Southern Utah market watch: Red Rock Real Estate helps buyers negotiate successfully as prices stabilize
CONTRIBUTED CONTENT — When it comes to real estate, buying and selling in Southern Utah looks a lot different now than it did a year, or even six months, ago. The pandemic-fueled frenzy is over, and the market is gradually stabilizing.
“We’re getting there. We’re headed in the right direction,” Red Rock Real Estate managing broker Tammy Houchen said. “I think we’re going to see a boost in homebuying over the next few weeks and months.”
In late 2022, listing prices in Southern Utah were in the midst of a downward slide. Properties were selling for 8% to 12% less than during the peak of the pandemic, but those numbers have also stabilized in recent weeks. In terms of both available homes and pricing, Houchen said the market is starting to look more like 2019.
Mortgage interest rates are still significantly higher than they were before the pandemic, but industry experts don’t foresee them staying above 6% in the long run. In an effort to make homeownership more attainable for buyers, including first-time buyers, lenders and brokers have developed incentives such as down payment assistance programs and interest rate buydowns.
“Right now, you’re dating your interest rate but you’re marrying your house,” Red Rock Real Estate principal broker Allen Holland said. “You can refinance after six months or 12 months to get a lower payment because interest rates will have dropped, and you’ll already be in the house you love.”
The only section of the market that hasn’t experienced an overall downshift is properties listed at $1 million or more, because high-end buyers aren’t typically affected by interest rates. In fact, Houchen said there’s currently an influx of cash buyers scooping up multimillion-dollar homes as investment opportunities. Many investors have pulled their money out of stocks in the wake of Silicon Valley Bank’s collapse, instead opting for the greater long-term security of real estate.
As the largest real estate brokerage in Southern Utah with agents offering decades of experience, Red Rock Real Estate is well-equipped to navigate shifting market dynamics.
“No matter what kind of market we’re in, there’s always an opportunity to do business,” Houchen said.
Advice for buyers
Shop around with different lenders for the best interest rate.
Use an experienced agent.
Don’t be afraid to submit an offer, even if it’s a bit low.
Negotiate closing costs and/or an interest rate buydown with the seller.
Advice for sellers
Present your home as nicely as possible, either by staging it or making repairs.
Use an experienced agent.
Set a realistic selling price.
Be willing to negotiate.
Not all real estate companies are created equal, and neither are their agents. As locals, Red Rock Real Estate’s agents and brokers love Southern Utah and are passionate about the community. Their knowledge of the area allows them to serve clients more effectively, helping both buyers and sellers get the most value out of every transaction.
“We have the most full-time agents in Southern Utah,” Holland said. “Our agents have been doing real estate here for many years, and our marketing is top-notch.”
Red Rock Real Estate is a group of real estate professionals representing buyers, sellers, property owners, tenants and people from all walks of life looking to make an investment in Southern Utah. When the full-service brokerage was established in 2012, the founding partners set out to revolutionize the industry with their leadership mentality. Today, their team encompasses over 40 brokers and 375 agents.
Alongside Red Rock Property Management, which maintains a portfolio of more than 700 homes, and Red Rock Vacation Rentals, which manages over 300 nightly rentals, the brokerage is growing, thriving and owns the greatest market share in the St. George area.
Red Rock Real Estate | Address: 90 E. 100 South, St. George | Telephone: 435-275-2775 | Website.
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