Industry News

Buyer’s real estate markets do exist

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Sue Wilkerson, a Realtor with Terra Venture Real Estate, moved to Ogden, Utah, seven years ago from Northern California. Since then she has watched from afar as the California home she sold has jumped in value about $600,000. In Ogden, where the average time-on-the-market of for-sale homes is 73 days, the raging West Coast seller's market seems as distant as the moon. "It's night and day," said Wilkerson, "Our houses are so inexpensive compared to California. Most people in California can't even fathom what we can buy houses for here. It's not even close." While the nation's real estate industry has basked in a seller's market for the past few years, some individual regions are reeling in a counter-cycle due to a frenzy in home-building activity, a glut in for-sale homes inventory, a stabilization or drop in home prices, job-market distress or other factors. A six-month supply of inventory, calculated by the length of time it would take to exhaust the current inventory of ho...