Utah’s housing market hitting record highs

indexAccording to the Utah Housing Corporation, it is the ideal time to sell or buy a house as the 2013’s home sales numbers is hitting record highs. It has brought the real estate market in close proximity to to the levels seen in 2007 previous to the financial crisis.

“I’m used to selling a home in 90 days or less, not 3 weeks or less,” said Salt Lake Realtor Rachel Green.

Utah’s housing detonation is in full swing. Last year has witnessed an increase of 16 percent in home sales from the year before.

“There are single families, there are condominiums, there are existing homes, and newly constructed homes,” he said. “The preponderance is for single family detached homes and the existing market as well.” Grant S. Whitaker, President and CEO of Utah Housing Corporation, said.

“We put it on the market on Thursday, and we had an offer on Sunday,” she said. “We sort of imagined putting it up on the market and maybe taking it down over the holidays and putting it back up in March because we know that this is a better time to sell your house – so we were a little bit surprised–but we did want to sell the house, so we were happy,” said Alyssa Firszt, who sold her home in November.

On the flick side, home buyer Joni Koncar hasn’t been acting quick enough while searching for a home she likes.

“Our realtor called us and said two of the houses that we were going to go and look at had already gone under contract, and that was within 24 hours after we looked at them the first time,” said Koncar.

Green said, the endearing formula for home sales is inventory, demand and pricing.

“The demand is much greater than the inventory in the Salt Lake market, so if the home is priced accordingly, the condition is right, it’s going to sell within a matter of days,” she said.

Green said we are seeing a very exceptional scene now i.e. both a buyer and seller’s market. Buyers are still being paid low interest rates and home prices have not leaped high just yet. Sellers having homes in fair condition with a fair price will sell fast.

Homes under half a million dollars are selling the fastest right now, said officials with the Utah Housing Corporation. Green said homes in the $250,000 to $300,000 range are selling very quick.