Where Is Our Market Headed?

All Real Estate Is Local:

Many people our shouting doomsday and claiming the greatest economy in the world is going to fold over night. When it comes to Real Estate remember, while there are many places in the nation waiting to hit bottom before they can begin to rebound, Utah has been named as 1 of 6 states that have already began our Real Estate Rebound.

Numbers Don't Lie:

Utah has lead the nation in home price appreciation for 5 consecutive quarters. Homes prices, with the exception of some isolated zip codes, are not deflating in Utah. The rate of appreciation has slowed and that is actually a very good thing and part of the reason we are not suffering as bad as a large portion of the nation. Homes in Utah appreciated an average of 9.27% in the fourth quarter of 2007 compared to the fourth quarter of 2006. The national average for home price appreciation in the same quarter was 0.84%. Net migration (People coming into the sate VS people leaving the state), and job growth continue to be strong points for the beehive state.

Salt Lake County This Year So Far:



Home sales in Salt Lake County from January to March this year are up 46.36% and home prices are already reflecting nearly a 1.5% increase. Our market rebound has not only begun it has shifted into high gear.

The Bad News Is:

If you have been waiting for the bottom to fall out to purchase a home, you have missed your opportunity, take this as a warning not to miss another one. The time to buy is still very ripe. Home prices are increasing moderately as demand is gaining ground on supply. Interest rates, while inching up, remain very low. With the reform of FHA financing obtaining a loan with even less than favorable credit may be easier than you think. If you are going to buy a home this year don't wait any longer. You will not have more choices, better rates, or lower home prices this year than you will right now!

Real Time Q & A

In a changing market you need answers now:

If you are trying to make a decision to buy or sell your home sometimes you just need information right away. Good News! I have embedded an MSN instant messenger application directly into my blog. Now you can get real time questions and answers as well as discuss any topics real estate related.

Ready or not this world is about instant communication:

Text messaging, e-mail, and instant messaging are great because you can't always use your phone but need to stay connected. If you are at work for instance you may not have the time for a lengthy phone call to get information. The problem with instant communication is that you have needed to know the other party's information in order to contact them. Now you don't. By visiting this blog you can openly communicate directly with me any time the messenger icon is green from the messenger app on the right side of the blog.

You Do Not Need Messenger:

The great part about this is that you don't actually need to download anything to speak directly to me. All you do is click the button that says "Begin conversation". From there you have 2 options.

If you have a live messenger ID:

You may log in and speak directly with me. This will allow me to see who you are and give me access to your profile if you have made it public. If you wish to remain anonymous then you can simply go to the next method.

If you do not have messenger or wish to remain anonymous:

1. Click "Begin a conversation"
2. Type a name in the box
3. Enter the letters that appear on the screen as a verification
4. Begin communicating directly with me

Use and abuse it:

I love talking real estate. I urge you to send me a message when you have a question, need an MLS #, want to see pictures of a home you have found online, have suggestions, etc etc etc. I look forward to hearing from you.

Existing Home Sales Rise In February

Slow and Steady Momentum:

Existing home sales rose by 2.9% in February. This gain is encouraging but a "notable" gain is not expected until the 2nd half of 2008. While the national "median" home price is down from last year, nearly half of the metro areas in the U.S. show median price increases. This is a clear sign of market stabilization.

Interest Rates and Mortgage Programs fueling the increase:

Many buyers are taking advantage of new FHA programs including increased loan limits for both FHA and conventional loans. 30 Year Fixed Rates were down do 5.92% in February from 6.29% last year. The rates did increase from 5.76% in January of 08 to 5.92% in Febrary which is yet another sign of slow and steady market stabilization.

The fence is tipping over:

It has been a great time to buy a home with relatively lower appreciation rates and interest rates at or near all time lows. For whatever reason people sat on the fence to see what would happen with the market while many others took advantages of this buyers market. Signs of the market shifting are beginning to show and if you have been on the fence about buying a home let me assure you that NOW is the best time to buy. With Utah leading the nation in job production we will remain ahead of the nation in housing stabilization. Many people realize that Real Estate is local and we do not face the same problem the majority of the nation did. Once word gets out to the people who do not yet understand this concept, inventory levels in Utah will be consumed. Right now you have more homes to chose from then you will the rest of the year coupled with sellers willing to negotiate and low interest rates. Conditions are right but will not remain this way.