All Forum Posts by: Alan Walker

Median home price in all four counties in the mid-to-high 20% range. In July, we were closer to 30% year over year, so this slight decline is to be expected with seasonality at play. The market fundamentals of supply and demand, low inventory and still amazingly low mortgage rates are keeping this train moving. I doubt inventory will be substantially up until spring and demand isn’t going anywhere, so the big factor is rates.

How will the market react to GASP! 4% mortgage rates?

Is the end near?

Were the preppers right and the world is coming to an end?

Should I have stayed in that doomsday cult that said the end was coming but kept moving out the date?

Is a gun, silver or water going to be most valuable in this wasteland we’ll be in?

SO MANY QUESTIONS.

For now, know that owning real estate is a great investment and that isn’t changing anytime soon. K.Byeee.

October started “slow” but has picked right back up. Our available houses in Salt Lake County is under 450! Days on market between 3-5. I can see people submitting offers on Thanksgiving Day and Christmas if it gives them a leg up. Sorry Aunt Dorothy, you can’t see our kids this year, we’re trying to buy a house…
As someone that flips homes, I usually wait until December to buy homes that will hit in the spring. Instead, I am closing on two more homes next week because we just don’t have enough homes for people to buy.
This market is like a Scorpio; I would know, today is my birthday. It's caliente (low inventory) with lots of energy (buyers), but just when you get comfortable, that tail (median home price) comes out and strikes!

You know how the weather was cold and now its warming back up, yep, that’s the market again. Days on market are still low, we’ve slipped under 500 active homes in SL County under 700k list price. Same as it ever was, same as it ever was. If you get the reference, post a comment!

Market of the Moment - 10/15/2021: Gasp! Days on market are above 5, sort of. We are seeing some small creep upwards in time on market, but we are still in a drought, a drought of houses, that is. See what I did? Topical! We have hovered at over 500 houses on the market for the last month or so. We haven’t seen enough snow to slow people down. Given where the market is at, I don’t anticipate there will be much of a slowdown on the buyer side, no matter the holiday. The question will just be, are sellers open to selling during the holidays? What goes better with Turkey and Pumpkin Pie than selling a house? Nuthin!

We had over 200 homes close last week, our available inventory is staying around 500. Average days on market is still 3-6. If we were headed for a correction, houses would sit on the market longer and buyers would be pickier. That isn’t what we are seeing right now. While there aren’t as many offers being made on homes, homes are still selling about as fast as they can. 

Q3 2020 vs. Q3 2021:  The story is the same all along the Wasatch Front, fewer or same days on market. Fewer homes sold for more money. Supply was down between 13-24% while prices went up between 24-28%. This is what supply and demand looks like. No matter how you look at it, we need more homes along the I-15 corridor.

September over September appreciation continues in the double digits. Will we see this slow down as we move into Fall? That’s the question on everyone’s lips. That and pumpkin pie or apple pie? What say you?

Pumpkin Spice Lattes, trick or treat candy, and houses hiding in plain sight, welcome to October! Our days on market in each price point is still low. We are still hovering over 500 active homes in SL County. Interest rates have risen slightly, and none of us are really sure if the market is a trick or a treat at the moment. Guess I’ll have to just get into my sexy nurse costume and wait it out!

The market continues to keep inventory over 500 homes active in Salt Lake County under 700,000. Most price points saw a mild contraction this week compared to last. The Fed announced today that they may start to raise rates sometime next year. In my opinion, that will have a strong effect on our appreciation, but not on our demand. So once that happens, the record 30% YoY appreciation we experienced may be a thing of the past. No doubt, buying and holding real estate is the best way to become wealthy. For many of us that’s not Bikini Babes on a Yacht wealthy. More like, I sleep like a baby at night because I know I have assets wealthy.

Buyers are getting more inventory right now. Days on market have jumped slightly, not quite tortoise pace, more like a hare with a club foot. It's anyone’s guess what the fall has in store. Pumpkin Spice Lattes, for sure. Market slowdown, not likely.