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Now is the time to invest in Utah real estate! A good home listed at an aggressive price, has multiple offers within the first few days on the market!
The 2011 Utah Area Home Market
May 2011
Present Market Values:
In Utah County (Provo to Alpine Area), one can expect to buy or sell a home at the following prices:
1. If the home has the desirable features buyers are looking for, and is NOT a short sale, one can expect to buy or sell the home for about $80-$85 per sq. ft with an unfinished basement, and about $85-$95 for a home that is 100% finished.
2. If the home has desired features and IS a short sale, expect the asking price to be about $70 to $80 per sq. ft. Also consider that it may take an average of 4-6 months to receive a 3rd party approval (bank approval) on the offer.
3. If the home has been foreclosed on, and the bank is placing it back on the market, it will most likely go for about $70 - $80 per sq. ft. on the average. The advantage is that the buyer can negotiate for closing costs or other items, and expect a closing within 30 days.
In Salt Lake County (Draper - Sandy Area), one can expect to buy or sell a home at the following prices:
1. If the home has the desirable features buyers are looking for, not a short sale or bank owned property, expect to buy or sell the home for about $85-$95 per sq. ft. on average.
2. A short sale home will again go for the $70-$85 range providing it is in good shape.
3. A bank-owned property is going to sell for the $80-$90 range.
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