Real estate is local. My colleagues who work in markets where most of the buyers live in the area full time (think Boston, Houston, Dallas, Bay Area of California) complain that there is not enough inventory and they are seeing multiple offers.
In the ski resort towns of the West, that story is very different. Inflation, the war in the Middle East, an unstable stock market, higher oil prices, and interest rates have had a negative impact on consumer confidence. This has led to the creation of a buyer’s market in most (but not all) Wasatch Back neighborhoods. What does this mean if you are trying to buy or sell a home in our market?
Most agents and their clients use past sales as a guide for present value. In our current market, this no longer works. What a home was worth in January 2026 has no bearing on its value today. This reality has led to numerous price reductions as sellers try to find the magic number that will encourage buyers to write offers. Some sellers are giving up and pulling their homes off the market. Personally, I am selling a property and it took 3 price reductions before I found the magic number, which was 10% below the last sale in January. We are working with many clients who were required to lower their list price more than once to sell their homes.
A property is worth what a willing and able buyer is prepared to pay for it.
Real estate agents are not in control of that number. We can influence it by preparing a home to look its best for showings and by being present at showings to highlight the home’s features and benefits. We advise our clients to list at a price that will engage buyers. If we have no showings or several showings, but no offers, then we know we aimed too high. It doesn’t matter what the last sale was. What matters is the current buyer engagement.
If you are a buyer, you have more selection and can be more aggressive than at any time in the last 6 years. You just need to find a seller who has a real reason to sell and the equity to agree to a price that works for you.
This is a real estate market requiring finesse and true skills. Sellers can become highly emotional when they realize their home is worth less today than it was 6 months ago.
If you are considering listing your home or purchasing in our market, please get in touch and it will be our pleasure to share our best strategies and advice.