Spring Real Estate Market For Buyers and Sellers
On a national level the number of available homes is low. Which means the biggest challenge to buyers will be finding a home to buy. While Salt Lake City’s real estate market reflects this national trend there still seems to a spectrum of properties to choose from.
In the downtown Salt Lake area alone, some 179 homes and condos sold in the past month ranging in price from $130,000 to $1,600,000. These price ranges reflect Salt Lake City’s diversity and show that it still has real estate for buyers and sellers in every market. Somewhere near 400 homes were bought and sold in the Salt Lake Valley from March to mid-April. Buyers are looking for homes in Salt Lake City! Everything is selling, from town-homes to fix-uppers to million dollar lofts and bungalows. Whether you’re looking for a small starter home, a condo or a full loaded, luxury filled loft, SLC has something to offer.
Our SLC real estate summary: Right now in Salt Lake City, it’s a great seller’s market and a competitive buyer’s market, so when you find the right home, you better jump on it! And the upside for buyer’s is “the fact interest rates on home loans are incredibly low. The average rate on a 30-year fix-rate is now at its lowest level of the year, hovering just below four percent. According to Freddie Mac’s monthly outlook, mortgage rates for a fixed 30-year loan are expected to stay attractive throughout the spring home buying season, including the second half of the year.”
Spring Real Estate Tips For Buyers
There are pros and cons to buying a home in any season, and spring time is no different. If you plan on buying a home this spring, do not let the above information intimidate you. Instead, use it to your advantage and make sure you are prepared for the home buying process before you ever view your first property.
Before you purchase a home in the spring, consider the following tips:
- Plan Your Needs and Wants: No matter what time of year you are buying a home, it is important to know what you are looking for. Set aside time to write down what you need in a property, and what you want (but are willing to go without). It is important to stay focused when touring multiple properties, and having a list ensures you have something to refer back to.
- Be Prepared: There is no reason to wait for April showers to bring May flowers: prepare yourself for buying a home before you start looking for properties. Check your credit, get pre approved for a loan, and prepare your finances early on. This will help you not only find properties in your budget, but also make sure you are ready to make an offer as soon as you find the right one.
- Know When To Be Flexible: Foreclosures and short sales may not be your first thought when searching for a new home, but try not to get caught up on the type of seller when looking for properties. Instead, stay focused on things that should be a priority (like location). This will make sure you keep your options open, while also guaranteeing you don’t compromise on more important items.
- Have Your Paperwork Ready: After you find “the one” it is crucial that you are ready for the closing process. Gather any necessary documents you will need to purchase the home. This includes your W2s, bank statements, and identification. Setting these aside ahead of time will make sure you are not scrambling at the last minute to find anything.
- Pay Attention To List Price: If you are in fact shopping around a seller’s market, remember that list prices may not be as negotiable as usual. While that doesn’t mean you shouldn’t try to negotiate, at the very least you should be prepared to pay the list price for a property. Consider this as you search for potential homes to help make sure you stay inside your price range.
- Learn To Negotiate: That being said: the list price is not the only thing open to negotiation when closing on a property. To make your offer stand out in a competitive market, look for other benefits you can offer the seller. For example, you could suggest a flexible move out date in order to give them extra time. By negotiating where you can, you could strengthen your offer with a busy seller and ultimately end up with the house.
- Hire The Right Agent: Look for a real estate agent who specializes in the area you are hoping to move. They will be able to provide you with valuable insights on the neighborhood, which will be invaluable as you search for a home. Do not be afraid to meet with more than one agent before deciding on one, after all you are the one purchasing a home.
If you’d like to sell your home in Salt Lake City, Ogden, Provo or Park City we can make it easy for you. Our team of smart, friendly and professional real estate experts are ready to help you. Get in touch.
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