Salt Lake City UT Real Estate Market and Short Sales

Where did all the Short Sales go?

Short Sales in our Salt Lake City, Utah Real Estate market are less prevalent than they were in April of this year.

There are 7767 homes for sale in the Salt Lake market today, 24% of those are short sales.  Compare that to 7635 homes for sale in April of this year when 42% of those were short sales.

The number of short sales that closed in the past 12 months was 20% of the total number of homes sold (11,581) compared to 13% short sales that closed in the 12 months prior to April of this year (11,399).

So what happened to the rest of the short sales?  
There are three possibilities that I can think of.  
1) The Short Sales were foreclosed on by the bank and now show up as bank repos or
2) The Short Sale Scams by some investors have been pulled off the market or
3) The owners were able to do a loan modification and save their homes.
Maybe the HAMP (Home Affordable Modification Program) has helped.  I really hope that is the case.

This could be good news for our Salt Lake Real Estate Market.  Short Sales have been driving prices down.  In my own neighborhood I have a bank repo next door a short sale on the other side and a bank repo across the street.  On my block there are 5 short sales or bank repos.  WOW!

So if you've been procrastinating on buying a home (Short Sale or not) maybe it's time to get in to gear and find a good deal.  With interest rates at a historical low, it's the perfect time to buy a home.

I am a short sale expert!  If you know someone looking to buy a home at a great price, or anyone facing a financial hardship please have them call me! 

Linda Bills 801-347-3384