Winter 2018 Matt Bagley Team Seller Letter
We hope everyone had a safe & Happy Thanksgiving Holiday enjoying time with their loved ones! With freezing temperatures on the horizon along with inclement weather, it is recommended if you have vacant properties to get them winterized right away to avoid frozen or broken pipes, or any other damages that can occur.
It’s an exciting time of year with the Holiday Season in full swing and Beautiful decorations all around town! It’s always fun hearing the Christmas music populating the radio stations! A lot of sellers ask if it’s a good time of year to sell their home? The answer is yes, it is actually a great time of year to put your home on the market, with the warm, inviting feeling buyers get when seeing the beautiful decorations. Statistics show that buyers purchase homes on 90% emotion, which helps add to the special feelings they may be already experiencing while searching for a new home. If your mulling over the idea of putting your home on the market any time soon, give us a call to discuss making it happen.
Wherever we go we always get the question, “How’s the Market?” When homes are priced correctly and staged for showings, they typically sell quickly. In our local market homes are selling in most ranges, with some ranges moving more quickly than others. Call your Matt Bagley Team to find out the range which your home would be in. Land is also selling with some types and areas moving better than others. According to the August 2018 Utah Association of REALTOR’S Statistics, our local sales prices were 19.1% up from 17% the previous year, the Median Sales price was $207,500 which was also up from the previous year, see attached Statistics form more details for all Counties.
Are we in the makings of a Buyer’s Market? To quote Lawrence Yun, National Association of REALTOR’S (NAR) Chief Economist from the Utah Association of REALTOR’S (UAR) November-December 2018 REALTOR Magazine, “Why rising interest rates won’t necessarily slow home purchases”. Yun goes on to say “Buyers are pulling back. Home prices have been rising too much relative to income for many would-be buyers to keep pace. Since 2011, the US median home price has risen 55 % while wages are up only 18%. Now the Federal Reserve has become more aggressive against inflation: with several short-term interest rate increases over the past year and more likely on the horizon, mortgage rates are trending up. Yun continues, “It’s not all bad news, though. The Reason for the Fed’s rate hike is that the economy is roaring. As long as the economy stays strong, home sales could head up-even as rates continue to rise”.
However according to new data from Realtor.com’s 2019 housing forecast, “rising rates will make it more difficult to buy or sell a home next year”. The website found that with interest rates expected to 5.5 % by the end of 2019 and monthly mortgage payments to rise 8%, home ownership will be more out of reach – especially for Millenials – than ever before. “These increases, say Realtor.com’s chief economist Danielle Hill, may force buyers to downsize the type of home they are looking for and may knock buyers out of the market entirely. As for Sellers, they will need to be mindful of these increases and shouldn’t necessarily expect to name their price and get it in full, which is a big change from the last couple of years”.
Call your Matt Bagley Team at ERA Realty Center 435-865-1019 or email email@example.com for your free consultation, top marketing, expertise, knowledge and service. Call or text your Team with questions or concerns as well as for pricing and staging information. Matt Bagley 435-590-8788, Jennifer Corral 435-559-0366 and Janet Naisbitt-Bagley 435-559-7772.