Utah Real Estate Market Update
On June 19, 2013 Ben Bernanke announced a tapering of the Quantitative Easing contingent upon continued positive economic data and the markets responded with higher interest rates. Higher rates following a historic rebounding in home prices caused the market to slow. This phenomenon caused payment shock for many buyers actively looking for a home, resulting in a posteponement of their home search. Further, as rates and prices rise, fewer investor purchases fuel the market.
Buyers are still looking, but have high expectations. Sellers need to be agressive in their pricing and spend some time polishing their homes and making them ready for sale. Prices are on the rise, despite the lower number of sales compared to the first half of 2013. Homes that don't meet buyers expectations simply don't sell, as the nice, polished homes sell and for top dollar.
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