Market Synopsis

 

Right now our Iron County real estate market could best be described as flat.

Homes are selling quite well, certainly, but market conditions are such that we don't expect to see much of an increase in activity for the rest of this year.

A significant drop in mortgage rates would definitely help to kick start things, but that seems unlikely.

So, if you've been thinking about listing your home, don't expect things to alter for the better if you wait until the fall. Indeed waiting that long also means there will inevitably be fewer buyers around than there are at present!

One of the biggest issues for sellers right now is being able to distinguish their expectations from what is really happening in a marketplace that's a lot tougher than it was even a year ago.

While the pandemic tidal wave of sales that happened as people migrated from the big cities to communities like ours is over, there are still benefits to be gained from those boom times, especially if you've owned a home in the area for quite a while

Our perspective on this is that, from mid-2020 until late-2022, home values here increased by around 40%. Fast forward to today and we've seen a market correction in the order of 15%-20%. That still means the market is 20%-25% higher than pre-pandemic! Therefore many sellers can still look forward to a fantastic return on their investment.

Playing a waiting game risks things changing further and there is good buyer demand at the moment, so why not talk to us today at 435-327-2090.