It's a sellers market in SLC
By early 2013, Salt Lake City home prices are expected to rise by 3.3 percent, shedding even more light on the positive housing market in Utah. Real estate in Salt Lake City saw a drop in home prices of 14.3 percent from 2009 to 2012. However, between the first quarter of 2011 and the same time in 2012, it increased by 0.3 percent.
When the real estate market was at its peak in 2007, a 4,300-square-foot home in the Daybreak neighborhood in Salt Lake City was marketed at its highest at $575,000, and today that same home is listed at $299,000. Because 30-year mortgage rates have fallen below 4 percent, many are urgent to buy now.
"If a good home comes on the market at a good price, everyone is all over it, right away," real estate expert Adam Kirkham told the Salt Lake City Tribune.
It is a good time for buyers and sellers after five years of falling home prices, but the low inventory in most area of the city and low mortgage rates have made it a seller’s market. In coming years, people are unsure of mortgage rates so many are quick to jump on an opportunity to buy creating bidding wars in some instances.