Which direction is the house selling market trending? It appears downward for the last six months even with summer here. I need reliable information.

Asked by billanddanahatch, Park City, UT Sat Mar 29, 2014

This site and other show house prices are dropping. Should we wait until next year to sell? I hear appraisers are low balling price thus house prices are dropping to accommodate the banks. What site has best information for pricing/trending? Thanks

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Sandy Straley, Agent, Salt Lake City, UT
Tue Jun 10, 2014
I sell homes in the Salt Lake Valley and in most areas of the valley, the prices have risen over the last year. The prices have leveled out for the most part over the last month. There are still quite a few buyers looking to get into their new home before school starts. If interest rates stay around 4% to 4.5% the prices should continue to rise. Right now is a great time to sell your home because the weather is good and people like to move in the summer. You can check out my web site for more information on the current market in Salt Lake Valley - go to: http://www.saltlakecityvalleynewhome.com
0 votes
Heather Feld…, Agent, Park City, UT
Wed Apr 2, 2014
Bill,
Of course we answer these questions! In Park City we have many micro areas. You live here, you know that Summit Park is completely different from Silver Springs etc. For example, Trailside is a hot area right now whereas Pinebrook was super hot last Spring.

We have very low inventory in most areas of Park City, yet prices in most neighborhoods are not following the supply/demand rule. Buyers do not want to overpay. The drop you are seeing on the National sites may not reflect reality. Let's say you have a home that was built in 1995, never updated nor well taken care of. This home sold for much less than a remodeled home of the same age in the same neighborhood. The National sites don't know the difference. They just look at square footage and price. It's important to have someone like me - a local full time agent go over the sold properties with you so that you can see the difference for yourself. These figures can also be influenced by what is being offered for sale. Do the drop in prices reflect lower end homes being offered up for sale? is it due to our cyclical market? So many factors to consider!

When a home is priced well and is in good condition in a desirable area, it sells.
I have not had an appraiser kill a sale in a very long time - a few years, so I wonder if your information about appraisers low balling prices is old or applies to another area.

Feel free to contact me at 435-731-0803 or heather@parkcityhousehunters.com and I would be happy to give you an overview of what is happening in your neighborhood. You can also visit my website http://www.parkcityhousehunters.com where a general market analysis is shown at the bottom of the page - click on view more market statistics for general neighborhood stats.
Heather Feldman
0 votes
billanddanah…, Home Seller, Park City, UT
Mon Mar 31, 2014
does anybody read and answer these questions? We have not had a single response to our question. bill
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