Have you heard the old saying, “April showers brings forth May flowers?” This year it is our beautiful April snow that will bring forth the May flowers. Mowing and watering were put off for a few days in the Cedar City area when our lawns and flowers were covered in a lovely white blanket of snow.
The “Local Market Updates by County February 2013” have arrived from the Utah Association of REALTORS (UAR). It takes the UAR approximately 2 to 3 months to compile these statistics, so the attached report is the most current available and covers every county in Utah.
According to the attached UAR report for Iron County, closed Sales were up in February 2013 by 10% as compared to February 2012. The number of closed sales year to date (YTD), however, is down 7.5% in 2013 as compared to 2012. I believe that figure has gone back up, but we won’t know until we get the March and April UAR reports. The Median Sales Price has gone up to $111,000 YTD 2013 as compared to 2012. February 2013 Median Sales Price is $113,360 which shows home prices are inching up. Have fun comparing the other counties in Utah.
Homes are selling in all price ranges as long as they are priced with the market. Homes priced under $150,000 seem to be attracting most of the buyers and sometimes get multiple offers. Investors are back in the market. Newer duplexes and 4-plexes sell quickly.
HUD, Fannie Mae, and Freddie Mac give priority bidding time to buyers who are purchasing homes to occupy. Homeowners definitely have the advantage over investors in purchasing these homes. Investors have to wait until the homeowner priority bidding times are past before they can offer on these homes. Often they are already sold by then.
With the improvement in the real estate market, it is my opinion that it is a good time to sell as well as to buy as long as the home shows well and is priced with the market. Please call for a consultation regarding pricing and staging.
I do recommend that buyers who want to buy do so right away while interest rates and prices are still low at the same time to make an affordable monthly payment.
We are seeing some new construction. Lot sales seem to be improving and a few commercial properties have sold. Resale homes are still the most popular at this time.
The unemployment rate has improved and there is a new roofing company and another company moving here. Also, a manufacturing company is planning to expand. All of this is good news for our area.
The announcement at conference that a temple will be built in Cedar City is causing some excitement.
Please call the Naisbitt-Bagley team today at 435-865-1019 at ERA Realty Center or email firstname.lastname@example.org or text Janet’s mobile at 435-559-7772 for a free consultation.