Today, the median selling price of single-family homes in Salt Lake County is $225,000, down from a peak of $256,000 in the second quarter of 2007. Buyers are getting more for this amount of money than anytime in the past five years. Even though plenty of houses in this range are selling there is no shortage of inventory.
What you can get for your money depends on location, of course. Generally, you get more bang on the west side of Interstate 15, while your dollars don't go as far in some neighborhoods close to downtown or in sought-after areas such as Sugar House. Where there is active home building, on the other hand, $225,000 might get you a new town home -- or maybe even a small single-family house with a yard. All that said, no area has been immune from the downturn, and most buyers no matter where they look are finding their dollars go much further than they would have gone just three years ago.
That said, buyers need to face reality too. Don't expect to find a three-bedroom, two-bathroom home with a fireplace for only $100,000. That's just not reality. Buyers could lose out on the home of their dreams if they offer such a low price it becomes an insult to the seller.
Many sellers cannot cope with how far the values of their homes have fallen. 'Many sellers are at least a year-and-a-half behind on prices,' said Realtor Marshall, hanging on to what their home was worth a year ago, two years or even three years ago. 'I have to take them out and show them what other homes in their neighborhood are actually selling for to help them realize they are priced too high.'
Please see the Salt Lake Tribune for the entire article.
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