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Endorsements From Utah Home Buyers & Sellers

"He kept me informed each step of the way with emails and telephone calls and helped in all the aspects of this transaction to make it as smooth as possible. From writing the offer, gaining price agreement with the seller, getting necessary repairs on the property to closing the transaction, everything progressed nearly seamlessly."

Juan C.

"He was always responsive and sympathetic, left no detail uncovered, and had high standards of excellence. I was impressed when receiving this kind of special service. Barry planned and implemented a professional marketing strategy, keeping me informed each step of the way. He helped to smooth all the rough edges of the transaction between when the buyer agreed with the price and conditions to closing and settlement. Barry even negotiated some challenging last minute terms with the buyer just before closing that really helped me with this sale."

Tim E.

"His market knowledge was of great help to us with detailed pricing information and other specifics all in writing. Barry is an excellent consultant. We found that we could trust his opinion and judgment about the local market. We relied upon his expertise."

Cheryl G.

 

"Barry is a strong negotiator when it came time to bargain with the seller for a favorable purchase price. Later when it became evident that some repairs needed to be completed, he did the leg work and negotiating that got things fixed by the seller that we needed."

Mario S.

 

 

 

 

 

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Utah Real Estate News & Trends

 

Utah real estate news, trends, updates, and articles about local home markets. Real estate trends for Salt Lake City, Provo, Park City, to Ogden. Click on the topics that interest you.

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Utah Real Estate Forecast for 2014

January, 2014


2013 Home Sales

Ann, Utah homes sales were up by 11% for 2013 while condo sales were up by 21%. Residential home sales last year (34,804) exceeded previous year’s sales going back to 2006. Supply of homes on the market has slipped to 5.9 months, considered at equilibrium between a buyer’s market and a seller’s market. Prices for homes have increased by 13%. 2013 home sales statistics can be viewed in the two charts below.

2014 Homes Sales Forecast

Expect home sales to be slightly higher than last year, with slower price growth and a slight increase in the number of homes for sale. The forecast displayed to the right displays an upward trend in each category—Price, Demand and Supply. Positive factors influencing growth for 2014 include declining foreclosures, increased new construction, more job growth and an anticipated influx of new people to Utah requiring at least 3,000 more additional homes. Negative factors include rising mortgage rates, higher fees from Fannie Mae and Freddie Mac, and increased federal regulations.

Utah Real Estate Forecast for 2014

Utah Homes and Condo Sales for 2013

Sources:
Utah Realtor, First Quarter 2014.
WFRMLS, 2014 Statistics.
realestatehomesUtah.com

 

Utah Home Trends Continue Upward

January, 2014

Utah home sales are up and home prices are up the first half of 2013. The supply of homes is falling to a 7 month supply, giving home buyers a smaller selection to choose from. Mortgage interest rates are now going up and are expected to continue to rise, making affordability more difficult. For many home buyers, now is the time to buy before prices go any higher and interest rates go higher.

Below is a Utah home market summary for three key real estate factors—Price, Demand and Supply.1

Price

Homes Up 7%
Condos/Townhouses Up 10%
Homes $ 201,871 median price
Condos/Townhouses $ 153,975 median price

Demand

Homes Up 6%
Condos/Townhouses Up 13%

Supply

Homes 7 month supply
Condos/Townhouses 7.65 month supply
Homes 35 days to sell
Condos/Townhouses 46 days to sell

 

Utah Home and Condo Sales 2013 Jan - Jun

 

Homes Sold Midyear 2013

Townhouses and Condos Sold Midyear 2013

Sources:
1 Wasatch Front Regional MLS and realestathomesUtah.com

 

Utah Home Prices & Demand Are Up

January 2013

Utah home sales were up in 2012, experiencing a 16% increase for the year. Condominium sales rose by 24%. While home and condo sales are up in Utah, prices for homes rose by 5% while condos rose by 2%. An average home sold for 183,500 last year while condos sold for an average of $137,238.1 Salt Lake County is the place for bargains with home prices decreasing by 6% while demand is up by 15%, offering many home buyers in this area a bargain in the face of rising demand.2 The first three months of 2013 continue the upward trend with median home prices up by $8500 and sales up by 5%.

Expected home trends for Utah in 2013 include stronger buyer confidence as strong job growth continues to climb with interest rates remaining low making housing more affordable. Pent up demand caused by recession job losses and by many who were forced to move-in with family or friends will improve this year, allowing more families to move out to their own home or condo. Rising rental rates will continue to motivate renters to become home owners; thereby, increasing demand for condos and homes in Utah. Home sales will likely increase by 15 to 20 percent for 2013.3

The increase in housing prices is driven by rising demand and lagging supply due primarily to the following factors:

  1. Park City CondoAffordability – In the first quarter of 2012 the median income family in the Salt Lake metropolitan area could afford 82 percent of the homes sold. This is the highest level of affordability locally in the 21-year history of the NAHB affordability index. Affordability is attracting buyers to the market and fueling increased demand.

 

  1. Demographic Growth – Increased job opportunities due to employment growth produces higher levels migration, expanding the demand for housing.
  1. Consumer Confidence – Utah’s economic indicators show rising consumer confidence. Positive economic news and positive job outlook boosts consumer confidence and induces higher demand for housing.

  2. Higher Rents – Apartment rents in Salt Lake County increased 8 percent last year and vacancy rates dropped below 5 percent. A new, three-bedroom two-bath apartment in the county rents for $1,250. This level of monthly rent is more than enough to make the mortgage payment on home priced at $211,000
  1. City Creek Promontory Condo in Downtown Salt Lake CityLow Inventories – Inventories of unsold new homes and listings of “for sale homes” are at the lowest level in many years. Home builders have been reluctant and in some cases unable to carry unsold inventory. A few models in subdivisions have been the extent of the homebuilder’s unsold inventory. On the existing home side, supply has been limited due to the decline in listings of “for sale” homes. In 2012 active listings were at the lowest level in the past twelve years. Fewer homes for sale – whether new homes or listed properties – tends to push prices higher.

  2. Low Mortgage Rates – As mortgage rates drop buying power increases. A household with $1,500 available for a monthly mortgage payment can get about $50,000 more home at a 3.5 percent mortgage versus a 5.0 percent mortgage.4

 

Below is a Utah home market summary for the three key real estate factors—Price, Demand and Supply.5

Price

Homes

Up 5%

Condos/Townhouses

Up 2%

Homes

$ 183,500 median price

Condos/Townhouses

$ 137,237 median price

Demand

Homes Up 16%
Condos/Townhouses Up 24%

Supply

Homes 8 month supply
Condos/Townhouses 9 month supply
Homes 48 days to sell
Condos/Townhouses 66 days to sell

 

Homes Sales and Townhouse Sales 2012

 

Sources:
1 Wasatch Front Regional MLS and realestathomesUtah.com
2 Salt Lake County’s Real Estate Recovery, James Wood, Bureau of Economic and Business Research, University of Utah, January, 2013.
3 2013 Salt Lake Housing Forecast, Salt Lake Board of REALTORS, February, 2011
4 2013 Salt Lake Housing Forecast, Salt Lake Board of REALTORS, February, 2011
5 Wasatch Front Regional MLS and realestathomesUtah.com

 

 




 

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