Market Update from a Realtor's POV
I want to hop on the forums and give my quick take on what I am seeing in the market and helping with transactions.
The market for single-family homes across the Wasatch Front is still strong. While there is not as much demand compared to just a few months ago, there is still not enough inventory for buyers in the market. Houses are still moving quickly, but a large majority are not going for a massive amount over the list price. The good inventory is still moving quickly and it is competitive, but the fixer-uppers are sitting on the market for a few weeks.
Multi-family properties are sitting a bit longer and we are seeing price reductions being common. With the increase in interest, rates investors are not willing to float negative cash-flowing assets. Multi-family makes sense for a buyer who wants to negate their cost of living while enjoying the benefits of owning real estate. These properties will cashflow in the future, but rents have not caught up to the appreciation we have seen.