With the holidays just behind us, this time of year can be frustrating for home sellers. If you have had your property active on the market in December then you know what I mean. But don’t loose hope. The worse time of year for Real Estate Sales has just passed us. It only gets better from here.
In the Salt Lake Area we topically see number of home units sold drop to 1,100 in January. This is the results of few homes going under contract in December. January usually sees an increase in number of showings, therefore increasing the units under contract. We see the results of this by the number of units closed in February. This trend will continue all the way through June where we see about 2,300 units closed. So be patient if you can. It will probably mean more to your bottom line.
Salt Lake Valley has seen an excellent Housing Market in 2006. I have not heard anyone project a bust for 2007. Most of the opinions including mine are a decrease in annual appreciation to around 6%. The days on market will also increase from 35 to 50. ( These statistics are from the WFR MLS and represent the average agent/brokerage. Many agents and brokerages have much better statistics including us here at ERA Legacy Realtors)
If you need to sell your home now it can be done. It is not the “best time” but lets remember we are still riding the wave of the best market we have seen in 10 years.
I would strongly suggest a experienced Real Estate Agent that is equipped to council, market and negotiate.
I am reminded of “The 6 Selling Factors”. Even in January it is critical to review each property as it relates to these factors.
- Property Location and Physical Features
- Property Condition
- Price
- Financing
- Completion and Market Conditions
- Marketing of the Property
Now, living in Salt Lake everyone know that we can get a lot of snow this time of year. When a buyer can’t see the roof or landscaping it makes the sells process difficult. Most buyers will just wait. So if you need to sell, hope for rain.
I suppose I could go on more on this topic. Look for future sells tips in up coming blogs, because I have many.
Happy New Year.
Will the Broker
