Market of the Moment 6/25/2021

Market of the Moment 6/25/2021

Real Estate Agent · Salt Lake City, UT · Member since 2016 · 214 posts · 154 votes

Inventory remains above 300 which is progress. Days on market are still brief. I list a home about every other week, and I have noticed a reduction in the number of offers received. In March, I was getting 20-30 offers on a house. The last few, I’ve had 7-12. Still multiple offer situations, still going above list. The question is, are people winding down for summer or are people holding off on looking because they’ve been frustrated with the market? What do you folks think?

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  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    5y

    @Alan Walker I'm leaning towards frustration and disappointment from getting outbid. I have friends looking to sell and move into something bigger. They completely stopped looking at properties about 1-2 months ago. They have no desire to buy distressed property or look off-market so they're stuck.

    It's better to sit pretty in nice property and wait it out. I mostly agree given there situation. 

  • Salt Lake City, UT · Member since 2017 · 18 posts · 6 votes
    5y

    @Alan Walker - mind to share effective ways most buyers do to win the bid for house purchase in Salt Lake City? I’m curious to know: Is it the highest? The most down payment? The shortest closing time? No contingencies? No refundable earnest money? Or seller sentiment of selling to homeowners vs investors? Which one(s) drive more results from any of these combinations? I’m mostly interested to know the trend/statistics for homes in the Salt Lake east side/Sugar House/Aves/Millcreek/Holladay. Thank you.

  • Dallin WatsonPro Member
    Rental Property Investor · Pocatello, ID · Member since 2021 · 15 posts · 10 votes
    5y

    Don't know anything about the SLC market other than I have family trying to buy a house in that area and they are having no success. Crazy area right now. I'm in a market a couple hours north in Idaho where there is also high demand and low inventory but prices are much less than big city SLC 

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