All Forum Posts by: Alan Walker

Friday the 13th, oooooooooo spooky! You know what isn’t spooky? HAVING MORE INVENTORY. We are approaching 400 homes on the market in Salt Lake County under 700,000. Considering we were under 200 earlier this year, that is something to celebrate if you are a buyer. My experience with my last couple of listings (I usually list 2-3 houses per month) is that we are getting less offers but the winning offers are still very strong.

I see some buyers thinking now is the time to dial back their offers or make them less bulletproof. I think that’s a mistake because while less offers are being made, the offers being accepted are still the stronger offers with appraisal gaps, non-refundable earnest money and quick timelines.

We still have people with urgency that are willing to snap up those house, so its no walk in the park but I think we are somewhere between a power walk and a light jog. In either of those scenarios, picture me wearing leggings and an off-the-shoulder sweatshirt.

Aaaaaand, now you can’t get that image out of your mind.

You’re welcome!

Our inventory is still over 300 homes under 700k in Salt Lake County. If we wanted to play with statistics, we can say, there’s been a 50% increase in houses over the last month (from 200 to 300) but the reality is that even with that increase, things are still tight. Sellers are still running the show but do need to be reasonable in their expectations from even a couple months ago. Pumping the brakes on a runaway train is not the same as a correction. I only got 6 showings the first day I listed a house, only. That is still bananas. As with most things in life, its all in how you look at it.

When I hear people talk about hesitating to buy because of interest rates, I have to scratch my head.

We had 20%+ appreciation in all four counties in 1 year. 1 year!

Yes, interest rates are at or above 5%. If you could buy something for 10,000 that would be 12,000 next year but you had to spend $50 bucks more per month this year to get it, wouldn’t you?

Many people are chasing a “deal” and completely forgetting about the long term.

Over 300 homes on the market! CELEBRATE GOOD TIMES, COME ON!

Days on market are still how low can you go at 2’s across the boards.

For many home owners, interest rates are hitting upper 5’s and lower 6’s.

When I bought my first home in 2002, my interest rate was 6.25% and I thought it was a great deal. But funny how perspective and being spoiled with interest rates for 10+ years changes our perspective.

The question to ask yourself is, is real estate still a sound investment for yourself and your family. In my opinion, YES.

Do you see new land being created in Utah? We live in an amazing place with lots of people who want to be here.

The math still adds up.

We are above 200 active homes in Salt Lake County under 700,000! 🎉🎉🎉

I say take the wins when you can. Interest rates rising don’t seem to have a big effect on the market right now. Mostly because supply is so low. If we were back up to a “normal” market, in the 500-700 active homes range, we could see the interest rates affecting the market.

There’s no doubt that some buyers are out of the game because of the high interest rates; however, the supply is so limited that the ones still in the game far outnumber the houses available. So its business as “usual” right now. Houses are going under contract quickly and most for well over asking price.

Two of my projects hit the market recently, both went under contract 50k+ over list price. Just crazy.

Has the American dream of buying a home become too unattainable for most folks in Utah? I sure hope not because I have that star spangled bikini I wear every year to the realtor BBQ, and I would hate to make a fool of myself...

Welcome to the second quarter of Utah’s favorite game “NAME.THAT.MARKET!” Interest rates are going up quickly. I’m hearing between 4.5-5.5 depending on credit score. Think about that, under 3% at the beginning of the year to 4.5-5.5 in 3 months. The market is changing. Based on current stats, no one’s told buyers or sellers that. Still piping hot. But here’s the T, when borrowers that locked in the last 30 days, start hitting their lock expirations in 30,60,90 days, what does THAT do to the market prices? When a 600k house is now 3,000 per month versus 2,000. Exciting times ahead! Stay tuned!

The market continues to ebb and flow around the 200 active listing mark. This week we are down to the low 180’s. I listed three homes this week, and the demand is as high as ever. Interest rates are very volatile at the moment, and a lot of folks are theorizing that the Fed will be less aggressive than previously planned in terms of increasing the rate. Depending on credit and income, buyers are mostly above 4% with some reaching as “high” as 4.5%. The thing about interest rates is putting it in perspective. If you’ve lost 110 pounds and then gained back 10, are you really that bad off? And by lost, I mean liposuction, I mean, who diets anymore, ammiright?

Spring must be on the way because we saw a healthy jump in active homes this week. We are above 200 active homes under 700k in Salt Lake County. Normally that’s not great news but TAKE THE WIN BRUH.

The Fed announced another rate hike and the billboards on I-15 are bouncing just above and below 4%.

Over the last two years, I’ve talked to dozens of people who have been “waiting for the market to cool off”. My question was always, are you waiting for interest rates to go up or for prices to go up? That time has now come.

Does this market make my butt look big?

A healthy increase in the number of actives is in the last week. But don’t get it twisted, still under 200 active homes.

I’ve got four projects hitting the market in the next month and 3 other homes for clients. I don’t anticipate any issues getting them under contract. Interest rates are still hovering just under 4%. No slowdown in site.

Our weather has been warming up this week but the market is still stingy on listings. I know we expect snow soon (I like to call this Springter in Utah). Interest rates rising slightly hasn’t effected buyer supply in a material way yet. You know how you’ll be at a party and you think to yourself, “If I was going to sleep with one person here, who would it be?" (Cuz I know I’m not the only one that does that, be honest with yourself) and you pick someone and say “Meh, good enough”, that’s the market right now.