Now that it is a new year I keep getting asked by friends and clients if 2011 is the year to sell. My response is always: "Take a look into my Crystal Ball!"

The Crystal Ball uses recent sales and homes on market statistics to predict the probability of a successful sale. It also arms you with valuable information the market over the past year. Homes on Market (supply), as well as Homes Sold and Homes Under Contract (demand). It also offers an average Months on Market, so you know what time-frame you may be looking at. This information prepares you to sell your home when demand is the highest.   Each month I look for the 5 areas with the highest probability of selling. These areas are Hot Spots! If you live in a Hot Spot we should evaluate your…

1271 Views, 0 Comments

Read Full Post

Utah’s local Economist, who has been proven accurate in past statements, speaks about today’s economy. The past couple of years I have been following Kelly Matthew’s market predictions. As a testament to his knowledge of local market fluctuations, Wells Fargo has been able to weather the economic storm better than most other financial institutions by using his predictions. 2 years ago, Kelly said prices for Utah’s housing would have to come down. In January of last year he said it looked like the inevitable was happenening and predicted that 2009 would be a bottom. Recently Kelly Matthews spoke, with another Wells Fargo Investment Strategist, about the current market. You can find the full article hereon KSL.com

What did they say?

It looks…

1268 Views, 0 Comments

Read Full Post

Are we going up or down in Utah Real Estate?

Lets look at the numbers for Salt Lake County.

Sales in 2007

Oct 1033 November 927 December 803 Jan 2008 645 Feb 2008 766

Sales in 2008

Oct 846 November 592 December 687 Jan 2009 Predicted: 575 Feb 2009 Predicted: 700

So what happened year over year?

Oct 18% decrease November 36% decrease December 14% decrease Jan Predicted decrease 10% Feb Predicted decrease 8% Decrease.

What can we look forward too?

Our sales numbers have hit bottom. We had huge decreases and there isnt a way for it to decrease anymore. And actually we are receiving multiple offers on many homes. Our number of actives in Salt Lake have decreased to 7500. Last year there were 10,500 homes sold. So at the current rate…

1212 Views, 0 Comments

Read Full Post

Current Situation…and the CRYSTAL BALL for the future

A week ago we were talking in our office about demand. We have been watching ‘pending’ home sales decline and decline. This is typical during this time of year. Generally 1rst quarter after 4th quarter is where it bottoms out. So we thought, when was the last time home sales have been this low? We can’t find data that goes back that far. We speculated it must be as far back as the 1980′s. It also seems like the demand should be there to buy homes, but where are the buyers? We speculated as well that the demand is there and that it would arise soon. Im not an economist (Im a salesperson, I sell real estate not analyze numbers, we are diffrent breeds) and I dont have the data they do, so I looked…

1206 Views, 0 Comments

Read Full Post

Utah Housing Market Update for 2009

Current Situation...and the CRYSTAL BALL for the future

A week ago we were talking in our office about demand. We have been watching 'pending' home sales decline and decline. This is typical during this time of year. Generally 1rst quarter after 4th quarter is where it bottoms out. So we thought, when was the last time home sales have been this low? We can't find data that goes back that far. We speculated it must be as far back as the 1980's. It also seems like the demand should be there to buy homes, but where are the buyers? We speculated as well that the demand is there and that it would arise soon. Im not an economist (Im a salesperson, I sell real estate not analyze numbers, we are diffrent breeds) and I…

1026 Views, 0 Comments

Read Full Post