What you can excerpt from the Salt Lake County market this 2023.
The real estate market has seen dramatic shifts in the past year, largely due to interest rates and inflation. As a result, the market has responded with solutions, including rate buydowns and various lending programs to help buyers still purchase homes. Interest rates may have gone up, but this has also created more inventory, and homes are now on the market longer.
This is good news for buyers who now have the opportunity to shop around and find a good deal on a home without paying a 10% over list price. This is a positive development since a double-digit plus appreciation is not healthy for long-term affordability.
“The market is on a gradual return to equilibrium.”
Although the real estate market is expected to be slow and relatively flat in terms of sales numbers and appreciation over at least the next quarter and most likely the next two quarters, there are still more opportunities out there for those looking to buy or invest. The key is to find a motivated seller.
Currently, we still have about a month and a half of inventory in Salt Lake County, which technically means we are still in a seller’s market, despite other aspects of the market feeling different. Overpricing is currently the main reason homes are taking longer to sell, rather than inventory.
The silver lining in this is that the market is doing what’s expected of it, and we’re on a gradual return to equilibrium. If you have any questions about our local real estate or anything else, call or email us. We’d be happy to connect with you.