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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 2011 Trends Jan - June

 

July, 2011Utah Homes For Sale - Luxury Kitchen

The home market in Utah is experiencing an overall 9% decline in the number of sales from last year. Off-setting this declining figure is the fact that last year’s government incentive of $8,000 drove an additional 1,220 home sales in Utah. Prices also declined by 9% overall making homes even more affordable for new buyers. Rising rental rates and cash purchases by investors are expected to fuel additional purchases this year. Currently, over one forth of all home sales across the US are cash purchases. Heavy investor purchases may be signaling an up-swing in the home market.  Below is a list of positive and negative trends for the Utah home market:

 

Positive Real Estate Trends

  1. Home buyers are getting more square feet - 145 more over 2005..
  2. Home buyers are getting more bedrooms – 4 for past 2 years.
  3. Home buyers are getting more bathrooms – 3 for 2010 highest ever!
  4. Home buyers are getting a median price of $79.49 sf - $28.52 less 2007.
  5. Sellers are more willing to negotiate the price of their home with Buyers.
  6. Currently the Utah real estate market favors Buyers.
  7. Utah Real Estate - Luxury HomesHome loan interest rates are at generational lows.
  8. There is a significant amount of “pent-up” demand on the real estate market from many who have delayed their home purchases.
  9. People of wealth are now investing in real estate with around 25% of residential real estate purchases being made in cash across the nation.

 

 

Negative Real Estate Trends

  1. Prices have decreased each year since 2008 – 4% decline last year, 9% so far this year.
  2. Demand has fallen each year since 2006.
  3. Supply is currently at 11.55 months, up 2 months from last year.
  4. It takes longer to sell a home – 19 days more than in 2010.
  5. Home loan interest rates are starting to increase and are expected to continue up.
  6. Foreclosures constitute 24% of the housing market.

 

Below are two charts comparing Utah real estate sales for the past 6 months.

All Utah Residential Properties

Utah Real Estate All Residential Stats Jan - Jun 2011

Utah Condominium Properties

Utah Real Estate Condominium Stats Jan - Jun 2011

 

Source: Wasatch Front Regional MLS and realestatehomesUtah.com.

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Utah Real Estate Home Purchase Trends

 

May, 2011Utah Homes For Sale - Luxury Kitchen

The Utah home market Utah home market continues to show improvement. Below are some recent home trends trends.

Home Purchase Trends

  • Nationally, 28 percent of all 2010 home sales were cash transactions. An all-cash purchase can bring the home price down by 5 to 10 percent off the home listing price. Sellers prefer cash because cash sales close more quickly and are less likely to fall victim to the buyer or mortgager changing their mind. Source: National Association of REALTORS
  • Taylorsville, Utah and Kearns, Utah had the highest homes sales during the last quarter of 2010. “More affordable home prices are the driving factor.”  Source: Deseret News
  • The median Utah home price was $185,250 in March, 2011. Source: Salt Lake Board of REALTORS
  • Salt Lake County has a 9-month supply of home inventory currently listed on the market. Source: Salt Lake Board of REALTORS
  • There are 19,162 homes for sale in Utah listed on the market. 6,622 homes are listed for sale in the Salt Lake County market, while 3,680 are listed for sale in Utah County and 2,148 are listed for sale in Davis County. Source: Wasatch Front Regional Multiple Listing Service.
  • James Wood of the University of Utah predicts single-family homes sales to rise by 12 percent during 2011. Condo sales are expected to rise by 10%. Source: Salt Lake Board of REALTORS

Home Buying Trends

  • Young Home Buyers have strong preference for urban homes closer to the city. Demand for suburban homes with 0.25 acre lots and fenced back yard are falling.
  • Younger home buyers favor a media room over a living room. Source: RISMedia

Utah Homes with Luxury Kitchens

Utah Home Foreclosures

  • Utah has the fourth highest foreclosure rate in the nation, but the number of foreclosures in Utah are going down.
  • Utah Foreclosures have fallen by nearly 31% since the all-time-high attained in April 2010. Source: RealtyTrac

Utah Rankings for Best Places For Business and Careers

  • Provo, Utah ranked # 2 by Forbes magazine for U.S. cities with reasonable business costs, strong economic outlook and solid quality of life. Ogden, Utah ranked # 11.
  • Salt Lake City ranked # 20 out of 200 U.S. cities for the Best Places For Business and Careers.
  • Salt Lake City ranked # 60 out of 200 U.S. cities in the cost of doing business. Source: Forbes Magazine

 

 

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Utah Real Estate Prices - Utah Homes Sales Forecast

 

