Spring 2019 Matt Bagley Team Seller Newsletter Update, Marching into Spring!
It sure is nice seeing more daylight hours, with each day continuing to get longer! It’s also nice to see Spring on the horizon, so we can put away our snow shovels and winter boots!
How will the housing market fare this spring?
National Association of REALTORS says “Real estate pros often anxiously await for the spring selling season, a time known for an uptick in home sales. But will spring be as hot for the housing market this year as it has been in the past? Since the end of last year, home sales have slowed (a decline of 10 percent in December compared to a year prior), and properties have been sitting on the market for longer (46 days compared to 30 days a year ago)”.
According to Lawrence Yun, chief economist at the National Association of REALTORS®, he says that “multiple data show definitively improving conditions” heading into the spring selling and buying season.
Consumer sentiment about home buying is turning more upbeat, and there have been greater reports of foot traffic at open houses, according to recent NAR surveys. The number of openings of lock boxes—which real estate pros use to access a key prior to unlocking a home for a showing—is “measurably higher” in January and February compared to the second half of 2018, according to NAR SentriLock data.
Further, the number of consumers applying for a mortgage to purchase a home is on the rise. “After the weak conditions of late last year, mortgage applications have picked up notably in 2019 with more consumers evidently searching for a home compared to one year ago,” Yun writes in his latest real estate column at Forbes.com. Also, contract signings to purchase a home rose 4.6 percent in January—another healthy sign about the market Yun points to.
With mortgage rates staying low, Yun expects more home buyers and sellers this spring. So far this year, the 30-year fixed-rate mortgage has fallen to under a 4.5 percent average. That means a typical home buyer could save nearly $100 per month due to the drop. In addition, wages are up 3.4 percent year-over-year on average, the high test rate in a decade, Yun notes. “Better times are ahead for home buyers.”
The Utah Association of REALTORS latest published report for updates by County show Iron County Closed sales for February 2018-February 2019 were up to 79 from 76, +3.9%, with February 2018-February 2019 year to date closed sales down from 181 to 157, -13.3%, although Median Sales Price for February 2018 – February 2019 were up from $190,000 – $209,000 +10.0%, Median Sales Price for February 2018 Year to Date – February 2019 Year to Date were also up from $185,000 – $200,000, +8.1%.
With not enough homes on the market for the amount of buyers that are looking, we are in need of inventory of homes to sell. We have many buyers who have been looking for several years, so If you or anyone you know is interested in selling let our team help, call your Matt Bagley Team at 435-865-1019 or email firstname.lastname@example.org for your free real estate consultation. We would also love to help any buyers out there looking for their dream home! We are happy to answer all of your questions, concerns and give you updates. Call or text: Matt Bagley 435-590-8788, Jennifer Corral 435-559-0366 and Janet Naisbitt-Bagley 435-559-7772. We would love to hear from you. We are known as a top real estate team who cares and we would love to help you turn your realty dreams into reality! Please contact us today.