Utah Housing Market Update – Nov 22 2021

Utah Housing Market Update - Nov 22 2021
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We’ve got your Utah real estate market update for Davis and Weber Counties.

Targhee Child
Principal Broker | Pinpoint Real Estate
801-668-3609 | Pinpoint801@gmail.com

DAVIS COUNTY NEW HOMES: https://www.pinpointmyhome.com/new-homes-davis-county/
WEBER COUNTY NEW HOMES: https://www.pinpointmyhome.com/new-homes-weber-county/
NEW CONSTRUCTION BUYER’S GUIDE: https://www.pinpointmyhome.com/davis-county-utah/new-construction-home-buyers-guide/
SEARCH ALL UTAH LISTINGS: https://www.pinpointmyhome.com/

Let’s start with interest rates. Two weeks ago interest rates took a little dip but they bumped right back up last week and the average weekly 30 year rate is holding at 3.1% and the 15 year rate is at 2.39%.

The number of active homes dipped 93 units from 635 two weeks ago to 542 while the number of under contract homes has jumped 77 units from 1080 two weeks ago to 1157 in Davis & Weber Counties.

The drop in active homes and the increase in homes under contract has caused the weekly sales velocity to increase from 270 sales per week to 289 sales per week over the past two weeks.

The weeks of supply has dipped below 2 weeks and is currently at 1.87 weeks of housing supply for Davis & Weber Counties.

New construction spec homes can be a reasonable option for many buyers. This slide shows that 94 of the 542 active homes in Davis and Weber Counties or 17% are new construction spec homes.

There has been any change in the percentage of homes that have taken a price reduction over the past two weeks. This slide shows that 7% or 38 of the 542 active homes have taken a price reduction.

Here’s my advice if you’re an active home buyer. Don’t rule out new construction as a possible option. Builders are sitting on spec homes and that may be a good option for you if you need a little time to get your current home sold. Give us a call or shoot me a text if you’d like us to track down a spec home that could work for you.

We are starting to see homes stay on the market a little longer, so take a look at homes with higher days on market. There may be an opportunity to get a good deal on a home that’s been hanging out there for a little while.

Plan on paying asking price or a little more to get your offer accepted. On average, sellers in Davis & Weber Counties are getting 101% of their asking price.

Here’s my advice if you’re planning on selling your home in the next few weeks. First, do the work and get your home in the best condition possible. Declutter, complete repairs and make updates that will get you the best return for your money. Second, price the home right, there are fewer buyers in the pool right now but if you have a great listing at the right price you will do great. Lastly, be prepared to be flexible on your terms. You may not get everything you want, so prioritize the things you have to get, and go for those first.

If you haven’t heard, Zillow has shut down their home flipping business. They’ll be selling 7,000 homes quickly. Be sure to watch this next video where I talk about how these Zillow listings will affect your home value…

Thanks for watching and be sure to subscribe to get future market updates.

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