your home is spotless, staged beautifully, and priced right!

Your home should be updated, CLEAN, and move-in ready. Weird floor plans, bad driveways, unfinished landscaping and interiors that are worn out, dirty or dated can be harder to sell.

Sellers of these homes have to price accordingly and clean, clean, clean. 

Buyers need guidance on pricing too, so they know how to make a strong offer on the home they really want.

You can still lose out on a home to another buyer. And nobody, in any market, wants to overpay. 

Most importantly, you need a strong team on your side in this market who knows how to navigate our local real estate dynamic, protect your financial interests, and get you to the closing table.

And that’s exactly the level of service  and professionalism we will provide to you. 

Give us a call now at 801.209.1390 and let’s get you into that new home now.