It’s Simple: Now Is the Time to Buy a Home

Posted in Featured, General Musings, Housing Analysis

The millionaire says to a thousand people, “I read this book and it started me on the road to wealth.”  Guess how many go out and get the book? Very few.  Isn’t that incredible? Why wouldn’t everyone get the book?

Read the rest of the article here:  It’s Simple: Now Is the Time to Buy a Home.

Market Statistics For Salt Lake County-October

Posted in General Musings, Market Statistics

Market Statistics For Salt Lake County

There is good news ahead for all you folks that have been anxiously awaiting good news on the real estate front.  The market statistics for Salt Lake County are right here in this video graciously produced by the Salt Lake Board of Realtors.

What this video says is that home sales in Salt Lake County are up over last year, prices are stabilizing in most areas (some areas with a lot of distressed properties will continue with a slight decrease), but quite honestly…all in all it’s a great time to buy a home.  Lots of buyers are jumping off the proverbial fence and taking advantage of great prices and low interest rates in homes along the Wasatch front, and with first time buyers jumping in, that starts the domino effect for those of you who have homes to sell before you can move on.

So, if you are ready to take the plunge….there’s even better news!  You first time homebuyers still have time to get into your new home before the Holidays (well, unless you are talking about Thanksgiving…we have to draw the line somewhere!)

Give us a call at 801.819.9005 and let’s chat about how we can help you get started down the right road to be Home For The Holidays!

Salt Lake County Market Update

Posted in General Musings, Market Statistics

Market Update For Salt Lake County

Boring statistic time! Now comes before us the Salt Lake County market update for February 2010.  This time we are approaching things a bit differently and comparing year to year .  Yes, I know that most everyone has come out comparing 4^th quarter 2009 to 4^th quarter 2008 with weaping, wailing, and gnashing of teeth however, in our humble opinion, this information is not entirely accurate.  Pricing and sales fluctuate during a quarter , so to accurately gage what is happening in the market, let’s take a look at the year to year trend.

For example

Let’s take a look at single family homes in Salt Lake County over the last 3 years.  The average price for a single family home in Salt Lake County increased from 2006 to 2007 by 9.56 % (the last year of the madhouse sellers market).

Now we all know, unless you were on a deserted island and had no TV or internet news channels, that sales prices  (we are talking Utah here, remember Real Estate is a local issue) decreased in 2008 and 2009.  However, in Salt Lake County the decrease in 2008 was only 2.76% and 6.99% in 2009.

Therefore, at the beginning of 2010 we are dead even with 2006 prices.  So, like Walmart, we have “rolled back the prices” to 2006 levels, which means that most areas of the Salt Lake Valley are in the affordable category again.  Similar trends have happened in Tooele, Davis, Utah counties.

Now, if you’re a first time homebuyer…

This means great things to you.  Not only are prices more affordable, but there are incentives like the $8000 first time homebuyers tax credit and extremely low interest rates to help you into that home.  Likewise, if you have lived in your home for 5 years and are ready to move up, the same interest rates AND a $6500 move up tax credit is available to you.  And by the way, those can be claimed THIS year to help you furnish that new home, put in a yard, or what ever you want to do.

If you are thinking, or know someone who is, about making a move, give us a call.  We can answer your questions and give you the information you need to make an educated decision…besides, we love to talk! Call us today!

How Much Are Salt Lake Homes Going For?

Posted in For Buyers, General Musings, If You're Selling

Now, I am not a statistic minded type person, but my office is, and they have given me some interesting market statistics for Salt Lake County, so naturally I would like to pass those on to you statistical minded people, cause, well….that is my job you know, to keep you informed!

Salt Lake County Single Family Homes-
3rd Qtr Comparison 2008-2009

Salt Lake County Condos-3rd Qtr Comparison 2009-2009

Salt Lake County Total Listings And Price/Days On Market Comparison- 3rd Qtr 2008-2009

So, What Do These Market Statistics Mean?

To put it quite simply, our market is stabilizing. Home values on both single family homes and condos only decreased in Salt Lake County only 4-5% on average (and of course this is not quite what the economists were predicting at 10-20%).  And if you take into account that foreclosures and short sales are thrown into that average…. it also means that some price points in home values have actually Increased…like First Time Homebuyer homes of $250,000 and under.

However, New Listings on the market have decreased by 20% which means that folks are holding on to their homes and waiting for the market to rise again, another indication of a market stabilizing itself.

What does that mean to homesellers in the Salt Lake area? The market is coming around.  With new listings down 20%, it may make sense for you to make your move. Give us a call and we will be glad to help you determine if now is the right time. 

What does it mean to homebuyers in the Salt Lake area?  It means the freefall is about over.  If you have been waiting for the bottom before making a move, don’t wait much longer or you will have missed it…if you haven’t already.  If you are thinking about buying your first home, or moving up….give us a call. We will be happy to help you determine if  homebuying is right for you!

If you are not doing either….give us a call anyway. We love to talk, love to answer questions, love to help with anything you need…even if it is just a good restaurant. Ciao’