Housing Market Update

By May 4, 2020 May 15th, 2020 No Comments

What has COVID-19 done to the housing marketing? Should I buy or sell a home right now? You’ve got questions and we’ve got answers for you in today’s special Market Update from Andrew Kent.

Houses Under Contract

One of the big indicators of the housing market is “active listings” vs “under contract listings” that come off the market. In February Salt Lake City was trending 1:1. For every active listing that went up, a house went under contract. This creates a seller’s market.

From mid-March to mid-April, during the time of COVID-19, we saw a change in the market. For every 3 houses actively listed, only 1 went under contract. This creates a buyer’s market. But it didn’t last long. By the middle of April, the market changed again and the ratio returned to 1:1 with people buying homes as often as they were selling homes. 

The current “seller’s market” is making it very competitive for buyers under a $400,000 price point. We here at Rooted & Co. have strategies in place to help present the best offers possible for those buyers. 
Things are running smoothly for buyers between the $400,000 – $600,000 price point, with good inventory and great interest rates available.
Lack of jumbo loans has made it difficult for buyers and sellers above the $600,000 price point, although we do expect things to go back to normal. 
No matter what price point you find yourself, Rooted & Co. has the right strategy for you and can help you buy or sell a home during these uncertain times. Contact us today to discuss your options.

Contact Rooted & Co today. Find Answers, Develop Connections, Grow Wealth. To learn more about us, click here. Follow us on Instagram here.

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