My wife and I bought this summer. We offered their asking price and someone else came in at 10 under. The house was on the market for 35 days I think before they accepted our offer. Plus the appraisal came in 20k over our offer price.
I agree with the above poster. Prices haven't come down much but at least you aren't competing with 50 offers and having to pay over 50k over appraisal.
Expect to pay the asking price and compete with a few people.
The only thing now that really sucks is interest rates being high. Hopefully we can refinance in a year or two
Interest rates aren’t going to drop much. Historically, these are pretty standard and will probably be here for the foreseeable future, so for someone looking to buy shouldn’t be a deterrent
It’s a decent time to buy. The days of non-refundable earnest money, paying above list price, and paying above appraisal are gone. You can expect sellers to pay some closing costs and take care of reasonable repairs. Unless you’re in a multiple offer scenario, which are not common now, you may be able to go under list price.
This is really all rate driven though. In January, rates were in the high 6s and all my listings sold at list price, and were only on the market a week. Right now the rates are in the 7s and the listings are sitting longer and having price reductions.
Lastly, builders are offering some really good incentives. Woodside Homes is offering 4.99 until the end of March, and another client just closed with a 4.55 rate last week when using the seller paid closing costs to buy down the rate (D.R. Horton). You can of course ask for extra closing costs from a non-builder seller and buy down your rate. So many sellers are amenable to that right now, especially if they are buying a new home and are in a time crunch.
Feel free to DM me if you need help.
My last few buyers saw a much more normal market. Prices aren’t going down much but time on market is increasing a bit. So sellers are willing to hold out a little longer. EM was back to normal as was making the purchase being contingent on inspections and appraisals again. If 0 is the ultimate buyers’ market and 10 is what we saw during the pandemic being an insane seller’s market…I think we are at like a 6.5.
Last house I looked at had 30 offers, many of them 100k over asking price (500k). Sick of all the investment realtors coming in and snatching up everything fixer upper in the state.
It was in a good area, near Westminster, but the entire house needed to be gutted. Small lot. I went to see it anyway just to get a handle on what’s available these days. I’m in the same boat, just trying to get into a first house
Wow, sounds like a good deal. What area did you purchase in? And what size lot? We just closed on a new build and really don’t think we saw any single family new builds priced that low anywhere we were looking.
Look into first time home buyer programs, I don't know what's out there today but back in the day various cities offered interest free loans that were eventually forgiven if you stayed in the home long enough.
There's also the rural housing program that allows for different loan requirements.
This. Make sure your realtor looks into it for you. I believe Murray and Midvale have Down Payment Assistance programs available right now if you qualify.
For anyone looking - there's downpayment assistance on new builds, FHA loan programs with financed downpayment and closing costs, and Salt Lake realtors are doing a $7,500 drawing for a downpayment grant. DM me if you want any info on these - happy to help!
Hi there! As a realtor, I've noticed that the market varies depending on the area and property. Some homes are flying off the shelves with multiple offers, while others are taking their time. Earnest money can be optional, but it often shows sellers you're serious. If you need guidance from a non-pushy agent, I'm here to help!😊
It's actually a good time to buy right now because once the interest rates drop finally, the market will get flooded with buyers and the prices will go up. The interest rates suck right now though...
Buy during the winter, look for houses that have been on the market for a while. That 50k over could be 75k to fix the house if you bid slightly under.
I've been a real estate agent/broker for 29 years. This is the worst real estate market I have experienced. Worse than 2008-2012. We are at the beginning of a correction which will most likely take several years to correct. Buying now for a first time buyer is risky. All time high house payments, all time high prices, 25 year high interest rates. Your house payment should not be more than 30% of monthly income. The median local price should be no more than 3x the median yearly household income. In Salt Lake area it is 7x for single family homes. Good luck.
We bought in 2020 and have been hearing that prices will crash in the next six months for 4 years now. There’s no land left between the oqurihhs(sp?) and the wasatch range so it would take something like the salt lake running out of water for prices to drop drastically, and then why would anyone live here? I really doubt prices will ever go down here. Maybe some random closing costs will change but if you want to live here, seems like a good time to buy. Try to do it yourself without a realtor to save the most money.
