Interest rates have taken a hike upward, but they are still amazingly low! When I passed my real estate exam the end of 1983, rates were approximately 18%. Rates below 5% are a gift to homebuyers!
The Utah Association of REALTORS (UAR) Local Market Updates by County for April 2013 are attached. May’s are not out yet, since it takes the UAR approximately 2 months to compile the statistics for every county in Utah. Iron County closed sales were down 17.3% year to date (YTD) as compared to 2012. The Median sales price jumped to $120,000 YTD which is a 10.1% increase. I believe part of the reason for the decrease in sales is because of the decrease in inventory in the lower price ranges. Several buyers often bid on one home and, of course, only one can purchase the home. If there were more homes on the market, there would be more closings.
The fast-moving homes for sale are typically in the price range of $150,000 or less where many buyers are outbidding each other for fewer homes. However, homes are selling in all price ranges if they are priced for the market. Prices are still very affordable, but buyers need to move quickly and might need to offer more than list price to get the best homes. We do see investors as well as primary home buyers purchasing homes.
Bargain priced lots are attracting buyers and builders are building more homes. With the low prices of lots, builders are able to keep their prices more competitive with the resale market. Larger parcels of land are still a slow sell, and developers are not entering the market as yet. There is a little commercial activity.
Please call 435-865-1019 or email email@example.com for a free consultation regarding pricing your real estate for the market and making sure your property is in show-perfect condition to attract buyers. Both are key factors along with top marketing. I do not know of anyone that markets more aggressively than the Naisbitt-Bagley Team including on-line marketing worldwide, real estate magazines, having the Chamber of Commerce send our ads to everyone that contacts them and much more. Please call for a copy of our extensive marketing plan.
The Cedar City Daily News reported June 7, 2013, “Cedar City Lands Syberjet Project.” “Cedar City—After years of work and negotiations, SyberJet Air-craft announced Thursday the company has chosen Cedar City as the site for its headquarters and the SJ30 private jet assembly facility that could bring approximately 1,200 jobs to Iron County.” Wow! This should have quite the impact on the small town of Cedar City, Utah, as well as the surrounding areas. What exciting news!
The Cedar City Daily News reported June 15, 2013, “Cedar City 14th most affordable.” This is pretty impressive news also! “Cedar City—According to a study by the website nerdwallet.com, a consumer advocacy website based in San Francisco, Cedar City is the 14th most affordable city in the United States.” “St. George is ranked 96th.” “Cedar City and St. George are the only Utah cities that made the list.” What could be better than living in our affordable city where most people come to play? There is so much to do including hunting, fishing, the arts, drama, sports, nearby national and state parks, the summer games, the world famous Shakespearean Festival, the 4 year university and much more.
If you add the above to the news about the GAF Roofing Company and the new temple being built by the Church of Jesus Christ of Latter Days Saints, I would say Cedar City and surrounding areas have a bright future ahead. At the Business Expo, the representative of the Chamber of Commerce mentioned that they are receiving more requests for information on our area.
Most of the Naisbitt-Bagley Team clients are referrals, so please remember to let us know if you know of anyone with real estate needs. Whether buying or selling, we work hard to help you make all of your real estate dreams come true. Please call for your free consultation, problems or concerns today at 435-865-1019 or toll free at 800-934-3742. You can also email firstname.lastname@example.org or text 435-559-7772.