Many people have asked me recently “How’s the real estate market?”  That’s a great question because A LOT has happened lately so I wanted to share a few insights to answer that question more precisely.   Here is a link to the Utah County Association of Realtors web site where you can learn what’s really going on in Utah County. No media hype here, just the cold hard facts, the black and white data. www.UCAOR.com/stats/  Here is your executive summary:  

1. The amount of homes sold this year has gone up 9% to 5009 homes (the first time we’ve exceeded 5,000 by Oct since 2007).
2. Median sales price rose 7% from $178K to $190,750…matching prices we saw in early 2010.
3. Active listings are down a whopping 56.5 percent since the high in Aug of 2007. This is significant because we no longer have surplus of homes for sale without buyers.
4. Days on Market for homes listed improved significantly to only 49 days, down 47 percent from last Oct’s 93 days.
5. The bottom of our market was definitely without question last fall. Since January 2012 sales have been hot.  Almost all of the clients I’ve worked with this year have been in a “Multiple Offer Situation”.  
6. Every builder I know has raised their prices this year. In fact many of them have raised their prices multiple times!  The cost of land, labor and building supplies are going up.  
7. Interest rates are AMAZINGLY LOW. Bankrate.com national average for a 30 yr fixed mortgage is only 3.38%. These low interest rates and low housing costs make Housing Affordability still at historic lows!

Summary: Listings are down and sales are up! We need more inventory/sellers. If you wanted to sell but prices just weren’t high enough now may be the right time to try again.  Buyers, be prepared for multiple offers. In this market, you need to act quickly and be smart in negotiations. Don’t ask for too much or you’ll lose the house and your wife will be mad at you :  )   Part of the reason our local real estate market is doing so well this year is because we have great leadership in Utah. Our state will begin the Legislative Session with a projected $300 million in surplus. Our leaders have been pro business AND pro home ownership.  We have a lot to be grateful for.  If you or anyone you know is considering buying or selling a home, please let me know. I specialize in selling residential homes and investment properties here along the Wasatch Front.  I am anxious to help any way I can and promise to do a good job for you.   Here is a link to a recent national news story done by ABC News discussing the National real estate market as a whole.  Housing Prices Increase Across America    http://youtu.be/vUfutubE4y4   You should watch the short news clip but bottom line is that it reports for the first time in 6 years the nation on average reports 6% appreciation from October 2011 to October 2012! Wow that’s a huge step in the right direction. This a  great sign that our national real estate market is on the mend!   I hope this information is both informative and helpful.  I look forward to serving you or anyone you know with their real estate needs.  

 Sincerely,

 Lewis
Lakeview Realty