SunCrest April 24, 2013

SunCrest Market Update – April

SunCrest March 28, 2013

SunCrest Market Update – March

Our March update includes Februarys new active, pending and sold SunCrest homes. We also discuss inventory and what to expect going forward.  

SunCrest March 8, 2013

SunCrest Market Update – February

Uncategorized November 29, 2012

Cost of Waiting a Year

Thinking about waiting a year to buy? May want to rethink, it could cost you. The above graphic shows both the projected appreciation* and projected interest rate*. What would you do with an extra $127.87 a month ($1,546 a year!)? 

 

*nar.com, marketwatch.com

Uncategorized September 17, 2012

September – Time to Sell?

 

The above graph was taken from the National Association of Realtors and represents national numbers. Likewise, here in Utah, we are experiencing very similiar numbers. In second quarter of 2012, for the first time in 5 years, the median single family home price increase 6%(*slrealtor.com) year over year.

Our current inventory has continued to decrease from this same point last year. Salt Lake has maintained an under 6 month supply of housing inventory which is considered to be a "sellers market" level of inventory. This low inventory is causing an increase in prices, and in many cases, multiple offer situations for sellers. 

Also worth noting is the percentage of distressed property sales in continuing to decrease. This is important because when there is less distressed properties, median prices increase. 

So is now the time? The answer is, well, only you can answer that question. Some of you may be holding out to sell. You may be reading the headlines both nationally and locally that prices are rising every month and you may keep holding out. I understand the logic, but let me caution, we do have seasonal trends. Historically, we see an increase in prices in the first half of the year as opposed to the second half. We can continue to expect  to see a steady release of distressed inventory (what I mean is not just a bunch at one time) that may be coming as a comparable property. Who knows how many sellers who NEED (relocation, life event, bigger home, etc)  to sell within the next year may sell quickly at the first sign of decreasing prices?  What we do know now is: Low inventory, low rates, qualified buyers, and increasing prices.