July 22, 2023 at 9:03am | Dave Diegelman - Broker Associate
Real Estate Market update for Southern Utah

July 2023 Real Estate Update -44

Where's Our Market Heading in 2023?

First off many of you will want to instantly check the current value of your home (yes values are have changed).  Due to the volume of requests that we receive it may take up to 24 hours for an accurate and in-depth report. If you want a report that has very little to do with reality, please check our friends at Zillow because once in a while they're within 10-15% of the correct price. (-;

Please click on the picture and follow the link:

Numbers for 2023 It's Heating Up!...
By now those that moved here in the past 6 months are screaming, "Why did we ever move to the desert and all this heat?" This is an actual thing in our local real estate market but usually by the time the new arrivals have lived here a few years they change their tune. We are still one of the top 5 counties that people move to and will most likely continue to be if our market doesn't price out too many. What we usually see in our early spring, March-April, we have seen in May-June mostly, in my opinion, due to our late winter and uncertain economic sentiment regarding interest rates. Being that a large percentage of our overall closings are cash and don't involve mortgages this doesn't have as much to do with our market as most are inclined to believe. However, if someone who owns a home with a market and they want to move up, down or sideways it can affect their decision if they will be jumping from a 3% loan to an 8% loan which, by the way, is our historical median rate over the past 50 years. Yes there are creative approaches that can help this dilemma it's probably better to get the mindset of "date the rate but marry the house" and plan on a refi down the road when rates drop again.

Sellers: We're still in a slight seller's market and most likely will remain so through our Summer-Fall buying season. Sometimes the heat can slow things down and you can expect market times to increase as such but overall we have a very healthy market if your property is well marketed and priced. Speculative pricing, at least for now, is out. CLICK HERE TO SEE MARKETING SAMPLES If you are considering your options we have an excellent online evaluation tool called HOMEBOT that you may use without obligation FOR FREE. CLICK HERE FOR HOMEBOT and best of all it only takes about 3 minutes for you to set up!

Buyers: It's a bit more competitive and now more than ever you need a good Realtor that understands the art of negotiation and strategy with this type of market. Sold to list ratio at 96%, shows that on average buyers are able to negotiate 3-5% off of asking prices which have stabilized for the most part to very close to the actual comps. Interest rates Creative financing, buying down rates (sometimes even with the seller's paying for it!) and a slew of inventory options it's a great time to buy. Call me for some of the latest strategies. I mentioned this last month but m any buyer's who are nearing retirement are discovering the advantages of purchasing real estate through their IRA accounts. This can make a drastic difference on monthly output and historically has shown to be an effective parking spot for funds that might not do so well in the stock market. While you need to have a conversation with your CPA prior to getting serious about this,  it's an awesome way to avoid the current rates of borrowing.

My self and my agent associates are fluent with securing both listed and non-listed properties for our concierge buyers (call me for details if you feel this would apply to you and I'll explain how it works 435-704-4041). Buyer's that have to sell a house first (contingent) need to be aware and avoid the hidden pitfalls that they might encounter and learn the strategies that protect you while giving you a good chance of success.
Interest rates are most likely going to remain stable this year.  FIND YOUR RATE HERE

May God richly bless you in 2023!

Dave Diegelman - Broker Associate

Equity Real Estate
(435) 412-1722 office (435) 703-4041 cell






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