As August drew to a close, Utah’s real estate market saw prices retract a bit more as inventory grew and the average days on market lengthened a bit. Interest rates once again appear to be back on the rise after the latest FED meeting but home prices are STILL about 15% higher than last year (when 30 year mortgage rates were below 3%).
In the next month sellers will still be at the mercy of buyers for many properties. While it may be harder for buyers to qualify, those that do qualify have had increased bargaining power to demand lower prices, be granted concessions, and ask for special financing deals. Some experts suggest buyers date the rate, and marry the price — in other words a low price this summer could yield a non-favorable rate now but become a great deal if/when rates go low enough for a refinance. Buyers choosing to wait could see prices spike if/when rates go down and have to compete in an increasingly competitive market like we saw in 2020 and 2021. What do you think? Let me know in the comments.
Check out the ERA July market report:
AJ is a licensed real estate agent in the state Utah and works with ERA Brokers Consolidated. He is BYU graduate and also works in Utah public schools as a school psychologist. AJ has personally built nearly 40k in passive income in the past 3 years from his real estate investments while working on an educator salary and would love to help you do the same. Call or text AJ at 435-619-3465 to talk real estate.