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Is It A Buyer’s Market Or Seller’s Market?

There are a lot of properties on the market in Utah right now. Not just Park City, but across the entire state. Perhaps there is a reason why.

Whenever home sellers put a higher price on their properties than buyers are willing to pay, you get a market that is flooded with properties for sale. If you want to sell your home in today’s market then you’ve got to be willing to adjust your price to what buyers are willing to pay. In real estate circles, we call it “what the market will bear.”

In truth, real estate value is a moving target. It depends on who is doing the evaluating. Sellers typically overvalue their properties. Buyers generally want to pay less. But often a buyer can get a decent deal on mortgage rates and come out ahead by paying a little bit more for the property and saving on closing costs. The trick to buying and selling real estate in any market is to be willing to negotiate - not just on price, but also on terms. Listen to what your real estate agent is telling you and listen to the other side of the negotiating table. What do they want? Can you meet on common ground?

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