South Jordan

The last couple of weeks have shown changes that may show a change in the market. It is amazing how when you want to present an offer you now have competing offers and not just on “short sales”. We were offering on a home that had been on the market for a while and we were told that there was already an offer that had been countered and they were waiting to hear back. We quickly showed them the home and told them we would also have an offer. We received multi-offer addendums and we have to pay more than asking to get the home.

Another interesting phenomenon is that the price of homes has risen 1.9% in the metro Salt Lake area in the first quarter (see Deseret News 5/13/2009). This is in part due to the state stimulus grant that is offering 1,600 grants of $6,000 for those purchasing new homes that have been sitting in inventory. There are only 698 left. This has really helped the market and helped prices to stabilize and even increase. Since the first of the year there seem to be fewer and fewer nice homes to show. If you were looking for a certain style of home you could pull up 30 or 40 homes to show and now you are lucky to get 5 or 6 in certain price ranges. It is now a good time to sell and the time to buy discounted properties may be passing. With rates low and prices still good, this may be the window of opportunity in this real estate market.