Market of the Moment - 5/5/2023

We've seen an increase in actives, pendings and solds this week and a reduction in days on market across most price points.

All signs point to the market heating back up. Our inventory is still constrained under 500 active single family homes in Salt Lake County under 700,000.

Price reductions have come down slightly this week, possibly indicating that sellers are being more realistic with their expectations when going on the market.

The Fed just raised rates another .25% as another bank failure hits the news. Hard to say what their take will be for the rest of the year.

Like every market, real estate is driven by fear and greed. When a market is experiencing fear, its almost always a time to find deals.

That deal could look different for each person. For someone, the deal could be getting into the house they actually want to be in for 5-7 years and understanding that rates will fluctuate. For another, the deal may be picking up an investment property in an up and coming neighborhood. For yet another, it could be selling a property to set themselves up for a better financial position in the future.

Don't let fear convince you that real estate isn't one of the best investments for your money. Over time, not in 12 months, it will give you astounding returns.

Let me help you with your real estate goals. Let's see how we can help you build wealth now and in the future.

#utahhomes #utahrealestate #utahrealestateagent #utahrealtor 

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