How’s our local market? Our Southern Utah Real Estate market is alive and doing very well. The latest published Utah Association of REALTORS (UAR) statistics show more home sales closed in Iron County in 2018 than 2017. However, the Median Sales Price has fallen 3.8% to $181,825. That may help the affordability! See attached UAR “Local Market Updates by County” for details and for every county.
We are looking forward to 2018 continuing to be a great year for both buyers and sellers. When staged and priced with the market, homes in all price ranges sell quickly. Lots and land sales are picking up. Homes are being built! Commercial and development properties are selling but not as fast. If your home isn’t sold in 30 days, contact your Matt Bagley Team for a market overview!
What about the national market? In March 2018 DS News, Paul Bishop, VP of Research, National Association of REALTORS, is quoted as follows, “One of the positives that’s out there that will drive the market, especially the more we get into 2018, is that it seems the economy is moving forward at a pretty solid pace. The unemployment rate is low, there’s indication that incomes are on the rise, and wages are increasing. That’s all good, because that’s the foundation for a strong housing market. Therefore, that sentiment might improve as those factors continue to become more prominent in the market, and homeowners and homebuyers recognize that it still is the time to buy a home. Another positive is that mortgage rates are at a very reasonable level. They’re not at their lowest point, but they’re still very low–certainly by historical standards.”
However, Mr. Bishop doesn’t see a quick fix for the low inventory even if homebuilders build more homes. That would be helpful though. He says, “That’s actually going to be the basic story in 2018, the rising home values and the tight inventory.” He is concerned how the market is going to react to the recently passed tax reform legislation. He says, “It could produce changes in the market in the coming couple years as it works its way through the system.” We will see!
According to National Association of Home Builders (NAHB) report in the DS News, “Potential homebuyers are having their plans hampered by limited availability and affordability, leading some to consider staying in their current home and renovating instead.”
However, another survey reported in the DS News points out that 91% of Americans surveyed want to own “at least one home in their lifetime” and consider it to be a good “investment” and some surveyed want to buy a home to “rent out for extra income.” I believe that the title of this article is correct, “Homes Are a Better Investment Than Retirement Savings.” I also agree that it is extremely wise to buy a home and rent it out. Why not let your tenant buy an extra home or ten for you? That is so nice of renters to pay your mortgage! No one ever put any money in my savings account except me!
March 2018 MReport magazine similarly reported that “Buying a Home is a Top Priority for Americans.” That article also points out that “Americans are looking to buy a home as an investment option.”
Cutting edge technology is still the big issue in selling homes, and ERA Realty Center has always been at the forefront! Our Matt Bagley Team continues to market aggressively online and in print and our technology is tops! I know of no other agent or team that markets more aggressively. We market to both buyers and REALTORs. Our homes and real estate are on the 3 major Multiple Listing Services (MLS) in Utah. Whether your buyer contacts us another agent, our hard work and advertising will be the reason your home or property sells!
For your free real estate consultation and for all concerns and questions, please contact your Matt Bagley Team today at 435-865-1019 at ERA Realty Center or email firstname.lastname@example.org. Call or text Matt Bagley at 435-590-8788, Jennifer Corral at 435-559-0366 and Janet Naisbitt-Bagley at 435-559-7772. Newsletter written by Janet Naisbitt-Bagley, of your Matt Bagley Team, ERA Realty Center.