End of Summer 2019 Seller Update Newsletter
Wow time sure flew by, we hope everyone enjoyed their summer spending time with your loved ones having a great time! Hopefully everyone is adjusting to being back in school and getting back into their normal routines!
As we look to what is going on in Real Estate, in an article published by the Wall Street Journal on REALTOR.com, “Mortgage rates fall again as the peak home-buying season begins to draw to a close. Rates fell again last week, a boon to buyers looking to buy a home or refinance.
The most recent existing-home sales data released Wednesday indicated that falling rates in July did prompt an uptick in home-buying activity, particularly in the West. Lower rates have also sparked the biggest refinance boom in years. But the same headwinds that have kept many people from buying homes remain. There are very few properties for sale, and home prices are increasing as a result. That’s made it much more expensive to buy a home, and low mortgage rates only marginally offset the affordability constraints.”
Lawrence Yun, the trade group’s chief economist, said July’s uptick was an “inevitable realization given incredibly low mortgage rates,” alongside strong job conditions. For the second half of the year, low inventory remains a challenge for the market, Mr. Yun said. “The job market still remains strong but there is increasing economic uncertainty,” he said, adding “people may be hesitant to buy a home if they think we may be facing an economic recession.”
The reports on existing home sales in July were up while new home sales were down. The existing homes sales versus the new homes sales have been fluctuating from month to month in the recent months.
Everyone is wondering what is happening with our market. See attached Local Market updates by County for June 2019 provided by the UAR (Utah Association of Realtors), Closed Sales for June 2018 to June 2019 were down from 142 to 122, a -14.1% difference, Closed Sales for June 2018 to June 2019 Year to Date were down to 652 from 617, a -5.4% difference. However, the Median Sales Price for June 2018 to June 2019 was up from $215,000 to $229,000 a difference of +6.9%. The Median Sales Price for June 2018 Year to Date to June 2019 was also up from $205,000 to $212,250 a +3.5% difference. After a slow start at the beginning of the year, our local market seems to be staying steady currently, homes that are priced competitively and show well are still selling rather quickly.
Please call the Matt Bagley Team today for your free real estate consultation and for answers to all of your questions and concerns at 435-865-1019 at ERA Realty Center or email our Bagleyteam@gmail.com. Please call or text our Team: Matt Bagley at 435-590-8788, Jennifer Corral at 435-559-0366 and Janet Naisbitt-Bagley at 435-559-7772. Let us help with your most important decisions of buying or selling a home!