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A lot of people are wondering how the coronavirus situation is impacting the real estate market and their home values. Utah and Salt Lake counties saw a 26% decrease in homes sold this past week over the previous week. This is likely due the fact that all the shutdowns associated with Covid-19 happened 35 days ago in the 2nd week of March. The world was in a panic and very few deals got put together during that period. New listings are steady and so are the number of deals going under contract, although both these figures are well below where they should be.
What does all this mean? It means that if you're a buyer, the timing couldn't be any better to get out there and snag a deal. The pendulum is shifting away from white hot seller's market. Now is a time that buyers are going to have significantly more leverage in the market place. Combine this with rates still being in the low 3's and the timing couldn't be better. What are you waiting for? Call us today for a no-obligation home buying or selling consultation. We're happy to provide you with the fight information to make the best decision for your specific needs! 801-850-5640
Posted by Dan Kennedy on
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