How much have home prices dropped in Salt Lake City?

Salt Lake County Sales Graph

Salt Lake County Sales Graph

One of my clients asked me this question yesterday and it is a very good question.  From the Salt Lake Board of Realtors, the average sales price for the 3rd quarter of 2009 was $251,500.  At its peak (3rd Quarter of 2007), the average sales price was $281,300.  That is a 12% reduction in sales price.   But this is very misleading because on the high end priced homes ($500,000 +) they have dropped anywhere from 20 to 30%.  Love to get your comments on this.

3rd Quarter Real Estate Figures for Salt Lake County

Sales down 11% year over year (949 vs 1,161)

Median Price: down 7% year over year ($205,000 vs $220,000)

Median price per Square Foot: down 9% year over year ($104.22 vs $111.40)

All numbers compare 2009 3rd Quarter to 2008 3rd Quarter.

Low mortgage rates are helping Salt Lake City homes move!

Rates are still amazingly low.  5.0% or lower on single family homes.  FHA now requires 3.5% down which is great especially for first time home buyers.  Don’t forget about the new tax credit extension ($8000 for first time home buyers and $6500 for anyone else.) Call Scott for more details on this and also a local trustworthy lender.

Short Sale Packet Preperation Is KEY for a Quick Short Sale Close!

I am working on a short sale in South Jordan,  Listed the home and within 30 days got an offer.  Submitted the offer and the entire package to the bank and the banks response was “this was the best short sale packet they have ever seen.”  Within 30 days I have been assigned a negotiator which is the best part when dealing with the bank.  Once you have a negotiator (or closer) you can talk to a person who has the ability to negotiate for the bank. Normally this could take 3 to 4 months, mine only took 30 days.  For a copy of my list to help get your short sale negotiated, call me.

Salt Lake Market News

Last week I was with buyers (under $240,000) looking in the South Jordan, Herriman area.  This area has alot of short sales in this price range, but for those seller who are NOT short sales, you have an advantage.  Most buyers do not want to hassle or wait for a short sale.  So if you are NOT a short sale and can close in 30 days, you should have more showings and might be able to hold on your price.

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