December 31, 2008

What Were the Most Popular Price Ranges of 2008?

Posted to Steve Randall

Before we leave the old year behind we wanted to share some important information for Sellers in 2008! Some price ranges for homes will sell faster because of a larger pool of buyers who can afford to purchase these homes. Consider yourself lucky if your home’s value is within one of the popular price ranges.

For example, in Davis County, 86% of the homes sold in 2008 were priced between $120,000 and $350,000. That means that if your home has a value in this price range it likely will sell within a 70-day time frame which was the average “Days on Market” for the county. The most popular price range in 2008 was between $180,000 and $299,000; over 54% of the homes that sold in 2008 fall within this range. Sales for higher priced homes were fewer with longer sale times in 2008.

Here is how the average prices faired for 2008 by County in Northern Utah:

Salt Lake County Average Price Home Value - $289,115
Utah County Average Price Home Value - $269,138
Davis County Average Price Home Value - $251,218
Weber County Average Price Home Value - $191,588
Box Elder County Average Price Home Value - $174,865

Community Events for Layton and Kaysville:

In Layton, the Parks and Recreation Department is now registering boys for Jr. Jazz basketball. The season begins on January 15, 2008. For more information you can contact the Parks and Recreation Department on their website. If your family is into skating then you will likely want more information on Layton’s Family Skate Night on January 19th too. Ice skating and skates are free to Layton residents.

Kaysville is sponsoring New Years Eve Celebration for families at City Hall starting at 7:00 pm on New Year’s Eve. For details and types of activities go to their website.

May we take this opportunity to wish each of you a Happy and Prosperous New Year in 2009!

Posted By: Steve Randall





December 29, 2008

Out With the Old and In With the New!

Posted to Steve Randall

With the New Year fast approaching we thought it would be interesting to find out the year-to-date sales numbers for 2008. Looking back can oftentimes help us understand what the next year (2009) will bring. This information will be very interesting for sellers that have homes currently listed. The reports outline the number of sales by county in the following categories: # of listings sold, average time on the market by sales price, the median and average prices per county, and the highest and lowest price sold in the five counties surveyed. Statistics come from MLS reports for Davis, Weber, Box Elder, Salt Lake, and Utah Counties. More analysis of this data will be forth coming in the days ahead.

Davis County YTD Sales Report
Weber County YTD Sales Report
Box Elder County YTD Sales Report
Salt Lake County YTD Sales Report
Utah County YTD Sales Report

Here are the latest lending rates. They have increased over the weekend. These are still excellent rates but pressure is coming from the Government to push them even lower. Lots of refinances are taking place right now!

Conforming Fixed 30-year rate: 4.875%
Conforming Fixed 15-year rate: 4.625%
Conforming 5-year ARM: 6.375%
FHA Fixed 30-year rate: 5%
FHA Fixed 15-year rate: 5%
FHA 5-year ARM: 5.625%

Posted By: Steve Randall





December 25, 2008

Merry Christmas with Holiday Lights

Posted to Steve Randall

We just wanted to express our thanks and appreciation to all our clients, associates, and those affiliates who make our lives so good. May this day be one of peace, comfort, and joy!

We leave you with more holiday lights put to music: Click here for Frisco Christmas, click here for lights in Perth, Australia, and click here for computerized Christmas lights.

Merry Christmas!

Posted By: Steve Randall





December 24, 2008

The Christmas Eve Rush!

Posted to Steve Randall

Just one day left before the big day arrives. I must admit that I love this time of year… even all the hustle and bustle. It is the time of year that I feel that real estate is more than just work…it is a calling! It is nice to see our many renters all tucked away in their homes and protected from the cold Northern Utah winters. We had a young couple we had helped buy a home come to our home last night and it was just nice to be with them and to see how much their little children had grown in such a few years.

We love the Christmas lights and the music may be just what you need for this last day of shopping! Click here to view.

Enjoy this season of many holidays and we wish you the very best in the coming year.

