Home sales are up in Salt Lake City due to a few different factors. One of the main factors is that it is favorable for home buyers to buy now due to interest rates being at an all time low. Today they sit in the mid 4%. Another factor is that there are so many deals out there to pick from. about 25% of all the homes on the market are in short sale status. What does that mean for home values? Well, due to the continued increase in short sales in Salt Lake City. Many buyers tend to bid lower on these homes because of the stigma that they carry and also because of the time frame it takes to go through the short sale process. Therefore bringing the purchase price down and directly affecting the value of the homes surrounding the distressed property.
As we continue to see an increase in short sales, We will also continue to see a decrease in home values. If you feel you are at break even point with your home and you need to sell soon. You may want to consider consulting with a professional Realtor before you see your home lose more value than it has already has. A short sale may be your only option if you cant afford to pay the difference between what you owe and what you can sell for. Contact us for a free no obligations consultation.
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