Utah Real Estate - I Was Wrong!
Ok, I admit it. Sometimes I’m wrong. Not often when it comes to real estate, but it does happen from time to time. Maybe I drank too much bubble blogger juice when I analyzed a couple homes for sale in my neighborhood.
Both sold well before I estimated they would and they both sold for higher than I thought they would.
I’ve been following two homes in my neighborhood for sale. If things keep going the way they are, I’m betting they’ll still be for sale in March.
I finally got to take a look at the sold data for these two homes.
House 1.
I said, “Nobody in their right mind will ever pay $409k for this house.” I also said it would still be available in March.
I was right about the sale price, wrong about the timing. It sold for $375k…went under contract in December and closed in February.
House 2.
I said, “House #2 dropped to $309,000. Getting warmer, but still needs to go down $30k more to sell.” I also said it would still be available in March.
I was wrong about the sale price and wrong about the timing on this one. It sold for $291k…and closed in December.
The Salt Lake real estate market continues to show steady growth in new home sales and strong appreciation for existing homes. Like I said the other day, even days on market is shrinking while inventory remains about the same as last year.
Can you afford to wait to buy a home in Salt Lake City? Not with the current pace you can’t.