Kim Novak's Utah Real Estate Blog: Short Sale Market Share in Northern Utah including Salt Lake, Davis and Weber Counties

News, Trends & Discussions About The Real Estate Market in Northern Utah

Short Sale Market Share in Northern Utah including Salt Lake, Davis and Weber Counties

There are approximately 11,500 active home listings on www.UtahRealEstate.com (Wasatch Front Regional MLS) in Salt Lake, Davis and Weber Counties. Almost 2,500 of those home listings, are Short Sales = 21% ... one in five.

Additionally, at least 10% of the homes currently on the market are vacant.

What does this mean? It means that opportunity abounds for both home buyers and sellers. Yes, I really meant to include "sellers".

For buyers, the current market offers unprecedented opportunity to "buy low", in the areas which will most likely rebound first (and yes, the real estate market WILL improve - check back beginning in mid-2012).

For sellers, the increased "do-ability" of getting a bank to approve a short sale, and the current tax laws that allow you to avoid the inevitable 1099 for the deficit as income and Fannie Mae's credit forgiveness in place, gives underwater homeowners the opportunity for a fresh start.

Not good news, not bad news, just news. And opportunity.

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

5 comments • Kim Novak, REALTOR® • November 17 2010 04:34PM

Comments

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