Why You Should Buy Utah Real Estate this Winter

Fannie Mae is predicting that the national housing recession has ended. In the US as a whole, home sales are expected to rise next year by double digits, and home prices are expected to stabilize next year. That is, not drop in value for the first time in a few years. In Utah, especially in the Salt Lake and Davis County areas, we are already seeing signs that these real estate markets have bottomed out.

If you are thinking of buying Utah Real Estate sometime in the next couple years, from a financial standpoint, this winter just might be the BEST time to buy. Here are some reasons why:

Government Tax Credits

If you haven’t heard, the $8,000 tax credit for first time buyers has been extended through April. In addition, it has been expanded, and open to current homeowners. This Tax Credit  of $6,500 is available for buyers making less than $220,000 per year, who have lived in their current home for five out of the last eight years.

With this new tax credit, you actually have until June to buy, you just need to get the property you are purchasing under contract by the end of April.

Plenty of Selection for Large Utah Homes
There is an oversupply of large homes in Northern Utah. Here are the numbers of homes for sale, and the amount of inventory based on the last six months of home sales for homes larger than $3,000 square feet:

• Cache County Real Estate:  220 properties for sale, 11.58 months of inventory.
• Box Elder County Real Estate: 93 homes for sale bigger than 3,000 square feet, or 18.6 months of active inventory!
• Weber County Real Estate: 511 properties for sale, 11.93 months of inventory,
• Davis County Utah Real Estate:  700 homes larger than 3,000 square feet for sale, 8.52 months of inventory.
• Salt Lake Real Estate: 2094 active listings, 8.36 months of inventory.
• Tooele Utah Real Estate: 170 properties for sale, 12.14 months of inventory.
• Utah County Real Estate: 1,516 homes for sale, 8.8 months of inventory.

Mortgage Interest rates are Incredible
Mortgage Rates for conventional mortgages with 80% LTV are currently less than 5%, for 30 year fixed mortgages right now. 15 year fixed, and 5-year ARM’s are even less expensive.

A$250,000 home loan at 5% interest has approximatelly the same monthly payment as a $200,000 mortgage loan at a 7%.

The current interest rates are worth tens of thousands in terms of affordability.

Moderate Homes are Selling
One fear many current home owners have is being able to sell before they can buy. The good news is that starter and more moderate homes in Northern Utah are actually selling. Prices of these homes aren’t as high as they were a a few years ago, but sellers of these these types of homes, who price their home right, are usually getting near asking price.

Here is the break down in the amount of inventory for sale for homes with less than 2,000 square feet:

• Davis County has just 4.86 months of inventory.
• Weber County 7.0 months of inventory.
• Box Elder County 7.18 months of inventory.
• Cache County: just 6.15 months of real estate inventory.
• Salt Lake County: 3,066 homes for sale, 6.53 months of inventory.
• Tooele County:  191 homes for sale, 8.19 months of inventory.
• Utah County: 1155 Homes for Sale, 7.15 months of inventory.

If you are thinking about buying a new home in Utah, this winter really might be the best time to do it. To view all the currently listed Utah Homes for sale visit: NorthernUtahHomeSearch.com

Utah Ranked Second Healthiest State

Want to be healthier, maybe a move to Utah is the right thing to do. According to this article in the Deseret News, Utah is the second healthiest state in the Nation…. Okay, maybe it’s not the state that makes people healthier, but it does say something about the quality of people that live here, and the respect they have for their bodies.

• Utah ranked as the nations second healthiest state- Deseret News
  

  Another Reason Utah is a Great Place to Live – Utah is Second Healthiest State in the Nation

  tags: health, utah

  • New data released in the United Health Foundation’s 20th annual America’s Health Rankings rate the Beehive State second only to Vermont in a broad measure of health and overall physical well-being.

  • The yearly report credited Utah with the lowest rates in the nation for smoking, cancer deaths, infant mortality and binge drinking

  • Utah’s spending was $60 per person for public health last year, compared with a national average of $94 per person and $150 per person in Vermont.

  • Utah’s rate of obesity continues to increase at about the same rate as the rest of the nation, "we have a lower rate overall and a much lower rate than some parts of the nation, especially in the Southeast," Joy said.

    Sundwall said he takes no comfort in the fact that Utahns were fifth best in the nation in the percentage of obese residents, noting 23 percent of Utahns still fall into that category.

One interesting aspect of this article is that Utah spends less for public health. If the residents are healthier, then the cost for healthcare should be less should it not?

Half of Utah County Homes Sold Less than $200,000

Home prices in Utah County, Utah continue to drop. During October, the median sold price of Utah County Homes was less than $200,000 for the first time in years. The average list price of Provo homes also continues to decline as shown by this graph.