December, 2010Utah Home Trends 2010

The Utah home market experienced an overall 4% decline in property prices the past year. However, some home markets in the Salt Lake area posted an increase, including West Jordan up 6 percent, Draper up 7 percent, Murray up 7 percent, Sandy up 12 percent, and Salt Lake City up a whopping 18 percent. Nearly all economists forecast an upward trend, but at a modest incline. Below is a list of positive and negative trends for the Utah home market:

 

Positive Trends

  1. Home buyers are getting more square feet - 183 more over 2005.
  2. Home buyers are getting more bedrooms – 4 for past 2 years.
  3. Home buyers are getting more bathrooms – 3 for 2010 highest ever!
  4. Home buyers are getting a median price of $86.54 sf - $21.47 less 2007.
  5. Home sellers are more willing to negotiate the price of their home with Buyers.
  6. Currently the Utah real estate market favors Buyers.
  7. Job outlook in Utah is higher for 2011 – 17,000 new jobs expected in 2011.
  8. Job outlook in the nation is higher for 2011 – 1.2 million new jobs in 2011.
  9. Economic outlook for Utah and the nation is higher for 2011.
  10. Consumer spending is slowly rising.
  11.  New residential construction in Utah is forecasted to register its first gain this year for the first time since 2005.
  12.  Home loan interest rates are at generational lows.
  13. There is a significant amount of “pent-up” demand on the real estate market from many who have delayed their home purchases.
  14. People of wealth are now investing in real estate with around 25% of residential real estate purchases being made in cash across the nation.

 

 

Negative Trends

  1. Prices have decreased each year since 2008 – 4% decline last year.
  2. Demand has fallen each year since 2006.
  3. Supply is currently at 9.78 months.
  4. It takes a lot longer to sell a home – 62.5 days more than in 2006.
  5. Utah Home Loan Interest Rates are starting to increase and are expected to continue up.

 

 

Below is a detailed chart of Utah real estate sales figures for the past 6 years.

Utah Real Estate Trends

Year

Homes Sold

Median                    Listing                       Price

Median          Sold                  Price

Median Listing - Sold Price

Median SQ FT Sold

Median $/SQ FT

Median # Bedrooms

Median Baths

Median Days on Market

2005

36,179

$168,450.00

$165,602.75

$2,847.25

 2,062.00

$82.22

         3.0

         2.0

       36.5

2006

37,041

$195,530.50

$195,756.00

($225.50)

 2,041.00

$97.18

         3.0

         2.0

       23.5

2007

29,295

$222,450.00

$214,450.00

$8,000.00

 2,011.00

$108.01

         3.0

         2.0

       36.0

2008

22,855

$225,000.00

$211,500.00

$13,500.00

 2,077.50

$103.70

         3.0

         2.0

       74.5

2009

24,099

$219,950.00

$201,429.50

$18,520.50

 2,169.00

$92.03

         4.0

         2.0

       78.5

2010

22,170

$208,750.00

$188,450.00

$20,300.00

 2,245.00

$86.54

         4.0

         3.0

       86.0

 

Source: Wasatch Front Regional MLS and realestatehomesUtah.com.

 

 

 

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Utah Homes Sales are Up, Prices are Down

 

July, 2010

Utah Homes Sales 2010 - Utah County Home Kitchen Utah single family home prices are down 3% (an average of $7,493) compared with the same period during 2009. Home prices nationally increased by 3.5% in April and 2.9% in May as reported by CoreLogic in their July 13 report. This may signal a price increase soon for Utah as well. Lower home prices, low interest rates and the government tax incentives combined to sell an additional 1,133 homes than during the same period a year ago.

Some highlights of the first six months of 2010 are displayed below.

  • Condo prices are up on average by $23,292.
  • Average home cost per square foot is $96.90.
  • Total single family homes sold is 10,930, up by 1,133.
  • Total condos sold is 1,056, down by 441.
  • Condos take an average of 3 months to sell when priced with the market.
  • Single family homes take 73 days to sell.

Resource:  WFRMLS and realestatehomesUtah.com.

 

More details for Utah Real Estate sales for first half of 2010.

Links to homes for sale by county: Salt Lake County, Utah County, Davis County, Summit County, Tooele County, Wasatch County, and Weber County.

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Top 10 Low Cost Utah Home Remodeling Projects

 

May 31, 2010

Utah Home RemodelingREALTOR Magazine cites the following remodeling projects for homes as the top ten for big impact at a low cost:
  1. Rollout organizing trays added to kitchen cabinets.
  2. Add or replace tile especially outdated kitchen backsplash tile and bath tile.
  3. Add a breakfast bar. Costs $600.
  4. Install granite tile instead of slab. Costs $300
  5. Bath upgrades – new medicine cabinet, light fixtures, faucet, vanity, re-grout the tile. $1,000 to $2,000.
  6. Basement waterproof painting project to floor and walls.
  7. Add a room by installing a wall. Costs $400.
  8. Recondition kitchen cabinets. Less than $1,000.
  9. Replace light fixtures in foyer, bathrooms and kitchens. Costs $450 to $700.
  10. Replace the garage door opener with remote touchpad entry system. Cost $425.

