Britney Spears Gives Salt Lake Real Estate Market Update
March 22nd, 2008 Categories: Real Estate News
Just kidding, I figured it was a better Headline than, Local Realtor Gives Accurate Data.
I find it interesting that people will read a web site and it assume it is the truth, the whole truth and nothing but the truth.
According a gentleman name Adam that has commented recently on 3 Pounds that everyone should read a web site called http://www.housingtracker.net/ The disclosure at the bottom of the site is as follows.
“The numbers provided here are asking prices derived from Realtor MLS listings. The data is an aggregate representation of large markets and should not be used for valuation of individual homes. While every attempt is made to deliver accurate data, the information on this website is provided as-is. No warranty or guarantee of accuracy is offered or implied. This work is licensed under a Creative Commons Attribution-Share Alike 2.5 License.”
According to this site there are 10,149 active single family and condo listings in Salt Lake City. Their claim is that the data is from Realtor Listings, when you click the link it is Realtor.com, BTW Realtor.com is not owned by Realtors. It is a third party for profit corporation that has a very checkered past.
Well back to the data. I am a Realtor with access to the MLS and as I am typing there are 7,385 active listings in Salt Lake County which is a whole lot bigger than Salt Lake City. It is hard to get an actual count for the city because a lot of listings that are in the un-incorporated areas of the county show up as Salt Lake City. But, I ran a search for Salt Lake City anyway which includes those other listings too and the count is 1,975.
He claims that inventory is up 76% and that prices in Utah are going to come down 25%. That is pretty brassy statement.
Based on that all I have to say is double check your data. You don’t want to make large financial decisions based on a web site that sells ads and especially from people that go on and rant and make harsh statements based on some info they read somewhere.
I will never claim to be a 100% dead on accurate. The reason I say that is because the data is fluid and is always changing. Also no one person or organization has “all the data”. Nope, no way.
Well I don’t think Adam is deliberately trying to lie to people he just needs to get decent data, that’s all. I believe his intentions are honorable. One of the real clues he is not doing thorough homework was his comment “They are not partial to Utah and don’t try to sell you the Real Estate is local crap”
Although Real Estate is affected by things that happen Regionally, Nationally and Globally, make no mistake “Real Estate is Local In Nature”.
In February Forbes magazine rated Salt Lake as the best city to be buying right now. The reasons are jobs are plentiful, inventory is up, interest rates are great and buyer’s can negotiate a deal…
I welcome any input whether it can be substantiated or not.
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Rob - well done my friend - your title grabbed me
What I find interesting is people think this is the first time the market has shifted. The market has always shifted and always will. The only thing new is the people following it.
Real Estate is a cyclical, just like the stock market. In fact the injection of new money that fueled the subprime market actually came from the stock market.
So far I hear a lot of points being made but no real data to support it. Yes inventory is up. When would be a good time to negotiate a deal when the sellers call all the shots or the buyers.
There are two types of markets.
1. Sellers Market
2. Buyers Market
WHAT DO YOU THINK “BUYERS MARKET” MEANS?
I post numbers from the MLS.
There are active, pending and sold.
You have access to the active listings.