Market of the Moment - 3/31/2023:
Our inventory continues to plummet.
An interesting thing is happening. The sellers and their agents seem to be realizing that prices are down so houses are going under contract a bit faster but at or below list.
I recently got a buyer under contract and we locked up a home the first day it was on the market with an offer 50k below asking.
Sellers aren't holding out as long as they used to.
In looking through my records, we were at 124 active homes on the market in February of 2022. So while 444 active homes seems low, we've still got 3.5x the inventory we did at the beginning of 2022.
A prolonged winter usually stalls the beginning of house hunting season. I just keep asking myself, will people sell or will they put off selling hoping they'll get a lower interest rate.
One thing is for sure, we are not likely to see sub-3% interest rates on primary mortgages again within our lifetimes.
#utahrealestate #utahrealtor #utahrealestateagent
