Utah real estate Market Update for May 2020 for Salt Lake City Utah real estate from John Austin, Principal Broker of America's Best Real Estate, Salt Lake City Utah real estate brokerage.
You can get a personalized or property/zip code specific information by calling or texting me at 801-890-7000.
Utah real estate market update as of 5-2020
The Coronavirus outbreak has had little effect on the Utah housing supply and demand. Inventories of homes are very low as many people have chosen to wait-and-see what will happen to the market, but that may not be the best approach or strategy.
Currently there are so many more buyers looking to buy homes than there are sellers… selling homes, that it has made for a fantastic opportunity for home sellers to get multiple offers and sell their home for more.
Utah home inventory is at an extreme low and demand is at an extreme high. That may change in the future months, but for now, Sellers have an excellent opportunity to sell for more.
What is different
What we are seeing is Realtors, buyers and sellers being more cautious in how they conduct business.
There are definitely fewer open houses; and those that are holding them are typically scheduling times for people to come out, or they are holding them virtually online or doing video tours.
Sellers should expect to leave all lights on and doors open during showings so that people coming through don’t have to touch things. Sellers should wipe down all the surfaces that people do touch with disinfectant between showings as well.
Buyers should expect to drive separate cars and follow their agent or just meet them at the home. The agent should go in first, turn on any lights and open any doors that are not open, so that their buyers don’t have to touch anything when they are inside. Buyers agents may offer gloves and/or masks to their buyers for extra protection as well. It is a good practice to use hand sanitizer after seeing each home and before getting back into your car.
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