Resource: G.M. Filisko, Remodeling Magazine, Annual Cost vs. Value Report, January, 2010.

 

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New Kitchen Trends for Utah Homes

 

April 10, 2010

Utah Home Trends-Kitchens

What’s happening in Utah kitchens? A recent survey of home designers conducted by the National Kitchen & Bath Association (NKBA) found that some existing kitchen trends will continue and some new ones are developing. Utah can expect to share these design trends for 2010 and beyond. Outlined below are some of the key trends noted by the NKBA.

Combination Cook Tops and Wall Ovens are gaining in popularity. Induction cooking is also gaining in popularity. Gas ranges still command the highest demand over electric cooking surfaces when gas is an available utility.

Dishwashers Drawers are expected to continue their upward climb against the traditional door that opens downward. The convenience of the smaller drawer dishwashers and their greater energy efficiency will see these units continue to climb in demand for years to come.

More Utah Home Kitchen Trends

 

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Top Home Features Buyers Want

 

February 27, 2010Top Home Feature - Large Kitchens with Islands

A recent International Builders' Show in Las Vegas cited the top five home features that buyers want are centered on cost-effectiveness, family togetherness, entertainment and flexible spaces. Avid Ratings conducts an annual survey of home buyer preferences to identify what is most important to current home buyers. Below are the top five:

1. Large kitchens with islands.
2. Energy efficient appliances, windows and super insulation.
3. Home offices.
4. Main-floor master suite.
5. Outdoor living space.



Details on the
top ten home features home buyers want!

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Utah Real Estate Market Trends for 2009

 

January 9, 2010Salt Lake City Utah Real Estate

Utah home sales in 2009 show a welcomed increase over 2008. Single family sales were up while condo sales were down. This annual Utah trend report examined homes sales figures for the state with particular focus on the seven counties around Salt Lake - Salt Lake County, Utah County, Davis County, Summit County, Wasatch County, Tooele County and Weber County.

 

Details on the 2009 Utah Real Estate Trends

 

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Utah Ranks Number 2 for Growth in the U.S.



December 23, 2009Utah Home Stimulus Packages

Utah is the second fastest growing state in the United States during 2009. Wyoming leads the country with a population growth of 2.12% with Utah at a close second at 2.1%. The strong economy attracts more immigrants than most of the U.S. Utah also has the lowest death rate and the highest birth rate in the nation. 

The U.S. Census Bureau estimates that Utah had 2.78 million people living in the state at mid-2009. Utah is expected to have a much more stable economy as the nation recovers from the largest economic downturn in decades. An expected additional seat in the U.S. Congress is another benefit to Utah's significant growth. With all the pluses of growth also come some challenges. Utah's public schools, roads and housing are likely to fall a bit behind as Utah continues to grow. Utah housing developers and home builders should find this news very welcoming, expecting newly constructed home to be in high demand as the nation's recovery builds steam. Utah's strong work force will continue to attract corporate investment and expansion into Utah.

 

Resource: Lee Davidson, Deseret News, December 23, 2009

 

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More Utah Real Estate Market Trend Reports

South Jordan Real Estate Trends - February, 2007

Property That Sells In Salt Lake County - March, 2007

National & Utah Real Estate Trends - April, 2007

Salt Lake and Utah County Housing Market - May, 2007

Utah Real Estate Trends for 2007 - June, 2007

Top Utah Home Builders - June, 2007

Utah Real Estate Market Sales - July, 2007

South Jordan Utah Home Market Trends - August, 2007

Ten Year Real Estate Trends for Salt Lake County - September, 2007

Salt Lake County Real Estate Trends - October, 2007

Home Sales Trends in Utah - November, 2007

Utah Home Market Trends Favor Buyers - December, 2007

Utah Home Market Statistics for 2007 - January, 2008

Home Buying Advantage - Winter or Summer? - February, 2008

Salt Lake City Ranked #1 for Home Buying Bargains - March, 2008

Is Now A Good Time to Sell A Home? - April, 2008

Utah High Schools In the Top 5% of the Nation - May, 2008

Salt Lake City, Utah Ranked #3 For Home Sellers - May, 2008

Utah Real Estate Market Pulse - June, 2008

Utah Home Prices Increasing - June, 2008

Utah Housing Market - July 11, 2008
 

Federal Home Purchase Incentives - August, 2008

Utah's Strong Economy and the Housing Market - September, 2008

Utah Ranked #1 - October, 2008
 
 
 
 
 
 

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