Salt Lake City Real Estate Blog |
Salt Lake City Real Estate & Homes |
About 76% of home owners believe their home is worth more than their real estate agents recommended listing price according to the National Association of Realtors.
That is why many Salt Lake City homes that are listed with individual sellers do not sell right away and require price reductions to sell them. This is especially true when prices are falling.
Kevin Coyle Realtor MBA Principal Broker SLC Homes M: (801) 243-0699 E: Kevin@SLCHomeBuyer.com “Specializing in Buyer Representation in SLC”Last week I said that more than half of the offers I write or receive on Salt Lake City homes are multiple offers situations since President’s day 2011. The multiple offers are coming in on homes that are the best values on the market.
Short sales frequently attract mulitple offers, but it’s not the same. Buyer’s typically wait and wait and wait for these homes and most of the time, get tired of waiting, lose to someone else or the home goes into foreclosure before the short sale is complete.
The mulitple offer homes I’ve seen have not been short sales. They have been either foreclosed homes priced below market value or regular sales (non-distressed homes) that are a good value or one of a kind.
Then there are the rest of the Salt Lake City homes for sale that are over priced and sitting on the market getting no offers at all. That’s the majority of Salt Lake homes right now.
Salt Lake City Homes that are priced right and show well will usually be the first to sell and some of those homes are attracting mulitple offers right now.
Kevin Coyle REALTOR Principal Broker MBA SLC Homes Cel: (801) 243-0699 Kevin@SLCHomeBuyer.com “Specializing in SLC Home Buyer representation”I haven’t been blogging much lately because I’ve been selling a lot of homes. Today I have a personal statistic for you.
I’m representing a few sellers and a lot of buyers right now and since President’s Day weekend 2011, more than half of the offers I’ve written for clients or received for sellers have ended up in a multiple offer situation.
I’m guessing we are experiencing pent up demand.
The federal tax credit for home buyers ended June 30, 2010. After that there was a lag in demand for Salt Lake homes, then winter came, still slow, now possibly we are experiencing pent up demand. We’ll see.
Thank you to everyone who has been keeping me busy selling Salt Lake City real estate!!!
Kevin Coyle REALTOR Principal Broker MBA SLC Homes (801) 243-0699 Mobile Kevin@SLCHomeBuyer.comOver the last few weeks, I’ve had a couple clients ask me what their home was worth. In both cases I came up with a value for their home based on the most recent sales of homes nearest and most similar to their home.
One home is in West Jordan and I determined that it was worth about $195,000. They checked on Zillow.com and Zillow said it was worth about $220,000. The home is worth $195,000.
The second home is in Holladay and the owner was concerned because Zillow said their home was worth $275,000. I did an analysis of their home and it is worth about $360,000.
Utah is a non-disclosure state meaning that the sale price of homes are not public record. As a result Zillow isn’t very accurate in determining your home’s value in Utah. Zillow is a great resource, just not for determining the value of Salt Lake City and Utah homes.
An experienced Salt Lake City Realtor can determine your home’s value, the level of inventory in your area and advise you on what to do to help get your home sold.
Kevin Coyle MBA, Associate Broker Kevin@SLCHomeBuyer.com 801-243-0699 (Cel) SLCHomes Real EstateThere are some key items to consider when attempting to put a value on a home including square feet, condition and improvements, age, lot size and location. Values of homes vary greatly from Salt Lake City to Sandy and from Mill Creek to West Valley City and everywhere in between.
When I became a Salt Lake City Realtor in 1999, I thought I understood this, but I soon realized that values can vary not only from city to city, but from neighborhood to neighborhood. The best example I can think of is the neighborhoods of Salt Lake City, but the same can be true in any area.
All of the various neighborhoods have values of their own and they can change in just a block or two. The value in Liberty Wells is different from 9th and 9th. Lower Sugar House is different from 15th and 15th. 15th and 15th is not the same as Harvard Yale. In Rose Park values increase as you go North. Upper Aves is not the same as Lower Aves or Federal Heights. Condo communities across the street from one another can be different. You get the idea.
When buyers go it alone without a Realtor, it’s risky business and this is one of the many reasons why. You might think you know the value of that home, but do you really? If you were off by just 3% on a $250,000 house, that’s $7,500. Also, if the price was to high, the appraisal might fail during your attempt to buy that Salt Lake City home and then the transaction becomes really tricky.
There’s more to buying Salt Lake City homes than most people think. Hiring an experienced Salt Lake City Realtor to help you with your home search and all the details, can make your home buying experience much more enjoyable and smooth.
Hire and experienced Salt Lake City Realtor, it’s worth it!
Kevin Coyle Assocaite Broker, MBA Kevin@SLCHomeBuyer.com 801-243-0699 (Cel) SLCHomes Real Estate