March Mayhem
If you have been looking at home prices at all in the past couple of months, you'll have seen home prices increase incredibly!
Really since 2016 we see an increase in home prices, but since about December of 2020, Utah home prices have just hoped onto a rocket and launched to space! Seriously, it has not slowed down since after the holidays.
We are seeing typically all home receiving multiple offers, not just above asking, but guaranteed above appraisal. If you don't know the difference between asking price and above appraisal, I'll just say, it means that buyers are willing to spend more than a bank is willing to lend on a property. Now that is just crazy!
I'll show you some numbers of how the market is performing.
I want to point out 3 interesting numbers I noticed.
Days on Market. This is how long the home is active before it accepts an offer. It went from 33 days in FEB 2020 to 6 days this year. So a whole month shorter. This tells us that we have a big surplus of buyers.
Median Sold price has increased by $53,000 in one year. Again that shows that people feel that homes in Utah are worth more than market value driving prices through the roof
Residential inventory is at an all time low. 2020 it as at 12,741 homes for sale. This year in January it is at 9,332. That is 3,000 less homes on the market than last year.
The Brigham Market
Homes are going under contract in 2-3 days. The typical Brick Rambler Listing gets about 6-12 offers. People are typically going about $15,000-$30,000 over asking with about $10,000 guaranteed over appraisal. Earnest money amount varies greatly but its usually around $1,000 per $100,000. Most offers are making Earnest Money nonrefundable.
A standard Brick Rambler in Brigham is going for around
$270,000-$290,000
Though that can be greatly defer from one home to another.
So far 12 Brick Ramblers have sold in Brigham since the beginning of 2021.
Click the picture to the right to find the right price for your home!