Salt Lake City is inching toward a perfect ten when it comes to market health. Virtually no homeowners are delinquent on their mortgages, and negative equity is exceedingly rare. Foreclosure is down, and this inspires optimism in an already promising market. Though 13.8% of homes sell at a price cut, this figure is relatively typical. It doesn’t come close to matching the price cut statistics of a distressed market, and these price cuts are all part of the real estate game.
Most homes are actually listing above their value significantly. Though the average value of homes is $256,800, the median price listed is $359,000. Even at that great of a disparity, very few homes sell for less than what they’re listed for. The market is warm, and it slightly favors the sellers. Buyers are lining up, and sellers are walking away happy. The market is virtually ideal for most parties involved, and it’s created a shining example of what everyone wants.
In a market so great, it’s hard to imagine that there are homeowners struggling to find a buyer. They’re in the minority, but they’re definitely hurting. In such a hopeful market, it’s very possible for these homeowners to re-examine the way they view the sale process and change their strategy.