How Quickly Are Homes Selling in Your State?
How can you tell if your local real estate market is hot? One factor is days on market. Simply put, if houses are selling fast than you can be assured there are enough buyers to fill the supply. In Salt Lake City Utah right now we are one of the hottest markets in the nation looking at appreciation and days on market. Especially under $500K purchase price. 2 weeks ago there were more homes under contract (in escrow) than there were available for sale! The tough part about this kind of market is the frenzy that occurs. Buyers, you have to be pre approved and make quick decisions. Often times you end up in a multiple offer situation and you have to be willing to bid high and make the terms of your offer strong. A hot market is not all roses, but we can help you make sense of it.