Janet Naisbitt-Bagley

ERA Realty Center, Cedar City, Utah

Archive for the tag “Sell homes”

January 2013 Market Update

January 2013 Real Estate Newsletter Update

Naisbitt-Bagley Team, ERA Realty Center

 

Don’t ask me how it got to be 2013, but here we are and I believe it will be a great year for real estate!

 

It is freezing outside! This is one of the coldest winters I have seen in Cedar City. Please make sure everything is winterized and prepared for low temperatures.

 

The latest Utah Association of Realtors (UAR) “Local Market Updates by County November 2012” has arrived. See attachment for statistics for all counties in Utah. Iron County closed sales YTD 2012 are up 12% as compared to 2011. The median sales price is up YTD 8.4% to $110,600 according to this report.

 

Real Estate Market Information: The inventory of homes for sale is down, interest rates are low, closed sales are up, and the median price is up. That is great news for buyers and sellers!

 

Are there still foreclosures, short sales, and notices of default? That is still the question I hear a lot. The answer is “Yes”. Is this still a bargain driven real estate market? Yes, for the most part, it is.

 

Homes are selling in all price ranges as long as they are priced for the market.

 

Homes under $150,000 are in a strong market. If these homes are priced correctly, they often attract multiple offers. Sometimes they sell above list price and appraisal.          

 

Land, acreage, and commercial properties are slow sales. It’s difficult to get loans for land. Many sellers are reluctant to part with their land at the low prices buyers want to pay compared to the past.

 

We are seeing lot sales at bargain prices. Appraisals are typically not high enough to get mortgage loans for new homes being built on lots. Even though construction costs have gone down, resale homes typically sell for less than building a home.

 

According to ERA Network News December 2012, “As this country emerges from the most significant real estate downturn in a generation, ERA brokers have noticed some post-recession behavioral shifts among homebuyers that reflect an entirely new real estate landscape.” I believe this is true. However, buyers want to own a home, and that has not changed. Investors are in the market and buyers are on the move. I will summarize the homebuyer behaviors these brokers identified as follows:

 

  1. “In the Know”: Buyers have invested a lot of time and they understand their options and preferences. They view a home as a “foundation” for life rather than an “Investment Vehicle” like many thought in the boom market several years ago.
  2. “All in the Family”: Buyers view a home as a place for multiple generations living under one roof.
  3. “Moving Up”: Buyers are looking for move-in ready homes rather than “DIY” projects. 
  4. “Sizing Down”: Buyers want the simpler life and are saying, “Do not supersize me!” They would rather have a smaller home with less upkeep so they can enjoy their hobbies, travel, and relationships.

 

For all real estate consultations, pricing, staging, concerns, or any real estate questions, please call the Naisbitt-Bagley Team at 435-865-1019 or toll free at 800-934-3742. You can text: naisbitt@inxsnet.com. You can check out homes for sale as well as free reports and valuable information at http://www.homesincedarcity.com. The Naisbitt-Bagley Team will market aggressively and work hard to get you great results!

October Market Update

October 2012 Market Update for Cedar City, Utah

  • IT IS TIME TO WINTERIZE INSIDE AND OUT!  Freezing temperatures are at hand and can cause considerable damage if pipes freeze, etc.  Call with questions.
  • August 2012 UAR Local Market Updates by County are now available:  Iron County Closed sales are up 2012 YTD by 8.5% as compared to 2011 YTD.  August 2012 closed sales are actually up 13.6% as compared with August 2011. The median sales price 2012 YTD is $94,000 which is down only 2% as compared to YTD 2011 figure of $95,900.  The exciting thing is that the median price for August 2012 is $134,500 as compared to August 2011 of $107,500 which is an increase of 25.2%.  I do believe we are beginning to see an increase in sales prices as well as an increase in closed sales.
  • It appears that we do not have as many foreclosures on the market.  Banks are approving short sales, which means they sometimes do accept less than what is owed as payment on the mortgage.  If an owner owes more than a home is worth, doing a short sale may be an option.  Check with your lender for all options.
  • Interest rates are still a at historic low which is helping buyers qualify for homes while prices are still low enough to allow a mortgage payment lower than rent in many cases.
  • Home inventory is decreasing.  Homes in the lower price ranges are often experience multiple offers and sometimes sell above listing price.
  • Homes in all price ranges are selling if they are priced correctly, show well, and are advertised aggressively.  Multi-unit properties are selling.  Investors are here.
  • Lots, land, acreage, development land and commercial properties are still experiencing an extremely slow market with very few buyers and very little money available for loans.
  • Fall and Winter can be good times to sell with serious buyers looking to relocate.  It is true that there are typically not as many buyers as in spring and summer, but often there also are not as many homes for sale which evens out.  ERA Real Estate completed a survey to show who buys in the fall that was sent to me in an email from ERA Network News Thursday, October 4, 2012.  The survey also received national media coverage in RealtyToday.com and others.  The article points out that families with children tend to purchase based on the school year schedule which peaks in June or July.  However, many first-time home buyers purchase in the fall as well as Move-up buyers, downsizing and retiring buyers.  Investors stay in the picture in the fall as do military relocations and vacation buyers in that order.  The article points out that “Back to School Means Back to Business for Homebuyers.”
  • Dressing your home for the holidays can be warm and inviting to buyers.  Curb appeal is important as well as making home repairs in advance.  Since there is no way to know when your buyer will arrive, I believe in marketing aggressively all year long.  Please be assured that your home and property will continue to receive top marketing.
  • Pricing and showcasing are always top priorities.  Please call 435-865-1019 or 800-934-3742 for a consultation regarding market pricing and showcasing if your home or property has not sold.  You can also email naisbitt@infowest.com.  You can text or call Janet’s mobile at 435-559-7772.  Please check out your competition on the MLS in this real estate market at http://www.homesincedarcity.com.
  • Please let Janet and her team of licensed professionals know if you have any questions, concerns, problems or if you want to discuss the market or your property or anything.  We do always want to give you top service and be available for you, so please contact us today.  We have found that you know best when you want to hear from us.  This letter is to serve as our call to you with your real estate market update.  For more individual information, please call us at your convenience at 435-865-1019 or text or email.
  • We always want to give you top service with all of your real estate needs whatever they are.  We love referrals, so please let us know if you know of anyone that wants to buy or sell real estate.  We’d love our top experience, service and training to benefit your associates

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