Home Buying in Sandy>Question Details

Xiaodong Qin, Home Buyer in Sandy, UT

Do you see the price reduction trend go on in 84092?

Asked by Xiaodong Qin, Sandy, UT Sun Jul 26, 2009

I am a potential buyer in Sandy area, particularly in 84092. I have noticed the price reduction a lot in June and July. Will this trend continue? Or we have reached the bottom of the house price in Sandy?

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Answers

7
Prices are now steadily increasing in the majority of the Salt Lake Valley, including the 84092 part of Sandy. Utah has a very solid economy. We are attracting new companies to Utah who are building new offices and hiring more people. This creates a higher demand for housing, which in turn makes home values rise. 84092 is a very desirable area to live in, so I see values rising for the foreseeable future.
0 votes Thank Flag Link Tue Dec 18, 2012
We have actually seen prices going up since the first of the year and homes that are priced right are selling very quickly. Our inventory is down right now and this is helping with the Sellers Market. Even the News Papers have finally come around to the fact that the market has changed for us here. We are very lucky to live in a state that the atmosphere is one of creating jobs and growing our economy because this is the reason we are doing better than the majority of the country right now.
0 votes Thank Flag Link Thu Aug 2, 2012
With the market where it is right now and with our inventory being down in the Salt Lake County area by about 2000 units, you are actually seeing homes sell very quickly up to about the $400,000 range as long as the home is priced right and in good condition. If over priced, you will not get many people through your home and you will end up chasing the market eventually selling for less than you would have if priced right at the beginning. We are seeing a lot of multiple offer situations right now because of the lack of inventory.
0 votes Thank Flag Link Thu Apr 26, 2012
I see the price reduction trend to continue in ALL zip codes throughout Sandy, Draper and Cottonwood Heights. More specifically, I see a trend that will never end...Over-priced listings that should not have taken serious by anyone. I see short sales, regular sales and bank owned sales that are priced $40,000 to $60,000 over the market price for a specific neighborhood. Then, like clockwork....the listings enjoy huge price drops and end up chasing the market. $180,000 homes should not be priced 20% to 40% over recent sales. If a home is priced right from the start it is selling for almost the list price every time. I even see many listings that sell for more than list price because our inventory is starting to look like our snow pack did the week before. If you over-price your home from the start and then a month later add to the public remarks field that the home has had a $30,000 price drop - you might want to rethink that strategy. Why? Because I often see homes that are still priced too high after making such a blunder out the gate when first listed.
Web Reference: http://happyUTAH.com
0 votes Thank Flag Link Wed Jan 25, 2012
Xiaodong Qin,

Inside a zip code you will find many different markets and subsequently many different market trends. I work with these kinds of questions on a daily basis. I have seen properties increasing while others are decreasing. It depends on the core factors of the type of property you seek in terms of size, age, location, condition, updates, amenities etc. You really have to study trends on a home by home basis. Studying a broad zip code will give you a very diluted indication of what the market is really doing for the home you seek.

For example: 84092 offers you a wide range of values that are experiencing very different market trends. Homes that are $1,000,000 plus are most likely suffering while homes that are $100,000-$250,000 are stable. In 84092 you will find both of these values and mixing them together in one study will not give you the best results. Give a better idea of exactly what you are looking for and the trends are very easy to identify for that type of property and market.

Call me anytime 801-999-0201. Jared Anderson. As a Realtor and Appraiser I work in this market on a daily basis.
Web Reference: http://www.buywithjared.com
0 votes Thank Flag Link Wed May 26, 2010
I agree. Take advantage of the low home prices combined with low interest rates rather than attempting to time the bottom of the market.

Also, there are currently 647 homes(single family) for sale in Sandy and 247 for sale in you preferred zip code(84092). The more homes on the market, the more leverage you will likely have when negotiating a price with the sellers.

Median Single Family Home sale pricing for Sandy(84092) in 2009

Jan-$377,500
Feb-$378,000
Mar-$320,000
Apr-$348,500
May-$339,900
Jun-$398,000
Jul-$346,000

I hope this helps!
Web Reference: http://www.utahhousefly.com
0 votes Thank Flag Link Mon Aug 3, 2009
That is a question we would all love to have the answer to. Few saw this bust coming and I doubt anyone can tell you for sure when it will end. One thing we do know is that prices now are much better than a year or two ago and interest rates will surely go up again taking your monthly payment with it. Buying now while rates are low is a safe bet while guessing where home prices will bottom out is just that a guess. To me most important is to make sure you buy a house that you don't mind keeping until prices go up again. Good luck and let me know if you would like the help of an expert realtor.
0 votes Thank Flag Link Sun Jul 26, 2009
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