Updated: Mar 8
Here’s my advice for homebuyers and sellers in this real estate market.
There’s something really important happening in our real estate market that I want to discuss today. Of course, I’m referring to our scary low levels of available inventory for homebuyers. Right now, we have just 548 houses for sale for 1.2 million people in Salt Lake County. We’ve been selling real estate for over 18 years, and we’ve never seen so few homes for sale. Buyers are frustrated in this market and multiple-offer situations are everywhere.
2020 ended up being a fabulous year in real estate, which was surprising to all of us. As we head further into 2021, Utah’s growth is only going to accelerate.
The time to sell for top dollar is when inventory is low like this.
What does that mean for you, your family, and your current situation? If you currently own a home and are looking to upgrade, do it before inventory levels jump. If you want to try to get that top price for your home, the time to do it is when inventory is low like this.
At the same time, you will need to have patience as a buyer. It’s going to be frustrating, and you’re going to be competing against many, many buyers. Unfortunately, I don’t see demand slowing down, so it’s going to be this way for a while. What we can do is help you put a plan in place to greatly increase the chances of your offer being accepted by a home seller.
If you have questions for us about buying, selling, or anything else related to real estate, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.