Welcome to the RichardStringham.com Blog

2013-05-03 12:01:02
It Is a Buyer's and Seller's Market

It Is a Buyer's and Seller's Market

 

Housing market analysts say the market is going through a strange period right now in Utah. For the time being, analysts say it's good for both buyers and sellers.

From a buyer's perspective, things are good.

'Buyers have great interest rates right now and they have a lot of reason to buy, but, there just aren't enough homes on the market,' said Tara Bueche with Urban Utah Homes and Estates. 'So, sellers have the upper hand, in some ways.'

Bueche said many people putting their homes on the market are still underwater in their loans. Those people are particularly motivated to sell.

'To them, when they're selling, they're really hoping they can get rid of it and make a profit, or break even,' Bueche said.

At the same time, there aren't nearly enough homes to keep up with demand. Many people who are underwater are trying to hold on to their homes and don't want to sell. Plus, when the market took a downturn, a lot of home builders stopped building. But, Bueche said builders are scrambling to make up for lost time.

'They're jumping on absolutely anything,' she said. 'I've seen lots with houses on them that probably could be fixed up, but, they're just going to knock them down and build right back up. Property space is really worth a lot, right now, to build on.'

For now, since demand is so high and supplies are so low, buyers are doing what they can to get the home they want. Bidding wars are on the rise, according to Bueche, and some prospective homeowners are agreeing to terms that they maybe wouldn't have years ago.

'More often, you're hearing that sellers don't want to have to repair things,' she said. 'Or, they're saying that they're only going to give a certain amount of closing costs or none at all.'

This may shift the market into a seller's market in the short term. But, Bueches said it could become a buyer's market again when home prices rise too high.

 
Blog Archive
2020-02-20 12:04:14
The Pet Predicament

2020-02-13 12:38:49
No Down Payment? Now Worries!

2020-02-06 13:46:20
Your Moving Checklist

2020-01-30 11:33:44
Buyers Remorse

2020-01-23 16:15:24
2 Aspects of the Purchase Agreement every Seller Should Understand

2020-01-16 11:31:24
Everything you need to Know about Relocating (Part 4)

2020-01-09 12:16:08
Everything you need to Know about Relocating (Part 3)

2019-12-31 11:23:25
Everything you need to Know about Relocating (Part 2)

2019-12-27 13:33:13
Everything you need to Know about Relocating (Part 1)

2019-12-12 13:06:32
Do Not Jeopardize Your Pre Approval

2019-11-21 11:37:21
6 Tips for Selling your Home in Winter

2019-11-14 13:41:52
Buying your First Home? Avoid these 4 Common Mistakes

2019-11-14 13:41:01
Alternatives to Granite Countertops

2019-11-14 13:40:39
Movin on Up

2016-09-06 09:52:49
Understanding How Credit Scores Work

2016-09-06 09:51:59
Create Appeal In Small Kitchens

2016-03-15 09:50:54
What Is The Price Of Location?

2015-08-03 16:16:15
Ways To Make A Small Kitchen Look Larger

2015-08-03 16:07:38
Don't Wait For a Better Deal

2015-07-10 13:26:57
How to Opt Out of Credit Offers

2015-06-22 16:55:51
Great Home Updates You Can Do For Under $100

2015-05-12 09:55:29
How Much Does It Cost To Renovate A Kitchen?

2015-05-12 09:51:59
Using Gifts For Down Payments

2015-01-13 15:49:49
Utah's Incredible Market

2014-12-02 10:09:05
Ten Essential Steps to Buying a Home

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.