There are a lot of Realtors in Cache Valley who don’t like some of the things I blog about, because I don’t paint a “rosy picture” of the state of the real estate market. Personally, I think it is the best to just state the facts and tell the truth. Right now the truth is IT IS NOT A GOOD TIME TO TRY AND SELL REAL ESTATE IN CACHE VALLEY.
Why is it not a good time to try and sell? Because there are lots more Logan homes for sale than there are buyers, and Logan Real Estate is now worth less than it has been at any other time in the last 4 years. When there are too many homes for sale it takes a very long time for most homes to sell, and some homes don’t sell at all. When there is more real estate inventory than potential buyers, home prices go down. Some Logan Utah homes are even selling for less than they were four years ago.
These real, and factual market conditions make it a bad time to try and sell.
These conditions might be even worse next year. Real estate inventory might be at an all time high, but declines in home prices follow slowdowns of home sales. Right now Northern Utah is seeing a big decline in home sales. Last quarter home sales in Cache County were down by 38% compared with 2009. With the current real estate trends, it appears as if the price you can get for your home now will be more than what you will be able to get next year.
Eventually, the levels of inventory will level out, and prices will start rising again. But price increases won’t start happening until after real estate inventory goes down. Under best cased scenarios, I’m thinking that this is at-least 10 months away unless something drastic influences the real estate market.
It is a bad time to sell right now. But if you absolutely need to sell, and want to get as much money as possible out of your home, you’re probably better off selling now than you will be next year.