Thinking about selling a home in Eagle Mountain this summer? Here’s where the housing market in Eagle Mountain is currently: Well as of July 1st, we have 221 active listings on the market. And our average days on market in June was 39 days in Eagle Mountain. If you compare that to the same time last year, the average days on market has increased by seventeen days in Eagle Mountain.
Hi, this is Melissa with Utah Homes by Melissa. I’ve been in the real estate business for 13 years, and we normally see a bit of a dip in sales in the month of July. With Utah being a unique situation where we celebrate two holidays in July, it just seems like people are away more on vacation than they’re actually around to be doing house shopping. To give you an idea, in July, we typically see about 90 homes sold in Eagle Mountain over the past few years.
Now, if you’re thinking about selling your home the summer in Eagle Mountain, I want to give you some ideas of things you can possibly do while the inventory is up on home and you might be worried about doing a price drop, right.
First, instead of dropping your price say $10,000, an alternative would be to buy the rate down for the buyer. To give you an example, $10,000 buy-down took the buyer’s rate from 4% on an FHA loan, to a 3.25%, which saved the buyer $200 in their monthly payments. But here’s the cool thing. By buying the rate down for just $10,000, that amortized over 30 years, would save the buyer $72,000 in payments. So if you can buy the rate down, a buyer can save a significant amount of money over the life of the loan, but it also has more buyers that will be able to qualify for the purchase of your home by utilizing the strategy.
Number two, make sure you price your home accordingly. If you’re overpriced, you’re limiting the amount of buyers who can afford your home. As the cost of the home goes up, the amount of buyers who can qualify for it goes down. And that’s why you see those lower priced homes going more quickly, and they’re typically going to have multiple offers and bidding wars for them. The homes that are more expensive tend to sit on the market a little bit longer because not as many people can qualify for those larger monthly mortgage payments.
And the third strategy, be sure your home has extensive marketing. Be sure you have a plethora of pictures, use lots of videos, and have an extensive online presence. With the larger amount of inventory on the market right now, that means there’s going to be more homes for buyers to choose from. So as the buyers are going through pictures and looking at the marketing online, they’re going to see the homes that look the best first. If your home isn’t marketed properly, it may never get the amount of exposure that you need, because they’re looking at homes that look the best online first. And remember, just putting your house on the MLS and doing an open house isn’t enough. Studies show that buyers do extensive research online when it comes time to purchase a home. So it’s essential that your house has a massive online digital marketing strategy.
And lastly, be sure your home is in show ready condition, and that it’s made available for showings as much as possible. When a buyer’s ready, you and your home need to be ready, too. Now I know it can be frustrating letting a buyer in on a moment’s notice, but with the market the way it is and inventory up and slower than normal, you need to be as accommodating as possible. We don’t want to lose out on buyers, or potential buyers, because you and your home aren’t ready to show.
I hope this was helpful, and as always, feel free to reach out to me so I can tell you more about how I’m on the cutting edge of real estate technology and innovation, which equates to saving you time by selling your home faster, and it’s gonna put more money into your pocket. Make it a great home-buying and selling day.
