Matt Bagley Team Sizzling Hot August Real Estate Market Newsletter 2018
To rent or to buy seems to be the question in today’s market. “Line your investment portfolio with rental properties in a college town,” was something I read in a magazine many years ago. My thought was, “I live in a college town, and I am a REALTOR. I must get busy and buy!” I am so glad I did because my wonderful tenants have paid off the mortgages on my properties for me! It was nice of them, but I believe that the best plan is to buy properties for yourself rather than for your landlord. We do have investors looking for homes and multi-units now, but the inventory is low. Is there anything else you want to sell?
How’s the market? That is a question I am asked wherever I am! It is awesome! Closed sales are up 18.4% in Iron County as compared to the same date in 2017. The Median Sales Price has risen to $204,000 which is a 7.8% increase over the same time last year. See the attached latest published statistics from the Utah Association of REALTORS (UAR) for more details and for information on every county in Utah.
I believe now is a good time to buy and/or sell real estate. Interest rates may rise, but remember that they were two digits for many years. Rates are still excellent and help keep monthly payments affordable for qualified buyers! According to article in MReport August 2018, it is the low inventory and not the rates that keep more homes from selling.
Latest MLS statistics prove ERA Realty Center sells more of its own company listings as well as more of the Iron County Board of REALTOR’s listings than any other office April 1 through August 6, 2018. We are grateful for our loyal clients and customers! We will continue to use advanced technology and top marketing to sell our properties and homes. Our market plan works and is keeping ERA in the #1 spot in our area as it has for many years!
539 homes sold April 1 through August 6, 2018, and there are 185 homes with accepted contracts. 497 homes are available for sale in our local MLS. Lot sales trail far behind with only 138 sold and 43 with accepted contracts in that time period. Yet there are 840 lots on the market. See attached graphs for more details and for statistics on mobile home, condo/townhouse, acreage and farm/ranch sales. Commercial properties and development land are attracting very few buyers.
The Market Summary by Price for April 1 through August 6 shows 266 homes sold up to $199,999. Between $200,000 and $350,000, 295 home sold and 118 sold above $350,000.
Homes are selling in every price range with our aggressive advertising when they show well and are priced right. Call your Matt Bagley Team at 435-865-1019 at ERA Realty Center for tips on showcasing and pricing your real estate for a fast sale at top dollar. Isn’t that what you want?
According to MReport August 2018 Magazine, low- and moderate-income homebuyers are having difficulty obtaining a mortgage nationally. Therefore, some lenders are looking at making loans available to those with “credit invisibility.” Often they are treated as low-score buyers. The article states, “A borrower who demonstrates financial responsibility through the pursuit of a debt-free lifestyle should not be penalized for this worthwhile effort.” There are other options lenders are considering to help buyers buy. This would greatly assist buyers in our local market to qualify for loans.
If the inventory increases and if loans become more available, buyers could move forward and invest in their dream home! Multiple-offers and homes selling above market price are big deterrents for buyers here as well as in other areas. To quote Lawrence Yun, Chief Economist, National Association of REALTORs (NAR), “The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home.”
Call your Matt Bagley Team at 435-865-1019 for your free real estate consultation today or email email@example.com at ERA Realty Center. Call or text our team with questions and concerns and for pricing overview and staging consultation: Matt Bagley 435-590-8788, Jennifer Corral, 435-559-0366 and Janet Naisbitt-Bagley 435-559-7772. This article written by Janet Naisbitt-Bagley.