Sellers Market, Sellers Market, Now A Waiters Market
April 5th, 2008 Categories: Real Estate News
Sellers Market
You have heard of a seller’s market. Inventory is low demand is high prices are going up. Listings are getting multiple offers, sellers are netting more than list price even after paying commissions. Things are really good for a seller.
Buyers Market
Of course to be followed by a buyer’s market. Inventory is up demand is low, buyers are getting concessions from sellers such as closing cost, down payments, appliances… Things are really good for a buyer.
Waiters Market
But this waiter’s market, I never heard of it before. This is when the seller’s market is over and inventories are high, interest rates are phenomenal, jobs are strong and yet people are waiting. You have to assume people are waiting for the prices to bottom out. No one knows when the bottom is until prices start going up and that is when interest rates start going up.
The difference between almost the bottom and the bottom is not very much money and not a long period of time. So when you see interest rates start going up it is a good sign that the bottom has already happened.
Salt Lake County Real Estate Market
Now remember Salt Lake County has three markets based on prices. The upper market $500,000 and above still has uncertainty to it, especially in the south end of the valley in places like Draper and South Jordan, Herriman areas. The $300,000 and under is not that soft of a market. The $300 - 500,000 market is patchy.
Check out the chart below, it illustrates buying at almost the bottom. Whether you buy almost at the bottom on the way down or the way up the prices really aren’t any different. The difference is how much your money is going to cost.
Now is it possible to time the bottom? Yes, but not by science or skill by luck. Remember we do not know where the bottom is till the market turns and then we can look back and say where it was.
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What a $1,000 a Month Looks Like In Salt Lake
January 23rd, 2008 Categories: Real Estate News
Click Photo For Tour
To arrange a preview call The Rob Aubrey Group at 801-694-4762 or Email Rob@Aubrey.net
I usually don’t write about listings in the main blog page, but I had to show buyers what the current market looks like. Because of interest rates are so low. You can own a condo like this for right around a $1,000 per month including taxes, insurance and the homeowner fees.
Immaculate One Owner Condo
Built 1995
2026 W 3650 S, 84119
All New Paint, New Carpet, Laundry Room
Gas Fireplace, Good Storage, Eat In Kitchen
Large Master With Walk In Closet
Refrigerator, Stove, Dishwasher
$90 HOA Taxes $930
2 Car Garage With Opener
To Search Over 15,000 Homes For Sale With Tours And Addresses
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Salt Lake County Real Estate Market Statistics
December 30th, 2007 Categories: Salt Lake County
Well we are closing this year out and so much has happened in the Real Estate World in 2007.
Just about the beginning of the year the lending started to get a little shaky or I should say starting to correct itself back to normal. The first quarter lenders started closing their doors, by mid year the results of the loan practices of the last few years were showing itself in full bloom.
Some parts of the nation went in to a total backward slide in home prices. States like Michigan, Florida were hit pretty bad. Michigan’s woes can be tied to jobs, while Florida is home of the speculators. We had agents in our office here peddling Florida stuff. I have a hard time believing there are agents in Florida offices peddling Utah products.
We had the media all over the board. Reports of the sky is falling, in some parts of the country and in some parts of Salt Lake County that is true. But to give a report on national TV that is not a good time to buy Real Estate because… Is like saying that the weather forecast for the United States is going to be sunny and 77 degrees tomorrow. Real Estate is not a national product, it is VERY, VERY, VERY local. You can have more than one set of conditions inside of one zip code. Not only is it silly to report on a national level, it is irresponsible.
Salt Lake County Real Estate Prices
We started out the with the average home price for January 2007 being $255,898 with highest average for the year up to $292,558 (12.5% increase) with December’s average so far around $272,750 (a respectable 6.25% increase for the year).
Salt Lake County Real Estate Market Statistics
For Statistics of the Salt Lake County Real Estate Market, some reports don’t fit well in a blog roll, so I put it in a PDF for easy viewing.
It is a month by month report being compared by the same same month for 2006 & 2007. Reports for Number of homes sold, average days on market, average list price. average sold price. average list price to sale price ratio.
These statistics are based on data as reported by the Wasatch Front Regional Multiple Listing Service.
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