Today’s Real Estate Market: “Price War & A Beauty Contest” - Mike Ferry

We are now beginning to see some of the nationally publicized negative effects of the current real estate market in our area.

As our above graphic shows, absorption rate for June shows a dramatic increase, compared with June 2021, in terms of the amount of home supply in the market.

We can also see that homes sold last month were 7.4% down on the same month last year.

Conversely, median sale price in Iron County rose by over 39% year-on-year. But that is mostly attributable to the cumulative effect of continuing price growth in 2021.

We are now increasingly seeing what industry expert Mike Ferry recently referred to as "a price war and a beauty contest".

Pricing and condition mattered a lot less throughout 2021. Now both are absolutely critical.

The rewards are still out there, but it's no longer adequate to just list a home and wait for the offers to almost immediately flood in, as was commonly happening a few months ago.

With such an expansion in the number of available homes for sale, buyers simply have more choice now and sellers have a lot more competition in every market sector. Increasing mortgage rates also mean that most buyers are now having to strike the very best deal they can find.

Now, more than ever, it is vital that you engage with an experienced and seasoned agent who can guide you through what's quickly becoming a more involved and demanding selling process, ensuring that you price optimally to attract buyers and achieve the best possible return, as well as giving all-important advice on the correct presentation of your home in today's more exacting market conditions.

Why not call us today at 435-327-2090 and find out how we continue to produce fabulous results for our clients.