Spring is the Time To Sell Your Home in Utah

Spring has officially arrived in Utah! Don’t let the big snowstorm earlier this week throw you off. I just checked the calendar and sure enough, it’s spring. We’re still waiting for the warm weather to arrive, but the real estate market is red hot right now. All the price indicators are looking strong for Utah.

Zillow named Salt Lake City and Ogden as two of the top 10 markets for real estate in 2016 according to their Home Value Forecast. The median home value in Utah increased over 5% in 2015. The trend is projected to continue with 4.7% growth in 2016.

Home prices have rebounded nearly back to pre-crash levels in most areas across Utah and are projected to continue to increase. The chart below shows median home prices for Utah by month, using data from county records.

March is the beginning of the busy home selling season. With the snow melted off (finally) people start getting the itch to move to something bigger and better or at least different. Homes look better in the inversion-free sunlight and there are more day-lit hours in the day to drive around and look at homes. Historically, more homes are sold in Utah in May than in any other month, but March is when the home buying/selling season starts to ramp up.

Zillow compiled home sales data across the country from 2008 through 2015 and found what they call the “magic window,” which is the time when homes sell fastest and for the best prices. They found that the magic window went from about mid-March through early April. Zillow recently found that this window has been pushed back a bit due to weather and market conditions. Now they say that the first half of May is when the magic window starts in most areas of the country.

Does that mean right now is the best time to sell your home? Or should you wait until May? Well, that depends. The best time to sell is when you are ready to sell. Do you have a new home lined up? Has your home increased in value since you bought it? Have you finished any remodel projects or repairs that need to be made?

Lots of buyers are looking and are ready to snatch up your home. Using Homie to sell your home on your own (without an agent) will give you even more of an advantage and help you keep more of your hard-earned equity when you sell.

If you are ready, beat the rush and sell your home now.

Share this post

Comments