October 2019 Seller Letter Update
We hope everyone got to enjoy the beautiful fall colors this year before the leaves started to fall, it’s always amazing to see. We also want to remind everyone if you have vacant properties to remember to get them winterized, with the freezing temperatures setting in on us so quickly this year!
Most people are wondering what is going on in the market, well according to an article on Realtor.com, October 22, 2019, Sales of previously owned U.S. homes declined in September, a sign that high prices and slim inventory continue to weigh on the housing sector despite low interest rates, strong employment and firmer wage growth.
“The housing market is in an unbalanced situation, with soaring prices and persistent low inventory,” said Lawrence Yun, the trade group’s chief economist.
Compared with a year earlier, sales in September rose 3.9%. Purchases of previously owned homes account for the bulk of U.S. home-buying.
The housing market’s weakness has come despite many favorable conditions for potential buyers. Mortgage rates have been dropping steadily in recent months. The average interest rate on a 30-year fixed-rate mortgage at the end of September was 3.64%, down from about 4% six months earlier, according to Freddie Mac.
Still, a shortage of homes for sale in some areas means home prices remain high.
So, if you are thinking of putting your home on the market, it is still a great time to list it with the inventory being so low. Homes that are priced competitively and show well are selling rather quickly. There are still buyers looking to buy, but not a lot of homes to choose from. Also, if you are looking to buy a home, call your Matt Bagley Team to give you the most updated information on homes available.
For the local market updates, see attached UAR (Utah Association of Realtors) Local Market Updates by County, It looks like Closed Sales for August 2018 compared to August 2019 were down from 183 to 129 which was a -29.5% difference. The Closed Sales from August 2018 Year to Date to August 2019 Year to Date was also down from 979 to 875 a difference of -10.6%. However, the difference in the Median Sales Price from August 2018 to August 2019 was up from $218,000 to $226,000 a difference of +3.7%. The Median Sales Price for August 2018 Year to Date to August 2019 Year to Date was also up from $208,000 to $215,000, a +3.4% increase.
Call your Matt Bagley Team at ERA Realty Center 435-865-1019 or email firstname.lastname@example.org for your free consultation, top marketing, expertise, knowledge and service. Call or text your Team with questions or concerns as well as for pricing and staging information. Matt Bagley 435-590-8788, Jennifer Corral 435-559-0366 and Janet Naisbitt-Bagley 435-559-7772.