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Absorption rate in real estate denotes how long it would take to sell all the homes currently on the market, without any new inventory coming on board. It is not an exact science as supply and demand has lots of variables.

The general rule is
Below 6 months supply is considered a seller's market
Above 6 months supply is considered a buyer's market
6 months is considered a neutral market

Check out this information from a real estate professional I work with...
You will see that in Salt Lake County homes under $400,000 is turning slightly into a seller's market.

Anecdotally, I am seeing more and more of my clients having problems finding properties after I have qualified them - and it seems there are more multiple offers.

Another indications that things are moving in the right direction.is this 30 day snapshot of the real estate market in Salt Lake County. The Real Estate Report Card. The number of short sales has declined to under 25%. In February, 2011 the percentage of short sales listings was around 27%. We will be watching the market to see if this percentage continues to decline.

I can't stress enough that now is the time to buy. Don't wait. Our market in Salt Lake County is getting better. It will be a slow, steady improvement but if you wait you might end up in a seller's market.

Today's Best Available Rates in Utah

• 30 Year Fixed Conventional - 3.875% but with higher closing costs you can get
• 3.750% 30 Year Fixed FHA/VA - 3.75% with higher closing costs.
• 3.875% with no origination fee 15 Year Fixed - 3.375%

For More Info on what market factors affect interest rates, check out my Mortgage Commentary.

___________________________

I'm Linda Miller, a Smart Loan Lady and Your Preferred Utah Mortgage Advisor

Call me at 801.550.1222

NMLS #39250

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