Fun In The Sun is Almost Done! Time To Read Our Last Summer Naisbitt-Bagley Team Newsletter
The market is hot and so is the temperature as August nears closure! Children have returned to school, but summer activities are still popping up all over in Southern Utah! Neither school nor fun times in the sun have slowed down our steady real estate market according to the latest Southern Utah reports!
*Southern Utah is doing well according to attached Utah Association of REALTORS (UAR) Local Market Updates by County for June 2016. This is the latest report available since it takes the UAR 2 months to compile the statistics for every county in Utah. Iron County closed sales are up 4.5%; Beaver County’s are up 33.3%; Washington County’s are up 8.1% as compared to the same month in 2015. That is good news for Southern Utah! The Median Sales Price is up 11.4% year to date (YTD) for Iron County to $159,900 as compared to $143,500 in 2015. Beaver County’s is up YTD 4.2% to $127,150 as compared to $122,000 in 2015. Washington County’s is up YTD 5.4% to $237,000 as compared to $224,900 in 2015. Closed sales and Median Sales Prices are up on average for the entire state. See attached for more details and for all counties.
*Over 300 homes sold from $100,000 to $200,000 in 2nd quarter according to Iron County Board of REALTORS Multiple Listing Service (MLS) attached graphs showing statistics for all real estate offices in our area. 179 homes sold above $200,000 showing that homes are selling in all price ranges. We believe now is an awesome time to both sell and buy in our area. The current statistics prove that ERA Realty Center is still the #1 top selling office as it has been for many years. The Market Analysis for 2nd quarter reports homes are still the top sellers in our market with 414 sold and 173 under contract. There are 641 homes for sale. There are 1134 listings for lots with only 49 under contract and only 132 sold last quarter Development land and farms/ranches are slow sellers too. There are 138 condo/townhouse properties on the market with 38 under contract and 59 sold. Real estate is moving but residential sales far exceed lot sales, yet there are nearly twice as many lots for sale as there are homes.
*On the national level, surveys are asking what people expect to happen to prices after the election. DS News August 2016 Magazine reports that people expect prices to rise after the election no matter who sits in the Presidential seat. We have no way to know whether that is true or not, but we do believe now is a good time to buy and sell no matter what the election brings.
*What is holding some buyers back from purchasing now? According to Today’s Buyer’s Rep ABR publication, the biggest issues are lack of inventory and the unrealistic expectations of buyers in today’s market. They think they can buy more than is possible for their money in today’s real estate world. Affordability and financing were lower on the totem pole for buying difficulties. Good loans with low rates and no/low down payments are still available making monthly payments sometimes less than rent.
*Another issue stopping buyers from moving into their own homes currently is student debt. According to MReport August 2016 Magazine, “A recent survey shows debt is keeping millennials at home with parents longer and pushing home purchases back 5 years or more.” I am currently working with a client who is unable to purchase a home even thought her credit is great and the student loan lender has reduced the monthly payment to a qualifying level. The problem is the lender will only agree to the reduction for one year. They may extend it after the year, but that is not good enough for the mortgage.
*What sells real estate today? 1. Top Marketing, 2. Market Pricing and 3. Show-perfect condition!
Please call today for your free consultation regarding marketing, pricing, staging, and to discuss concerns and questions with our Naisbitt-Bagley Team at 435-865-1019 at ERA Realty Center or email firstname.lastname@example.org. You can also call or text our mobile phones: Matt Bagley, 435-590-8788; Janet Naisbitt-Bagley, 435-559-7772; and Jennifer Corral 435-559-0366. Our Team cares about you!