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.

October 27, 2009….Salt Lake Properties under $350,000 moving. $500,000 plus still slow.

Right now houses under $350,000 are still moving.  In this price range, the average time on the market is less than 4 months.  But if you have a home above $500,000 this could be on the market for more than 7 months.  In the “high” high end range ($900,000 +), the only properties that are selling are properties that are “steals”.

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.

Salt Lake Real Estate….still healthy.

If you have been listening or reading any of the real estate news over the last 2 years you will hear how dismal things have been.  But Salt Lake has continued to beat the odds.  The Salt Lake Real Estate market (especially below $500,000) is still moving.  Homes with little or no updating needed and price accordingly will move quickly (within 100 days.)

Price is Key in the Salt Lake market

I cannot stress this enough. For those who are trying to sell their home in the Salt Lake area, you need to set the price right. Now what does that mean. I means setting it to where you are the most attractive price in your neighborhood. It doesnt mean give it away but you have to be aggressive. The homes with the best interior, location, etc and are priced right will sell in 30 days. The rest of you will be left to compete against everyone else in the neighborhood.

Clean it up, make it look great and listen to your Real Estate Professional and it will sell. This is not the market to try and test the market.

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