From now until the end of April in Salt Lake County, there will be more offers written on homes for sale then there will be in all of 2010. Good news for home seller Right? We’ll maybe if you keep your guard up. I have to say the 2010 Home Bing Tax [...]
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My man on the streets view, of how short sale relate to purchasers in Salt Lake, is they are prices way below the average price per square foot (PSQFT) the PSQFT for short sale range $55 to $75. Where the median listed PSQFT in Salt Lake County in June was $97. See why the buyer only sees those homes as the homes for sale. They are the desirable good buy bang for the buck homes. So buyers rule mentally out the $100 + PSQFT and look at the lower priced higher bang for the buck, short sales and they become the Real homes for sale in their mind. Since buyers will only look at 20 or less homes before they make there mind up and make offers, the best homes become the homes for sale. [...] Now that we have the economics 101 out of the way let’s look at the Reality As Is way a market behaves, or in this case misbehaves. Markets for housing are constantly in flux, having homes sell and new home come on the market and how that relates to pricing. To price a property correctly in this type of market with an absorption rates less than 8 months but not less than 3 months, you would have to be an attractive home in the lower 30% of the price range for similar properties in order for it to sell in the next 12 [...] In Harriman the highest price per median PSQFT was September 2007 at $116 PSQFT. If you spent $450,000 got you a 3,879 SQFT home, in June May 2009 that same median or middle home price per square foot was $77.45 or 33.2% less PSQFT. If you take that 3,879 home bought for $450,000 in September of 2007 is now selling for $77.45 PSQFT or [...] |
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