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2019-11-05 16:08:05
Recession?? The Spooky Buzz Around Town

There it was...tucked away in the pile of mail i'd brought into the house that afternoon (cue the spooky music!).  One word spoke louder than any other on that cover of Salt Lake Realtor magazine.  RECESSION.  I'm not sure about you, but when I hear that word, I admittedly feel a shiver down my spine!

The word RECESSION has been on the minds of agents and their clients alike.  I've taken the month of October to reflect on the changes I've seen happening in the Utah Real Estate market.  I think you'll find these observations both spooky and thrilling!

1.  Significant & More Frequent Price Changes on the Multiple Listing Service

This hasn't happened for a while, but it's definitely  happening now. . . especially with homes over $600,000.  Sellers are holding out for higher prices, and buyers are demanding more home for their money.  Something, or someone, has got to give.

2.  Builder Advertising and Incentives

The numbers show we are still in a strong sellers market, but we can't help notice the increase in builders offering incentives to Realtors and buyers alike.  Builders have stepped up their advertising, and are reacting to buyer's demand for more value.   Perhaps just a function of increased competition and more builders in the market place, or maybe a slow down in overall sales?  This is a trend we are definitely watching.

3.  Multiple Offers Down, Days on Market Up

A great home in a great location will still draw plenty of attention from buyers these days. But in general, less than exceptional homes are sitting on the market for longer and longer.  Case and point. . . we just sold an exceptional home for $5,000 over asking price. . . it had multiple offers even though it was priced higher per square foot than anything like it. The key was we spent time with our clients staging, refining, and polishing the home before we put it on the market. Sellers can still get a great price for their home, but they are being compelled to do more repairs and updates to add value.

You might be looking for a good SCARE this Halloween, but let me reassure you, in all the news I've read surrounding the predictions for the housing economy (and I've read a LOT!), the general consensus is the predicted downturn won't be caused by a housing related crisis.  Whatever throws us into a downturn, won't leave the housing market experiencing anything as intense as the great recession of 2007.  It will be more like a chance for the market to finally buy real estate 'ON SALE.'  And who doesn't love a good sale?!?!

Your Agent of Team Moving the Market, 

Kelli Buttars
 
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