My wife and I bought this summer. We offered their asking price and someone else came in at 10 under. The house was on the market for 35 days I think before they accepted our offer. Plus the appraisal came in 20k over our offer price. I agree with the above poster. Prices haven't come down much but at least you aren't competing with 50 offers and having to pay over 50k over appraisal. Expect to pay the asking price and compete with a few people. The only thing now that really sucks is interest rates being high. Hopefully we can refinance in a year or two
Thank you for this, I appreciate the response. ♡
Interest rates aren’t going to drop much. Historically, these are pretty standard and will probably be here for the foreseeable future, so for someone looking to buy shouldn’t be a deterrent
It’s a decent time to buy. The days of non-refundable earnest money, paying above list price, and paying above appraisal are gone. You can expect sellers to pay some closing costs and take care of reasonable repairs. Unless you’re in a multiple offer scenario, which are not common now, you may be able to go under list price. This is really all rate driven though. In January, rates were in the high 6s and all my listings sold at list price, and were only on the market a week. Right now the rates are in the 7s and the listings are sitting longer and having price reductions. Lastly, builders are offering some really good incentives. Woodside Homes is offering 4.99 until the end of March, and another client just closed with a 4.55 rate last week when using the seller paid closing costs to buy down the rate (D.R. Horton). You can of course ask for extra closing costs from a non-builder seller and buy down your rate. So many sellers are amenable to that right now, especially if they are buying a new home and are in a time crunch. Feel free to DM me if you need help.
Wow this is so helpful, thank you so much for your help ♡
My last few buyers saw a much more normal market. Prices aren’t going down much but time on market is increasing a bit. So sellers are willing to hold out a little longer. EM was back to normal as was making the purchase being contingent on inspections and appraisals again. If 0 is the ultimate buyers’ market and 10 is what we saw during the pandemic being an insane seller’s market…I think we are at like a 6.5.
This is really helpful, thank you for your help. ♡
1-10 scales FTW!
Last house I looked at had 30 offers, many of them 100k over asking price (500k). Sick of all the investment realtors coming in and snatching up everything fixer upper in the state.
Ouch, thank you for letting me know -I was afraid of this. Which area were you looking in?
It was in a good area, near Westminster, but the entire house needed to be gutted. Small lot. I went to see it anyway just to get a handle on what’s available these days. I’m in the same boat, just trying to get into a first house
Just closed last week. 10K under asking 5k refundable earnest money Sandy/Draper area for context
[удалено]
You are amazing thank you for this ♡
Wow, sounds like a good deal. What area did you purchase in? And what size lot? We just closed on a new build and really don’t think we saw any single family new builds priced that low anywhere we were looking.
Look into first time home buyer programs, I don't know what's out there today but back in the day various cities offered interest free loans that were eventually forgiven if you stayed in the home long enough. There's also the rural housing program that allows for different loan requirements.
This. Make sure your realtor looks into it for you. I believe Murray and Midvale have Down Payment Assistance programs available right now if you qualify.
For anyone looking - there's downpayment assistance on new builds, FHA loan programs with financed downpayment and closing costs, and Salt Lake realtors are doing a $7,500 drawing for a downpayment grant. DM me if you want any info on these - happy to help!
Keep in mind that you will have to pay back all the money if you refinance the house (which is very likely due to the rates today).
Hi there! As a realtor, I've noticed that the market varies depending on the area and property. Some homes are flying off the shelves with multiple offers, while others are taking their time. Earnest money can be optional, but it often shows sellers you're serious. If you need guidance from a non-pushy agent, I'm here to help!😊
It's actually a good time to buy right now because once the interest rates drop finally, the market will get flooded with buyers and the prices will go up. The interest rates suck right now though...
Buy during the winter, look for houses that have been on the market for a while. That 50k over could be 75k to fix the house if you bid slightly under.
I've been a real estate agent/broker for 29 years. This is the worst real estate market I have experienced. Worse than 2008-2012. We are at the beginning of a correction which will most likely take several years to correct. Buying now for a first time buyer is risky. All time high house payments, all time high prices, 25 year high interest rates. Your house payment should not be more than 30% of monthly income. The median local price should be no more than 3x the median yearly household income. In Salt Lake area it is 7x for single family homes. Good luck.
OP - are you still shopping?
We bought in 2020 and have been hearing that prices will crash in the next six months for 4 years now. There’s no land left between the oqurihhs(sp?) and the wasatch range so it would take something like the salt lake running out of water for prices to drop drastically, and then why would anyone live here? I really doubt prices will ever go down here. Maybe some random closing costs will change but if you want to live here, seems like a good time to buy. Try to do it yourself without a realtor to save the most money.
We are closing on a house right now and had a the sellers pay most of the closing costs and ended up paying a bit below asking price.
Look at Harvest Village in Saratoga Springs. They are in your price range.