The Utah County market has been hit hard the past
five years. It's tough being the seller in a buyer's
market. But you can improve your odds by making some
smart adjustments. In many cases, making a smart
deal and getting the best price come down to
studying the Utah County market and being an seller.
Be sure to look at the sold data at the bottom of
this page. This research shows the current
Real Estate trends in each Utah County city.
Recognize that housing markets are local. Home
prices are like the weather — very different in
different areas. Utah County has not been hit as
hard as Las Vegas or Phoenix. However, the Salt Lake
Real Estate market is picking up a little while Utah
County is still slightly down.
Demand will change depending on the price range and
even the neighborhood. What you need to know: What's
the demand for a house like yours in your area? Look
at what's being sold and at what price. A good
comparative market analysis is very important.
To be absolutely sure your home is priced exactly right,
contact Team Teasdale Realty to help you do an accurate
comparative market analysis (CMA). This is completely
free and without obligation.
Look at comparables for similar houses. Study prices
and sales for one year ago, six months ago, three
months ago and current numbers. What are the
trends in Utah County and your specific city? Are
prices going up or down — and by how much? How many
days are homes staying on the market? If they are on
the market longer, how much of that could be
seasonal? Prices typically go slightly down in the
winter in Utah County.
Analyze who is buying and selling in your part of
Utah County. What's your competition? Who are the
buyers, and why are they shopping? Keep in mind you
will probably compete against a flood of new houses,
short sales or bank foreclosures.
Approximately half of the homes for sale in Utah
County are short sales or bank foreclosures.
Ask Paul with Team Teasdale Realty about the current
market conditions and sold prices in your
neighborhood. The absorption rate is very
important to analyze. What that means: In the
current conditions with the current inventory, how
long would it take the market to absorb, or sell,
all the houses on the market?
Consider strategic pricing. Here's how it
works: If prices in your area are dropping 1% each
month, and you want to sell within the next three
months, you take 3% off your price right off the
bat. If you were going to put your home on the
market for $300,000, you set the price at roughly
$291,000.
The upside: You'll have the competitive edge over
the guy who's dropping his price every month,
without the air of desperation. Plus, in a market
where prices are falling, you'll make more money if
you sell quickly. Pricing your home correctly in the
Utah County market is very important. Despite
what the news is telling you look at the data.
Home sales are down and slowly trending lower.
Look at the city SOLD links below. This is the
amount of homes sold in each Utah County city over
the past several years. Notice the median sold
price has been going down from 2007-2011. This
is a five year decline.