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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (81270)	7/16/2007 10:17:04 PM
From: John Vosilla	Respond to of 306849

No escaping the global margin call on property and lax lending of 2004-06. No place is immune just a matter of timing and degree of the downturn..

To: Jim McMannis who wrote (81270)	7/16/2007 10:54:42 PM
From: John Vosilla	Respond to of 306849

Well Nigel seemed to sense it too in June.. Only one comment from Greg who sounds like our bubbleheads from Florida in 2005 begged to differ.. 'Salt Lake Real Estate - The Tide is Turning I've been asked to provide some insight into the Salt Lake real estate market in the face of nation wide real estate trends. Here are a few anecdotal pieces that may help us see where the local market is headed. From personal exposure, I've seen two failed sales on properties. One is a home I'm purchasing and the reason that sale failed was because the buyer's sale failed. Due to the price, I'm guessing this was a step up and the failed sale at the end of the chain involved a first time home buyer. The particular home in question is in Holladay and was on the market for only a few days before going under contract. After the sale fell through it was on the market for 17 days before my offer came in. Total time on the market has been about two months. Another home I'm aware of also had a failed sale. The sellers purchased a new home, obviously a step up. Their home in West Jordan has been listed for three months and has heavy competition. They are currently making two house payments...not a good situation to be in. These are just a few stories I've seen out there and may not mean very much in the grand scheme of things. However, a better indicator the market is changing is more purchases are being made with contingencies of selling a prior home. The fact these are being offered and accepted indicates a shift in thinking of both sellers and buyers. In super hot markets these kind of offers could never be considered because someone else would be offering more money without any contingencies. How long this will last, I don't know. It could be a natural blip, or it could be a sign of something worse to come. Many neighborhoods still have high demand though. I get to test the market myself as my Holladay home will be up for sale tomorrow. There are only 11 comparable homes for sale right now in this zip code and only one in my neighborhood, so I'm hoping there is some demand. I'll keep you posted. Labels: home selling, salt lake city real estate 8 Comments choolander said... my agent told me the same thing... he said that the market has come to a screeching halt over the past two weeks. 10:21 PM, June 20, 2007 Greg said... Specualtion is one of the main reasons markets become so unstable. Discussion is good- education helps, but posting about it everyday with the tone of "things may be getting worse" helps to create a self-fulfilling prophesy. The market is solid and is very balanced right now. Prices continue to be strong for sellers, and there is a good amount of inventory so buyers can find what they are looking for. And with all the jobs being created, our market should maintain a healthy 5-8% appreciation this year. Way too early to be feeding the fear of a turn. 10:32 PM, June 20, 2007 Salt Lake Mortgage Guy said... Greg, I'm not trying to feed fear. I'm just saying market sentiment has clearly changed in Salt Lake. How long that will last, I don't know.'