The Matt Bagley Team 2017 Lively Month of May Real Estate Newsletter Update!
Utah Real Estate is in the news, and the news is awesome! “What is all the buzz about Utah?” To quote DeAnna Dipo, Utah Association of REALTORs President, from the REALTOR Magazine First Quarter 2017, “Business in Utah is booming, and media outlets nationwide are recognizing our state as one of the best in the country.” She quotes from Forbes Magazine that has named Utah as “The Best State for Business and Careers,” and CNBC for awarding Utah as the “Top State for Business.” She mentions later in the article, “We are the second-fastest growing state in the country for business.” She says “Our unemployment rate still remains low, at 3.1 percent, and our in-migration has seen a steady increase, according to the Kem Gardner Policy Institute of the University of Utah.” We are blessed as a Real Estate Team to have the wonderful opportunity of helping people buy and sell homes and rental or investment properties in this great corner of the world in this exciting Southern Utah real estate market. We get to help your realty dreams become reality!
All news can’t be good, so what is the bad news according to DeAnna’s article? It is that “Interest rates may increase to 4.5 percent. But is that really so bad? Some may remember interest rates as high as 18 percent. That makes 4.5 percent not seem so bad; however, every slight increase can potentially eliminate a buyer from the market.” I remember interest rates being 18% when I started my real estate career in January 1983. The whole office had a party when they went down to 13%! Just imagine! DeAnna goes on to mention the shortage of homes for sale and rentals and the need for affordable housing. We are experiencing that shortage of inventory very strongly in our Southern Utah area Real Estate market which is causing multiple offers and buyers who sometimes pay a little more than list price.
Iron County closed sales are up 22.9% year to date (YTD) according to the latest update available from the Utah Association of REALTORS (UAR) as compared to 2016. The Median Sales price is up 21.3% YTD to $182,000 as compared to 2016. Please see attached UAR Local Market Updates by County for more details and for all counties in Utah.
Iron County Multiple Listing Service (MLS) graphs are attached for 01/01/2017-4/27/2017 showing homes selling in all ranges in our area. 179 homes sold between $100,000 and $199,999, and 61 sold between $200,000 and $249,999. Only 35 homes sold below $100,000, and 105 homes sold above $250,000. Our market is definitely improving steadily and prices are on the rise. It is still recommended to list at market value to get top dollar quickly. Buyers search carefully online and tour the good buys. Then they buy the best ones, so having a show-perfect home is an excellent way to attract an offer. If a home is overpriced, there is a chance it will not get shown in spite of aggressive advertising.
According to the Iron County MLS statistics graphs, ERA Realty Center sells more of their own listings as well as more of other office’s listings than any other office in our area. We are happy to continue as the top producer which has been the case for many years! We are grateful to our clients and customers for this blessing and vote of confidence! Our excellent aggressive marketing is successful both online and in print!
Homes continue as the big seller in our area. We would be selling many more multiple units and rental properties to investors if our inventory wasn’t so low. We do have lot sales and new construction. Development land and commercial properties are selling but slowly and not many.
How do sellers make the most money when they sell? 1. Price at market value! 2. Make your home sparkle! 3. Update, repair and fix up in advance! Call your Matt Bagley Team today for top service, expertise, experience and knowledge in pricing, staging and for names of inspectors and contractors.
Contact Matt Bagley 435-590-8788, Janet Naisbitt-Bagley 435-559-7772, and Jennifer Corral 435-559-0366, your Matt Bagley Team, at 435-865-1019 for your free real estate consultation at ERA Realty Center today or email firstname.lastname@example.org. We would love to help you reach all your real estate goals and to answer all your questions and concerns. This newsletter is written by Janet Naisbitt-Bagley.