Is Utah's housing marketing starting to mirror that of San Francisco and the Bay Area? According to Bankrate.com, Utah has been deemed the "king of its national housing heat index". Why is Utah such a desirable place to live amidst a world wide pandemic? Utah boasts the nation's strongest pace of job growth, near rock-bottom unemployment rate, low mortgage rates, and low state and local taxes. When Covid-19 began, and working from home started to look more like a permanent solution to stopping the spread of the virus, many Bay Area residents started searching for a new place to live. The East Bay Times reported that nearly 115,000 residents moved out of the Bay Area. The situation was quite opposite for the state of Utah; people flocked here, but for…
High density housing is on the rise throughout Salt Lake County and has been for the past 10 years, but what affect has it had on the housing market, like single-family homes? The University of Utah did a study on this subject and found that the increase in high density housing actually increased the value of single-family homes. The study concluded that Salt Lake County homes that were located within .5miles of new apartment complexes experienced a 10% annual increase in the average value. This was in comparison to single-family homes located further away from apartment projects. The research also narrowed the findings into four quadrants and found that the most value occurred in "West" Salt Lake Country, which is comprised of Rose Park, West Valley…
EXHIBIT A: Listed with a different Brokerage
The home above was on the market 4 months and NEVER SOLD. Last listed at $339k (Below what we sold the exact home for shown below) This home has 3 tone paint, real hardwood floors, updated colors, and modern white kitchen with granite and backsplash. It's also partly fenced.
EXHIBIT B: Listed with Utah Dave @ goBE Realty
Meanwhile, this home sold for $340k in 3 weeks. It only has 2 tone paint and brown colors. Formica counters throughout kitchen and upstairs instead of granite like the home above. Laminate hardwood not real hardwood floors. Also, no fence on this home as opposed to the partially fenced home that dind't sell. The only other difference between this home and the one above…
Same Builder... Same House... Same Area... Same Time on Market.... VERY DIFFERENT RESULTS
THEIRS: (LISTED WITH A DIFFERENT COMPANY: good experienced agent and brokerage)
On the market for almost 2 years!
Ended with a Lease Option for thousands less than ours.
Fully finished basement with wet bar
Larger yard/ lot
More upgrades in Master Bath
OURS: LISTED with UTAHDAVE of goBE Realty
Offers within a few days!
Sold for $345k
Only a partially finished basement
Smaller lot than comparable home above
Utah is a non-disclosure state on sales price. To gain sold data on listings that aren't ours call 801-966-4000.
As you can see in the apple to apple comparison that you see above, the real estate…
FHA loan limits have increased! The FHA loan limits went from $304,500 to $312,800 in Salt Lake County. What dose this mean to buyers and sellers? If you buy in Salt Lake County with an FHA loan purchase price (typically putting down 3.5%) this makes your purchase power increase from last year approximately $8,000.
Something for Sellers to keep in mind: if you list your home for $325,000-$440,000 you are only making your home available to buyers that are able to put 5% down (this price range is above the 3.5% down FHA limit). However; if you list at $325,000 you then add a plethora of buyers to your purchasing pool by including 5% down buyers AND 3.5% down buyers. This makes your home an option for many more buyers and your ability to sell that…
What not to ask when selling your home: "What is my home worth?" or "What will my home appraise for?" This is not the right way to understand the value of your home. An appraisal is an estimate of value or to put it more simply; one person's opinion of the value of your home. As we all know that opinion is not necessarily fact, it's important to know that there is no such thing as an absolute number that your home is worth
Here's what happened to one seller of mine. The buyer's appraisal of their home came in $70,000 below list price. Yikes! After hiring 3 different appraisers on the same house all 3 came back with very different "opinions" of value. After 2 weeks of convincing the banks, the buyers, and the REALTORS, I was able to sell the home for…
It is expected that Utah's population will double within the next 35 years increasing to nearly 5.4 million residents. Most Utahn's will be living in the concentrated area of the Wasatch Front. More people means more houses and more cars with a limited area of land. When it comes to housing most Utahns feel like high density housing is the solution.
Tomorrow's population issues are already being addressed today and the market is reacting. We are seeing smaller lots for single family homes and more apartment complexes developing with low vacancies. There has also been a demand for more dense neighborhoods designed for walk-ability and public transit. Residents have stated that these features are essential in keeping future housing and transportation…
Everyone asks me “When is the best time to buy a home?” The answer: Before April 1st!
Waiting until after April 1st will cost you money. Big money! In fact, waiting until after April 1st could cost you at least 6% of your home purchase. That means you’ll be paying a lot more for your house!
Here are 3 reasons why you should buy before April 1st.
1.) Supply and Demand! The last time we saw our current levels of supply and demand was 2005. Do you remember what happened last time? Prices skyrocketed. Here is our situation: the supply of homes is less than 50% what it was a year and a half ago. If you've been looking at the homes for sale you've noticed that many are short sales that already have multiple offers. This means you will…
I just came across a report that confirms what I've been saying for almost 2 years! People are getting tired of living in crowded homes and putting their lives on hold. The "demographic component of housing demand is strong; it’s just the economic and psychological components that are holding things back". New households are being created faster this year than they have since before 2007. With a low inventory of homes available this could go a long way to help jump-start the housing market.
Over the past few years we have seen an increase in the "moving-back-in-with-Mom-and-Dad" phenomenon. College graduates have been unable to find jobs upon graduation and return to live with their parents. Now that employment is begining to recover these graduates are