REMINDER: ARE YOUR UTAH PROPERTIES WINTERIZED? Frozen pipes inside or out are no fun!
The Quarterly Graphs for all the Iron County Board of REALTORs Multiple Listing Service (MLS) are attached for your review. Real Estate is selling in our area, and ERA Realty Center remains #1!
Attached also are the latest Updates from the Utah Association of REALTORS (UAR) for closed sales and median price ranges. Please check the counties in which you have interest.
Steve Florio of ERA Mortgage recently sent an interesting email with information from the Pending Home Sales Index (PHSI) maintained by the National Association of REALTORS (NAR). According to a quote from his Email, “Pending home sales have increased on an annual basis for 17 straight months and the year-over-year increase last month were consistent across the country where all regions showed annual increases; in three regions those changes are in the double digits. The PHSI is a forward-looking indicator measuring contracts for home purchases. Signed contracts are generally expected to close in 60 to 90 days.” This is good news for the national real estate market in my opinion.
Another quote from Steve’s email reports, “NAR is predicting that existing home sales will increase 10 percent in the fourth quarter of 2012 and 8.7 percent in 2013 to an annual total of 4.64 million units in 2012 and 5.05 million in 2013. The Association also expects housing starts to rise by 45.3 percent in 2013. The national median home price is expected to increase 6 percent this year and 5 percent in 2013 due in part to tightening inventories.” It will be exciting and fun to see if these predictions prove true.
Steve Florio mentions in the email that some industry experts predict falling interest rates and some predict an increase in rates, but ”53% forecast that mortgage rates will remain more or less unchanged” I think that it’s nice to know what the experts predict, even though there is no way to know for sure.
Our local real estate market is still bargain-driven. Homes are selling in all ranges when priced correctly. More homes are selling in the lower price ranges and continue to attract multiple offers. Multi-family and single family home investors are back in the market due to low rates and prices. Lots, land and commercial properties attract very few buyers since it is difficult to get financing and appraisals to support new construction prices. We are seeing new construction but not developers. Buyers with improved credit after foreclosures and short sales in years past are now returning to buy homes.
Janet’s marketing continues to be aggressive. I do not know of anyone marketing more aggressively. Homes still must be priced correctly and show well in order to sell. Please call for a consultation today to see if your property needs a market reduction in price or suggestions for a face-lift. If we do not hear from you, we will assume you want us to continue to market at the price you set.
I hope this newsletter is helpful and informative. It replaces our phone call updates. Please call Janet’s team at 435-865-1019 or email firstname.lastname@example.org whenever you like with all concerns, problems and questions as well as to discuss the market.