Here are the latest rates:

Conforming Fixed 30 year rate: 5%
Conforming Fixed 15 year rate: 4.875%
Conforming 5 year ARM: 6%
FHA Fixed 30 year rate: 5%
FHA Fixed 15 year rate: 5%
FHA 5 year ARM: 6.125%

Posted By: Steve Randall





December 23, 2008

Santa's Wish List from Sellers!

Posted to Steve Randall

Over the past two months we have talked much about the timing for Buyer’s to get back into the market. Now is that time! At this Holiday season we wanted to share some thoughts that Sellers hope Santa and the New Year will bring them!

Santa reports that these items are the most popular on this year Christmas List:

1. Qualified Buyer’s tops the list: Sellers who price their home keeping the current market conditions in mind will likely get their wish. Inventory is plentiful and many buyers are now feeling that now is the time to buy.

2. Help with credit and market liquidity: With interest rates still moving downward, home payments are becoming more affordable. Freddie and Fannie are also making it possible for more and more to get home loans with more than half of the loans in Davis and Weber County being tied to FHA funding.

3. Reduction of the time it takes to sell: In this market, Seller’s don’t have to rely on Santa for this gift. It is under their control by pricing their home slightly below other similar homes in the market place. A home properly priced, well cared, properly maintained, and show ready will attract qualified buyers.

If you would like to read more about the future of mortgage rates please click here.

If you are interested in the future of home prices click here.

Finally, if you are interested in what Utah is doing to improve the housing market then click here.

We hope that Santa will grant all our Seller’s wishes!

Posted By: Steve Randall





December 18, 2008

State of the Real Estate Market in Northern Utah - November 2008 Sales Reports

Posted to Steve Randall

Periodically we like to give our blog readers an update on the market sales for Davis, Weber, and Morgan Counties. The following links give detailed information by zip code as to the number of units sold and the average price in the zip code. The Area number is an MLS code that represents two zip codes or more. This data is important to understand the market and the trends sellers and buyers face at this time. The charts give comparisons of sales data from November of 2008 as compared with November of 2007.

Click here or the image to view the full report

For example, in the Kaysville-Layton Area (202), the number of homes sold in November of 2007 was 71 units. In 2008, the number of units sold was 52, or unit sales were down 27%. The average price in the same area was from 2008 to 2007 was also down 10%.

If you are a seller, understanding these numbers is critical in pricing your home to sell. With the market trending downward, sellers want the listing price to be lower than the current market so that the house can sell quickly. Being above the market, with value trends headed downward, means that a sale will not happen until there is a significant price reduction over time. As time goes on, with supply high and demand low, price will continue to reduce. By selling quickly you can minimize the amount of money lost in a down market.

For Buyers, homes are more affordable than they have been in years. Now is the time to act.

Conforming Fixed 30 year rate: 5%
Conforming Fixed 15 year rate: 5%
Conforming 5 year ARM: 6.25%
FHA Fixed 30 year rate: 5%
FHA Fixed 15 year rate: 5%
FHA 5 year ARM: n/a

Posted By: Steve Randall





December 13, 2008

The State of Real Estate in Northern Utah

Posted to Salt Lake City, Steve Randall

I wanted to share a link with our blog readers that comes from the Salt Lake Tribune and shows the state of the market in Northern Utah from Salt Lake County to Weber County. Tracking is done by zip code for the past five years. A reader can track by quarter, the variance in the median price for that zip code to see how the market has changed from 2002 to now.

For example, in the Kaysville-Fruit Heights area the median price for 2002 (The Olympic Year) ranged from $160,600 at the start of the year to $182,950 by the end of the year or an increase of 14%. In 2003, the median price ranged from $170,000 to $193,250. In 2004, the range was from $169,643 to $199,500. In 2005 the range was from $180,000 to $229,000. In 2006, the range was from $225,000 to $334,900. In 2007 the range was from $257,000 to $347,000. So far in 2008, the range is from $266,000 to $295,950. In this very stable and popular area to live, the median prices have returned to their 2006 levels. Since 2002, the prices have changed from $193,250 to a high of $334,900 in 2006 (73% increase) to $295,950 (12% decrease) in 2008.

