We all know well that the real estate market in Salt Lake City has its share of ups and downs. It’s no different for any other city, really—but over the last few years, this market of ours has been particularly tricky to navigate. From the intensely competitive negotiating and multiple-offer commotion of 2020 to our valley’s frustratingly low inventory over the last couple of years…we can’t always predict what’s to come with certainty, but we do know that we’ve got to stay sharp.
With all of the unpredictable, rollercoaster-esque charm that real estate brings, there are market fluctuations that can be anticipated with a certain degree of reliability. Case in point: the seasonal activity of home buying and selling typically follows the same pattern year after year. There are exceptions to every rule, of course, but knowing these patterns can be incredibly useful if you’re in the market to buy or sell.
Simply pay attention…then time things strategically to your advantage.
1. Spring: The Season of High Activity
For Sellers: This is a popular time to sell, as more buyers are actively looking for homes. Listing now could enable you to take advantage of higher demand and (potentially) receive better offers.
For Buyers: With increased inventory, you’re more likely to have options for size, home style, and location. However, be prepared for more competition alongside (potentially) higher prices.
2. Summer: The Peak of the Market
For Sellers: Summer typically continues the trend of high activity, making it an ideal time to showcase your home. Curb appeal is at its highest and outdoor spaces can really grab attention.
For Buyers: Competition is likely still intense, but with a good realtor, you can navigate it all. Many sellers may be hoping to close before the new school year, so watch for that inventory.
3. Fall: The Transition Period
For Sellers: This is when the market starts to cool down, but motivated buyers are still active. It’s a good time to make your property stand out with a few cozy, seasonal touches.
For Buyers: There is potential to benefit from less competition and more serious sellers, which could also mean you have a bit more room for negotiation on price.
4. Winter: The Quiet Season
For Sellers: If your home is priced competitively, this might be a good time for a quick sale—while fewer buyers are actively searching, those who are are often highly motivated.
For Buyers: Sellers who list during this time may be more eager to close quickly, so you may just find a deal on your dream home. Plus, you’re likely to face less competition from other buyers.
A few tips for buyers AND sellers: Stay informed and keep your eyes open. Knowing where the market stands is the best way to take advantage of current conditions. And whether you’re buying or selling, it’s always smart to stay a few steps ahead of the competition however you can. Chat with a Homeworks real estate agent to get market insights and move accordingly. We’re happy to help with a bit of useful and personalized advice so you can start planning your next move.
Homeworks Property Lab, 66 Exchange Pl., SLC P: 801.810.8696
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