The national media is what it is; following a double dip for the real estate market there is yet more uncertainty. But closer to home the story reads differently. Depending on whether you are a buyer or a seller at this time there are varying perspectives but the fact of the matter is that we have seen better sales this year, homes are selling quicker and prices are headed down.
Sales Continue To Increase
Looking at 2011 stats compared to the same time in 2010, we are reporting a 20% increase in sales. This is in part due to the growing number of people looking to capitalize on the low, low interest rates and “buy up”. Other reasons that attribute to increased sales are a growing number of short sales as opposed to last year, plus it being a buyer’s market in the peak selling time of year.
Fewer Days On Market
We are seeing properties selling 20% sooner than at last year’s rate, with that many fewer Days On Market. Buyers are anxious to get into those new homes and sellers, of course, either may be continuing this chain and moving up or getting out of their homes due to a distressed situation.
Prices Back to Previous Levels
Properties in the Ogden Valley vicinity are now at the same levels as back in 2004. With the average median home price of $273,000 – what this means is that people are pricing their homes correctly.
In a nutshell, inventory is moving, homes are being priced accurately and realistically, buyers are realizing the opportunity to move up and upgrade, and it’s NEVER been a better time to buy your home. Interest rates remain at their all-time low, building costs are also low and there seems to be hope on the horizon for a promising remaining 2011.