Market Update: Utah Remains Strong For 1st Qtr
Updated: May 15, 2020
Utah's Real Estate Market has remained strong for the 1st Quarter of 2020. According the The Salt Lake Board of Realtors, median home prices have continued to rise in the 1st Quarter of 2020 over last year.
These numbers still reflect what was occurring just prior to the stay at home orders and what the graph does not show is that there was a low inventory of home and a high number of buyers looking for homes during this same time period.
So what did we see in April? Turns out that the demand for homes has NOT gone down but the inventory of available homes HAS gone down as some sellers have taken their homes off the market due to fear of exposure to the virus.
In short, when demand is high and supply is low, prices can continue to go up. Which means that if you have been considering selling, now is still a great time, in fact it may be the last time in a while as we are unsure if this trend will change in the next few months. There is still a large number of people out there looking for homes here in Utah and you can get in on these high prices if you act quickly.
Keep in mind that the real estate and mortgage industries have easily adapted to the restrictions and offer many great ways to help you feel safe in listing your current home. Depending on your comfort level, we can still help in the traditional way but we can also offer things like shoe coverings for those coming into your home, full sanitation of surfaces that visitors come in contact with, agent lead virtual home tours, etc. You can plan and design how you would like to showcase your home and as always we offer a free market analysis to get you started.
Even if you are just exploring the idea of selling right now, give my office a call. We can help in the decision making process.
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