Buying or Selling Before the New Year? Six Questions Salt Lake Valley Residents Are Asking
By Becky “Becks” Nielson, Becks Nielson Real Estate | Keller Williams South Valley, Daybreak Resident
If you’ve been wondering whether to buy, sell, or wait, you’re in good company. With mortgage rates above 7% since late September, “should I wait?” is the question I hear most from neighbors, clients, and friends around Daybreak. Here are straight answers to the six questions that keep coming up as the year wraps up, with a closer look at my home turf.
1. Are rates coming down soon?
Probably not quickly. As of Oct. 22, Freddie Mac’s 30-year average was 7.32%, after five straight weeks above 7%. Fannie Mae’s October forecast projects roughly 7.4% through year-end and 7.5% in 2027. Rates and forecasts change, so treat any drop as upside, not the plan.
2. Is the Utah market falling apart?
No. It’s slower, but not broken. In September, statewide closed sales were down about 10% from last year, active listings were up about 11%, and homes averaged 65 days to sell. In Salt Lake County, listings are up nearly 20%. Yet in the $300,000 to $700,000 range, where about two-thirds of Utah sales happen, homes still sold at about 99% of list price. Below $300,000, homes closed closer to 95% to 97%. Nationally, Homes.com reports prices roughly flat from last year, and the Salt Lake Board of Realtors reported a record $645,000 median single-family price in Salt Lake County in the second quarter. That’s more choices and fewer buyers, not a free fall.
3. How is Daybreak doing?
Better on activity than the county around it. In September, 78 Daybreak homes closed, up about 5% from last year, while county closings fell about 10%. Contracts rose 11%, and homes sold at 99.7% to 100% of list in the $300,000 to $700,000 range. On price, Redfin shows the Daybreak median around $574,000 for the three months through July, about 3% below last year. It’s a small market, so a few sales can swing the numbers. The warning sign is momentum: contracts fell about 22% from August, and active listings are up about 13% from last year.
4. Is now a good time to buy?
For the right buyer, yes. There’s less competition, sellers are offering more in concessions and closing cost help, and builders are offering some of the largest incentives I’ve seen in several years. The key is working with an agent and a lender who can use those incentives strategically, such as a rate buydown that can lower your monthly payment. Decide what payment fits your life first, then work backward to a price and a plan.
5. What can I negotiate for?
A lot more than price, and that’s good news. With sellers offering more in concessions and new-construction builders putting some of their biggest incentives in years on the table, you have several paths to a payment that works: seller credits toward closing costs, temporary or permanent rate buydowns, repairs after inspection, and builder incentives such as design center credits. These aren’t interchangeable. Sometimes $15,000 toward a buydown saves more over time than a $15,000 price cut, and sometimes it doesn’t. Have your lender run both.
6. Should I list now or wait until spring?
It depends on your goals. Winter brings fewer buyers and fewer competing listings. Spring brings more of both. If your timeline is flexible, start preparing now. Whenever you list, price it right from day one. Listing high to “see what happens” can mean more days on the market, a price cut, and buyers asking for even more.
A word on adjustable-rate loans
More buyers are choosing them, with their share of applications at about 10.5% in early October, according to the Mortgage Bankers Association. They can lower your starting payment, but if rates are still high when the fixed period ends, your payment can rise. Make sure you could afford it in that scenario.
The bigger picture
Many homeowners are locked into rates well below today’s, which limits how many homes come up for sale and helps hold prices steady even as demand cools. That’s why waiting for 5% rates is a risky plan, and why the best time to buy or sell is when the numbers work for your life.
My advice
Start with your own numbers, not the headlines. If you’re buying, decide the monthly payment that fits your life, ask your lender to compare a buydown with a price cut, and don’t build your plan around a rate drop that may not come. If you’re selling, price honestly from day one and make your home the easy yes. Either way, take the time you need. The right move is the one that works for your family, and I’m always glad to talk it through.
Sources: UtahRealEstate.com MLS data via RapidStats (September 2026); Freddie Mac; Fannie Mae forecast; Mortgage Bankers Association; Homes.com national housing report (Oct. 20, 2026); Redfin (Daybreak, three months through July 2026); Salt Lake Board of Realtors (Q2 2026).
Curious what your home is worth right now? Request your free, no-pressure home valuation. Or if you have a question about your own situation, I’m happy to pull the numbers for your street or price point.
Becky ‘Becks’ Nielson, Becks Nielson Real Estate | Keller Williams South Valley, Daybreak Resident, becks@kw.com | (801) 390-9576.
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