Paul Nelson reportingSome real estate analysts say it could be a while before home values increase in Utah, and home buyers could find some great deals.
But what can home sellers do to get the best price possible?
Speculation is running high on when home prices will bottom out and start to increase again. For some people in the industry, pessimism is high.
Bingham says people could make major modifications to their home like adding a deck or finishing a basement, but if they do that during a down market like this one, they shouldn't expect much of a return on their investment.
"If someone goes in and spends $10,000, you're lucky to increase [the home's value] maybe $3,000 to $5,000," he said.
Bingham says staging a home is the most effective way to sell a home in this market. It's a practice that seems to have become more accepted by real estate agents in the past few years.
Simple Staging Solutions owner Jill Arburn said, "When I first moved here, a lot of people didn't know what home staging was. When I would speak to Realtors about it, they weren't as open to the idea."
The concept of home staging is pretty simple: Clean, stylize and depersonalize your home so others could imagine it as their home. Arburn says it's especially important in a buyer's market.
"The seller needs to do everything that they can to make their home stand out from the other homes on the market," Arburn said.
Some staging tips are relatively basic: Clean the carpets and add a fresh layer of paint. Others have changed over the years. For example, some stagers used to bake cookies so a nice smell would go through the house. That doesn't work anymore.
Paisley Home Staging owner Tamie Ogden said, "People want to walk in and smell clean. They want that fresh, clean smell."
She says a bad smell and a bad impression could kill a potential sale very quickly. "They have eight seconds, that first eight seconds of impression," she said.
Ogden says some buyers get turned off before even walking into the house. She says a bad yard could turn people away, and an empty flower bed is better than a dead flower bed.