Love Where You Live
LEWIS BARTON.com
email@lewisbarton.com
801-427-1333
Love where you live! Check out my new listing in Lehi, close to Thanksgiving Point, Front Runner and I-15. Main floor living with 4 bedrooms and 2 baths. Vaulted ceilings, stainless steel appliances, and large basement family room. Home is in walking distance from the clubhouse. Listed for $165,000 - 3122 W Desert Lily Dr Lehi, UT 84043.
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:
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
During the months of July, August, and September, the median single-family home price in Salt Lake County increased to $218,000 from $197,000 – a whopping 11% higher than 2011’s third quarter. This is the second consecutive quarterly increase this year and the first time in five years that home prices in Salt Lake County increased in a third quarter.
“Salt Lake City ranks among the top 25 major U.S. cities showing the biggest home-price increases,” said Donna Pozzuoli, president of the Salt Lake Board of Realtors. “In fact, this year is the first time in five years Salt Lake home prices have made a comeback.” Pozzuoli added that the recent price increases are the result of low inventory levels. There were 3,938 homes listed for sale in Salt Lake County during this year’s third quarter. It was the lowest inventory level (for a third quarter) since 1997.
Some ZIP codes experiencing the biggest percent increases in Q3 median home prices included:
84123 (Kearns) Up 21% at $208,500. 84124 (Holladay) Up 17% at $295,000. 84109 (Canyon Rim) Up 13% at $284,900. 84093 (Sandy) Up 12% at $306,950. 84081 (West Jordan) Up 11% at $227,000.
Condominium sales in the third quarter showed impressive sales gains with 621 units sold – a 29% rise. The median price of condos sold increased to $145,000, nearly unchanged from a median price of $144,800 last year at the same time.
Salt Lake County home values are a reflection of what the market it doing state-wide. Interest rates are holding at record lows. It’s a great time for both buyers and sellers.
Most people think that the holidays are too hectic to think about buying a new home. The truth is, maybe hectic, but worth the trouble.
With unemployment rates still high and looming holiday expenses, many home sellers are extremely motivated to sell immediately and are more willing to negotiate a lower home price. Properties that are on the market over the holiday season usually have very serious sellers.
Most owners are anxious to get the home sold before the end of the year because it helps on their taxes. Serious sellers mean more negotiating power for the buyer, especially if the home has been on the market for several months.
With so many people shopping, traveling and entertaining, November and December are usually slow for real estate. Buyers can take advantage of that fact and find less competition for the most desirable homes. Fewer buyers and plenty of listings on the market mean bidding wars with other buyers (which can drive up the cost of the home) are less likely to occur.
Mortgage companies are slow as well. They have fewer transactions, so that means your loan can get processed faster and that leads to a quicker closing.
Most settlement costs paid to the mortgage company, lender or broker are tax-deductible in the year in which you pay them. If you close on or before Dec. 31, you may be able to deduct the interest on your first monthly mortgage payment from your taxable income. And, you may be able to deduct points paid to reduce your interest rate as well.
Let’s get out there and go shopping for that perfect Christmas gift!
Now is the time to sell your house. If you have been thinking about selling, don’t wait. Now is the time. The Real Estate Market is turning around.
With 30-year mortgage rates below 4% and signs that prices have stabilized, buyers are back. And with them comes something the residential market here has not seen in awhile — multiple offers, many above asking price. This allows you to choose your buyer that best fits your needs. It’s definitely a seller’s market. Inventory is low in most areas and price ranges, and buyers generally outnumber available properties. There also is an urgency among many buyers given the fact that mortgage rates have dropped so low.
The bottom line is that homes that are priced right and in good condition don’t remain on the market long. Lower prices and super-low mortgage rates can translate into a monthly payment that is similar or even lower than what some pay in rent. And that’s a powerful incentive for buyers. There are so many buyers that could not qualify for a mortgage in the past. Because of these rates, they are able to get into a home. Buyers are exited about the fact that they can now get a loan with a great rate, and they are out shopping for their new home.
So what are you waiting for? Call me today to discuss the possibilities!
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Lewis Barton
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