Although our sellers don’t like the current uncertain market, especially when prices have decreased, the overall five year trend shows very positive gains real estate values in the Kaysville and Fruit Heights areas. To search your own zip code and see your own comparisons please click here. You may want to save this link on our blog for future reference.

If you compare the appreciation rates (graph below) for real estate nationally since 1980 to 2006 (in five-year increments) you can see that normal appreciation ranges from 5% to 5.8%. If you look at the appreciation rate from 2000 to 2006 the average appreciation rate was 14.83% which created a bubble that we are now adjusting for. If you are looking for investment purposes, it is wise to plan on about 5% appreciation rates when estimating returns on real estate just to be safe.

Click the image for a larger view

Another interesting chart to review is how real estate did when compared with the Dow, S&P, and NASDAQ from January 1, 2000 to September 30, 2008. You can see in the graph below that real estate is up by 72% while all the stock market indices were all down during this period. Another good reason to consider real estate as part of your retirement and portfolio planning.

Click the image for a larger view

We thank the Brookings Institute and Steve Harney at SteveHarney.com for compiling this information.

Posted By: Steve Randall





December 12, 2008

Holiday Lights Contest at The Maples in South Jordan

Posted to Steve Randall

The excitement begins next Monday evening (December 15th) when The Maples at South Jordan holds its annual Holiday Lights Contest. The activity is sponsored by the HOA Board who is offering three gift cards from various retail stores just in time for the Holidays. Neighbors will gather at 6:00 pm at the clubhouse for hot chocolate, hot cider, and other treats and then begin to walk the neighborhood to view the lights. After viewing all the lights, neighbors will vote on the homes with the best Holiday Lights for 2008. Click here to view all the neighborhood Holiday Lights. For the locals, see if you can guess which homes are not in The Maples!

In a time when there is much financial stress, this is a great activity to bring neighbors together so they can get better acquainted and enjoy each other’s company. The Maples was developed by Hamlet Homes and is located about 7600 S. and 6700 W.. The best way to view the lights is to travel west on 7800 S. and then turn north on 6700 W.

Homes sold in the past 12 months in The Maples at Jordan Hills range from $185,000 to $265,000. These homes are two-story conventional homes, and range from 1500 square feet to over 3200 square feet. Most have 3-4 bedrooms with 2-3 baths. The most affordable home (enter in MLS #844417) in The Maples right know is listed at $175,000 and is a 4 bedroom, 3.5 bath home. On the upper side of the neighborhood this home (enter in MLS # 829589) is listed for $240,000. Interested Buyers should contact our office to arrange showings.

Homes in this neighborhood and in Utah are very affordable right now and it is a great time to buy with low interest rates (5.37 for FHA Fixed 30-year) and affordable downpayment plans.

Conforming Fixed 30-year rate: 5%
Conforming Fixed 15-year rate: 5%
Conforming 5-year ARM: 6.625%
FHA Fixed 30-year rate: 5.375%
FHA Fixed 15-year rate: 5.5%
FHA 5-year ARM: n/a

Posted By: Steve Randall





December 02, 2008

Holiday Lights in the Oaks at Mutton Hollow

Posted to Steve Randall

The Oaks at Mutton Hollow is a neighborhood of over 30 homes on the East Layton bench developed in the late 1980s. Homes in this HOA have varied architecture and range in value from $350,000 to $750,000. One of the nice things about this neighborhood is that many of the neighbors decorate their homes with holiday lights. The lights draw many to drive through the neighborhood to enjoy the festivity and to catch the Holiday Spirit. The Oaks at Mutton Hollow was the site of the Builder’s Home Show in 1988 and is located off Mutton Hollow Road and 2500 East in Layton. Click on the image below and view all of the glorious lights of the homes of the Oaks at Mutton Hollow!

Posted By: Steve Randall





December 01, 2008

Report on Home Values in Northern Utah by Zip Code

Posted to Steve Randall

In the Salt Lake Tribune this morning there was an update on home prices from Utah County to the south and moving north to Weber County. We think you will find it interesting to look up your zip code and see where you home prices stand as of this date. Click here for the home values report by county and zip code. Click here to read the complete article. Whether you are a buyer or seller you will find this interesting.

Posted By: Steve Randall