October Market Update
October 2012 Market Update for Cedar City, Utah
- IT IS TIME TO WINTERIZE INSIDE AND OUT! Freezing temperatures are at hand and can cause considerable damage if pipes freeze, etc. Call with questions.
- August 2012 UAR Local Market Updates by County are now available: Iron County Closed sales are up 2012 YTD by 8.5% as compared to 2011 YTD. August 2012 closed sales are actually up 13.6% as compared with August 2011. The median sales price 2012 YTD is $94,000 which is down only 2% as compared to YTD 2011 figure of $95,900. The exciting thing is that the median price for August 2012 is $134,500 as compared to August 2011 of $107,500 which is an increase of 25.2%. I do believe we are beginning to see an increase in sales prices as well as an increase in closed sales.
- It appears that we do not have as many foreclosures on the market. Banks are approving short sales, which means they sometimes do accept less than what is owed as payment on the mortgage. If an owner owes more than a home is worth, doing a short sale may be an option. Check with your lender for all options.
- Interest rates are still a at historic low which is helping buyers qualify for homes while prices are still low enough to allow a mortgage payment lower than rent in many cases.
- Home inventory is decreasing. Homes in the lower price ranges are often experience multiple offers and sometimes sell above listing price.
- Homes in all price ranges are selling if they are priced correctly, show well, and are advertised aggressively. Multi-unit properties are selling. Investors are here.
- Lots, land, acreage, development land and commercial properties are still experiencing an extremely slow market with very few buyers and very little money available for loans.
- Fall and Winter can be good times to sell with serious buyers looking to relocate. It is true that there are typically not as many buyers as in spring and summer, but often there also are not as many homes for sale which evens out. ERA Real Estate completed a survey to show who buys in the fall that was sent to me in an email from ERA Network News Thursday, October 4, 2012. The survey also received national media coverage in RealtyToday.com and others. The article points out that families with children tend to purchase based on the school year schedule which peaks in June or July. However, many first-time home buyers purchase in the fall as well as Move-up buyers, downsizing and retiring buyers. Investors stay in the picture in the fall as do military relocations and vacation buyers in that order. The article points out that “Back to School Means Back to Business for Homebuyers.”
- Dressing your home for the holidays can be warm and inviting to buyers. Curb appeal is important as well as making home repairs in advance. Since there is no way to know when your buyer will arrive, I believe in marketing aggressively all year long. Please be assured that your home and property will continue to receive top marketing.
- Pricing and showcasing are always top priorities. Please call 435-865-1019 or 800-934-3742 for a consultation regarding market pricing and showcasing if your home or property has not sold. You can also email firstname.lastname@example.org. You can text or call Janet’s mobile at 435-559-7772. Please check out your competition on the MLS in this real estate market at http://www.homesincedarcity.com.
- Please let Janet and her team of licensed professionals know if you have any questions, concerns, problems or if you want to discuss the market or your property or anything. We do always want to give you top service and be available for you, so please contact us today. We have found that you know best when you want to hear from us. This letter is to serve as our call to you with your real estate market update. For more individual information, please call us at your convenience at 435-865-1019 or text or email.
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