January 2021 – Salt Lake & Davis Counties Market Statistics
The January Utah market statistics certainly show the impact the low housing inventory is having in Salt Lake & Davis counties. We did not see as large of growth in home values over December and days on the market remained about the same. However, the homes sold declined from the prior month and is a far lower than 2020 inventory. The continued low housing inventory shows in the Utah real estate market by having an impact on both buyers, sellers, and all those in the real estate industry. These are just a few of the impacts being seen in the local market.
- Buyers are offering above asking price to compete for a winning offer.
- Sellers are receiving multiple offers on their homes.
- Sellers are hesitant to move because they are concerned about being able to purchase.
- Buyers are needing more cash to cover any appraisal shortfall to their offer.
How low is the local housing inventory?
There was a meme going around the internet earlier this month that had an agent explaining to a buyer that the housing shortage was similar to looking for toilet paper last April. Yes, it is that bad. In January of 2020 both Davis & Salt Lake County had nearly 3 times the number of homes that are currently on the market at the end of January 2021. Following the Super Bowl it was said that Tom Brady had more super bowl wins than listings on the local MLS. There is certainly an inventory shortage, but there are homes available and buyers are buying, and sellers are selling. January is typically year over year a low inventory month which I addressed in an early blog post here. As the country moves into a Covid vaccinated phase and spring arrives we will see the market shift again. Are you ready to move then?
What makes a competitive offer in low housing inventory conditions?
What does it take to make a competitive offer? This is a conversation I have with my buyers, so we are prepared to win. There are certainly some things that are a MUST do if you are buying right now. You can hear me explain my Buyer offer strategies at this link: Competitive Offers
- Get Pre-Approved. It gives you flexibility and confidence in your offer.
- Be Flexible. Opportunities to purchase a home are varied and you will need to be flexible.
- Be Patient. It may take some time.
Search for Homes Here You can use this link to search for your next property. Please reach out if I can be of assistance to you with your home search.
Do you want to be a Seller in this Market?
It seems like an easy task selling a home in this crazy seller’s market, right! I’m not so sure. The multiple offers and potential for unscrupulous offers tying up your property or creating legal headaches have increased. If you are moving up or sizing down, then you also have to be a buyer in this market and for many sellers that is a big concern and causing many questions. There are answers and there are strategies to get home sellers from one home to another. Sellers should strategize with a Realtor and get professional expertise to make a plan that best suits their moving needs.
Check out your current property value Here A quick value check is a guideline. It is important to get a full property analysis to make a strategy and decision. Email me for your full analysis at email@example.com.
If you have been considering Buying or Selling and are looking for more information. Contact Cindy DeHart at EXIT Realty Success 801-319-0026 to help you navigate the current market!