The current market in Salt Lake is this;
Lots of inventory, some people are watching to see what’s going on, lenders are beginning to realize they don’t have to completely shut down all loans to stay profitable, and lots of people are buying and selling houses still.
Still, regardless of the good and bad and everything- there are hundreds of people buying and selling homes every week in Salt lake county. And of course hundreds more are being bought and sold in surrounding counties as well.
Here are some of the things I like about the current market…
Everyone I talk to is not an “investor”. It drove me crazy the last couple years that everyone I spoke to claimed to be a real estate investor. Whether they had purchased rentals or flipped any houses or not- they all fancied themselves as an investor because they all wanted to be one. And they all thought they knew everything about real estate. They didn’t, they still don’t and now they can finally shut up and go back to being accountants and store clerks and fireman and whatever else they do for a career. They can let the real estate professionals be real estate professionals.
Far fewer For Sale By Owner’s. Not that there is anything wrong with trying to sell your house without an agent, but many of these people (because the market was so hot) were just a bit mean about their views toward agents. Some people will always be mean about agents, just as some people hate attorneys or think paying someone to change your oil is a waste of money. That’s just human nature- there will always be the fringe minority that has opposing views toward any given thing. Now that sellers need more help selling it’s nice for agents to be wanted more. We mostly work with buyers anyway.
Buyers market= Good for buyers. Most of our clients are buyers so this market is great for our clients. There is a great selection of homes on the market, interest rates are fantastic, prices are reasonable, and indicators show it’s a good time to buy and that prices will continue to increase so buying will be a solid investment. Sellers are still getting good prices for their homes and buyers are getting to choose from more inventory.
Many agents are leaving the industry. This is great news for everyone. Many of the part-time and new agents are leaving, which means they won’t be around to hurt any clients and give the real professionals a bad name. There are simply too many people in the business- real estate agents, lenders, title people, etc. This should be a great time to trim some of the fat from the business and allow the best to do their business. Of course there will still be far too many in the industry next year and the year after, but that’s just how it is. Many people who have gotten into the business the last few years really never should have. They chased dreams of riches and easy money and now many are seeing that this business is about clients and working your butt off for those clients. It’s working every day of the week, not being able to take vacations because your clients need you, stressing about deals, dealing with ungrateful people sometimes and rude people on the other side of the transaction that you have to deal with for the sake of the client’s best interest. It’s late nights and a lot of humility, starting out in this business and it’s not for everyone- in fact over 90% of the people who get a license- fail.
Two people can see the same experience very differently. A basketball goes into the basket as the clock ticks to zero- One team screams with excitement as they win and the other team sobs about their loss. A ball went into a basket, but different people feel very differently about that. Many people don’t like this market, but many people do- including me.