The number of homes for sale in Salem Utah typically fluctuates between 50-100 available homes. The Salem Utah real estate market was slow between 2007-2011. The market was full of Salem Utah short sales and Salem Utah bank foreclosures. In fact, during these years about 50% of the homes were distressed properties. However, at the begining of 2012 the Salem Utah Real Estate Market started moving again and prices started increasing from 2013 to 2016.
Paul Teasdale the principal broker of Team Teasdale Realty makes regular youtube videos about the current Utah County Market Conditions. This video is very relevant to the Salem Utah Real Estate Market. I encourage you to watch it and familiarize yourself with the current direction of the Salem market. If you have specific questions about the real estate market feel free to contact Paul Teasdale directly. Contact Paul Teasdale
The Salem UT market trends contributes to the determination of fair market value. For example, if pricing a Salem property for sale, the laws of supply and demand apply. In a seller’s market, the supply of real estate property is lower than the demand of qualified buyers. Therefore, the fair market value in a seller’s market would be higher. In a buyer’s market, the supply of real estate property is greater than the demand of qualified buyers. In that case, the fair market value would be lower. It is important to understand if the Salem Utah real estate market is a buyer's market or a seller's market. If you are a buyer or a seller in Salem you need to know the current market trends. Feel free to conact Paul or one of his Salem Utah Realtors for an update of the current Salem UT market trends.
Ideally, you should buy a home in the off real estate season. The Salem Utah Real Estate market is in it's prime from March to November. After Thanksgiving sales slow down until March. Buyer's are busy doing other things during December and they are just not in the mood to shop in January. The phones at Team Teasdale Realty start going nuts in March. A little warmer weather and everyone wants to buy a Salem home at the same time. It is important to understand their are still buyers in the Salem Utah Real Estate Market only about have as many as the other months. Finding the perfect market conditions to buy a home is a little harder and riskier. You could decide to wait to buy a home because prices went up, but then prices go up further and you can no longer afford a home in the area you want. As long as you plan on living in your home for 10-plus years, buy a home when you want to and where you want to, as long as you stick to your affordable payment range.
