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…
Daybreak has been deemed #5 in the U.S. for Top-Selling Master-Planned Communities of Mid-Year 2020! Year to date new home sales in Daybreak are up 40%! All this despite living through a pandemic. New home sales did have a small hit in March and April as stay-at-home orders we implemented. However as restrictions lifted there was a sudden surge of demand in home sales.
Communities, like Daybreak, that are able to offer a variety of housing options and different price points continues to be key for growth in these master planned communities. Low inventory coupled with high demand keep builders and development busy expanding these areas.
For more details…
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…
A new elementary school in Daybreak's Creekside Village is anticipated to open in the fall of 2017. Construction begins in the Spring of next year. The school will be located at approximately 10200 S and Kestrel Rise Rd. The Jordan School District is also slated to build a middle school on the same plat of land in coming years. The development of these schools are exciting news for current and future Daybreak residents. Building schools is a step in the right direction for the creation of more walkable neighborhoods within the community.
With South Jordan being ranked as one of the nation's fastest growing cities according to the U.S. Census Bureau, the promise of new schools is not only a convenience but also a necessary response to the growing…
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…
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…
Typically the market heats up as the weather does. You can see from the graph below how spring months are some of the best months to sell your home.
Despite fluctuating weather, home sales are steadily rising. The market is positioned for some great growth. The low inventory will give new sellers an edge with the new home on the market!
Looking at home sales versus homes under-contract we can estimate which areas are heating up faster than others. If you live in one of these zip codes, contact me quickly while the demand in your area is hot.
If you don't live in one of these Zip codes, it still may be an opportune time to sell. Sign up for a free Market Report or a Home Analysis to see when the timing is just right for you.
1. Salt Lake City,
March is a time for warming weather, leprechauns, rainbows, and pots of gold. In the housing market March is also a time for increasing sales and improved activity. Historically the market begins to heat up as the weather does. Timing is everything in Real Estate, and knowing when to act is vital for your success.
The market is poised for some great improvements and opportunities. Recent sales history can help us estimate which zip codes will be able to sell this month.
If you live in one of these HOT zip codes, your home may be the pot-of-gold at the end of the rainbow. Contact me quickly while the demand in your area is hot. You can also sign up for a free Market Report or a Home Analysis to help you decide when the timing is just right…
Question: Why is it a small window? Answer: Supply
The number of available homes to purchase has decreased. There is not much supply out there. In fact the supply of homes is lower than I have seen it in a long time. Lately the demand has also been low. We have had the least amount of buyers looking for homes that we have ever seen. What happens when you have small demand? Prices fall flat on their face. That is where we are right now, low prices! That is the opportunity.
Question: How long will this window last? Answer: Not Long
The opportunity will end when the cost of homes starts to increase again. This will happen when demand increases to normal levels. A few factors suggest that demand may be normalizing soon.
1st: it has been
I just added the latest local market statistics to my Facebook Fanpage.
Find my review of 2010 HERE
It is part of my Fans-Only page, so be sure to "like" the page to see the content.
My report includes a month-to-month look at the total number of homes sold as well as active homes on market. You can also see a breakdown of new listings per month, new under contracts for each month, and total number of homes under contract for the month.
There is a link to recent articles on foreclosures and reports on the current market value.
You can also see information on remaining grant money, interest rates, and my interpretation of current trends.
Become a fan, and gain access to valuable market information!