Updated about 6 years ago on . Most recent reply
Starter home VS "forever" home
Hello, I'm a new investor trying to get a deal in the SLC, Utah area. I've been watching the market for a while now, and I noticed that since COVID-19 started prices of upper class homes ($500-750k) in good neighborhoods stopped increasing and are not selling fast. Many of them are actually reducing their prices (as much as 50k). On the other hand, starter homes are still selling but at asking price. Pre-COVID-19, starter homes were receiving multiple offers, many of them above asking price.
My questions are:
1) Are you seeing the same trend in your area?
2) Do you think starter home prices will decrease in following months?
3) Would you buy and hold upper class homes in good neighborhoods (if its a good deal) hoping that their prices will go back up once the COVID-19 panic passes. Renting them in the meantime.