I am constantly asked, "Is it a Buyer's market? or a Seller's market?"

We are in a unique situation right now so I can honestly answer, BOTH!

Some areas are in high demand and have low inventory. That is the definition of a Seller's market. An article in the LA Times explains how low supply is causing "fierce competition" in high demand areas. This is great news for sellers. If you have a home in the right place, and list for the right price, you could have a bidding war on your property. With higher competition, sellers can get top dollar for their home. Based on recent statistics these Hot Spots are a "seller's market".
 
Hot Spots to Sell (sellers market)
 
#1 - Saratoga Springs (84045)  $350K - $400K
Your chance of selling?     Homes for Sale
 
#2 - Salt Lake…

1218 Views, 0 Comments

Read Full Post

If you have been watching the number of homes on the market, then you saw the trend: inventory has gone down. In fact the active inventory this month is 25% LOWER than last January. That represents the lowest supply of homes in a long time. Supply has definitely gone down!

See supply for other counties here

  Another interesting statistic is the recent increase in demand. There are 30% MORE homes under contract than there were last January! Demand is also going up!

See demand for other counties here

  What happens when supply is low and demand is high?   We have the ingredients for a hot market. The last time we saw demand come this close to active inventory was back in 2005. Do you remember what happened then? This was…

1192 Views, 0 Comments

Read Full Post

Christmas time is coming! Should Santa bring your toys to a new house? If you live in a Hot Spot, you may want to send a "change of address" form to the North Pole.

Hot Spots are the areas and price ranges that are in high demand. This means that if you live in a Hot Spot, NOW is a prime time to sell your home. The inventory of homes available has been low. Historically the inventory drops even lower during the winter months. When inventory is low, homes get more attention. Homes in Hot Spots sell faster, and have a greater chance of getting good money for their home.

1. West Jordan (Zip 84084)   $300K - $350K Sales History     Current Homes for Sale   2. Salt Lake City (Zip 84105)  $100K - $200K Sales History     Current Homes for…

1180 Views, 0 Comments

Read Full Post

The numbers are in!

Here are the top ten zip codes for 4th quarter 2010. These areas had the most existing home sales accross the state.


#1. Taylorsville/Kearns (84118)
      151 homes sold
       Median price: $138,000
Current homes for sale

#2. Lehi (84043)
      144 homes sold
      Median price: $210,000
Current homes for sale

#3. Farr West (84404)
      128 homes sold
      Median price: $133,225
Current homes for sale

#4. South Jordan (84095)
      127 homes sold
      Median price: $272,000
Current homes for sale

#5. Clearfield (84015)
      117 homes sold
      Median price: $160,000
Current homes for sale

#6. Draper (84020)
      111 homes sold
      Median price: $349,900
Current homes for sale

#7. Tooele (84074)
      104 homes sold
 …

1117 Views, 0 Comments

Read Full Post

Now is a great time to buy! But what if you already own a home? The overall market may be down, but some homes can still attract buyers willing to pay what your home is worth. What makes these homes resistant to the recession? As the adage goes: “location, location, location!”

By tracking the areas with the highest demand we know which homes will sell well this month. If you live in one of these areas, now is the time to sell so you can take advantage of the other great deals around the state. The low interest rates won't last forever, and will likely increase soon. If you live in one of these hot spots*, now is the time to list your home and start looking for a new home to purchase.

1. Alpine, Zip 84004           Price Range: $300K – $350K
Sales…

1044 Views, 0 Comments

Read Full Post

We are having FUN selling homes!

There is a degree of satisfaction that comes from closing a deal. However, the greater satisfaction comes from knowing the buyer is going to love their new home. It is a fun time to be selling homes because there are so many great deals out there.

I love being able to find beautiful homes for my buyers. One of our clients just got a steal of a deal on their new home. For approximately $1400 a month they get to live in their dream home:

4 bedrooms
2.5 bathrooms
3,436 square feet
.20 Acre lot
3-car garage
RV parking
And a perfect location for their lifestyle; there is a golf course litterally in the back yard!

These great homes and amazing rates won't last forever, but as long as they do I am having fun hooking up my…

1191 Views, 0 Comments

Read Full Post

Viewing statistics is vital to predicting Real Estate trends. I keep track of how many homes are being sold across the Wasatch Front to stay informed for my friends and clients. There are many other factors affecting the Real Estate industry, but this is a quick way to glimpse market changes. Homes prices are driven by how many homes are being sold. When there is a considerable increase in demand prices and values go up.   These graphs and statistics show how many homes have been sold each month for the past 3 years. You can clearly see the bottom of the market back in January of 2009. So far we have had over 20% more homes sell this year than at this point last year. For more information about what these statistics mean for your particular…

1247 Views, 0 Comments

Read Full Post

The Gadberry data group recently conducted a study to determine the fastest growing cities in each state. While other cities across the United States have struggled, these cities have seen growth. The study group focused on factors such as an increase in the number of households, income, and houshold net worth, to determine which cities were showing the greatest growth. Their research, published in Business Week revealed that South Jordan is the fastest growing cityin the state of Utah!

When outlining reasons for South Jordan's persistent growth, Gadberry states, "Development in this city was fueled by the availability of land and large lots, planned communities, and a charming rural atmosphere. The new Daybreak Community development is expected to…

1126 Views, 0 Comments

Read Full Post

How was 2009 compared to 2008? Have we bottomed out? Where is 2010 headed?

The number of homes sold for 2008 across the Wasatch Front was 22,766. The numbers for 2009 are still rolling in but so far, the number of homes sold in 2009 is 22,744. When all the statistics are in the total number of homes sold in Salt Lake County will be at least the same as 2008 and likely higher. Utah County has increased sales over 10% mainly due to the availability of affordable housing, an increased supply of foreclosures and short sales, and 100% financing in Saratoga Springs and Eagle Mountain areas. All of this data means that the number of homes sold has bottomed out! We are now seeing an increase in sales overall.

UtahDave's sales statistics went up 50% from…

1035 Views, 0 Comments

Read Full Post

How well did the housing market do last month? I think these figures speak for themselves:


Compared to last October, Salt Lake County had over 23% more homes sell.

  Ever Since May, Utah County has had more homes sell this year than last year. In fact only three months in 2009 have had less homes sell than 2008!

 

Davis County also had a 23% increase in home sales from last October.

 


Unbelievable! Tooele County had 58% more homes sold in October 2009 than October 2008!

 

For the 1st time this year Weber County has had more homes sell than a year ago. October had a 22% increase in home sales over last year!

  Here is the total number of homes sold in the preceding…

1336 Views, 0 Comments

Read Full Post