October was a pretty good month for home sales, the fourth best of the year for Utah County.  Home sales were up by nearly 5% from last month, as 470 residential homes sold, and were up by 22% compared with a year ago.  Many of these home sales can be attributed to the then expiration of the first time buyer tax credit.

Utah County currently has 3,896 residential homes for sale. This is 16% less inventory than a year ago. At Octobers sales pace, Utah County has 8.36 months of active inventory.

Salt Lake County Home Sales Up in October

October was a good month for the number of homes sold in Salt Lake. So far, 1,027 homes in Salt Lake have been reported sold by the Wasatch Front MLS.

While the number of homes sold was good, the average price of Salt Lake homes sold was the lowest it’s been since the middle of 2006.

The average sold price for Salt Lake Utah Homes sold during October was $239,315, 29% less than the average Salt Lake list price of $330,855. While there is still a large disparity between list and sold price, the average list price continues to drop. The current average list price is nearly $7,000 less than it was just a month ago, and $75,000 less than it was 15 months ago.

Inventory of homes in Salt Lake County are dropping. There are currently 7,132 homes for sale in Salt Lake County. This is down 300 from just last month. With a higher rate of home sales in October, and less inventory, the absorption rate for Salt Lake is healthy at less than six months of active inventory.

Less than 20,000 MLS Listings in Utah

For the first time in a long time, there are less than 20,000 homes for sale in Utah. This is good news for the recovery of real estate in Utah. As real estate inventory goes down and there is less competition, home prices will stabilize.

October was a great month for Utah Home Sales. For some areas, October was actually the best month of the year in regards to the number of homes sold. Many areas are seeing home list prices stay steady.

To view the active 19,962 homes that are listed on the MLS, visit: NorthernUtahHomeSearch.com

October was BEST Month of 2009 for Weber County Home Sales

It looks like October was the best month of the year for the number of homes sold in Weber County Utah. Thus far, there have been 290 residential homes reported sold on the MLS. October home sales were up nearly 19% f from October of last year, and up 20% from Septembers Home Sales Numbers.

While home sales are up, prices clearly appear to be stabilizing for Weber County Homes. For the fourth straight month, the median list price of Weber County homes has been exactly $179,900. The average list price has also been pretty stable.  During May, the median sold price of Weber County Real Estate was $155,000, 14% less than the median list price.

Even though home sales were up, the amount of Inventory for Sale in Weber County happened to rise as well. During September, there were 2122 residential listings for sale in Weber County. Now there are 2135 listings. At Octobers sales price, Weber County has 7.36 months of active inventory.

It’s still a great time to buy real estate in Weber County. With the first time buyer tax credit extended, and opened up for existing home owners, home sales should be better than last year throughout the winter.

Click here to  view all active Weber County Home Listings

 

Third Best Month of The Year for Davis County Home Sales

October was the third best month of the year for Davis County Real Estate Sales. Thus far, as reported by the WFRMLS, 320 Davis County Homes have sold. This is up by 19% compared with October of Last Month, and is up nearly 5% from Septembers home sales numbers.

Compared with last year, home prices in Davis County are down by 4.5%. During October the average price of homes sold in Davis County was $226,312.  Overall Home prices tend to be leveling off. The price of homes sold per square foot has been consistently around $90 for the last year now. The price per square footage has actually risen slightly in recent months.

Davis County Utah currently has 1909 homes for sale. At Octobers sales pace, this gives Davis County less than 6 months of active inventory, making the Davis County Real Estate Market a balanced market. In addition to a healthy amount of real estate inventory, the average days on market has also been steady over the past few months. During October, the average Davis County home sold was on the market for 77 days..

 

Good Month of Home Sales for Cache Valley Home Sales

October was a pretty good month for home sales in Cache Valley. Home Sales were up 10 percent from September, and up 6 percent compared with October of last year. October was the third best month of the year in terms of home sales in Cache County.

One of the primary reasons that home sales have improved is because of the expiration of the first time home buyer tax credit, which was scheduled to expire this month. It has since been extended through April of next year, but the expiration of it did spur many Logan first time buyers into taking the steps too purchase now. These first time home buyers are purchasing the smaller, less expensive homes. During October, we had the lowest average monthly home sales price since May of 2006, and the smallest average square footage of homes sold since March of 2003!

While home sales were up, the amount of inventory on the market is down. At October’s home sales pace, Logan Real Estate now has seven and a half months of active inventory.

First Time Buyer Tax Credit Extended thru April 2010

Good news for first time home buyers, you don’t have to rush your first time home purchase.

The federal $8,000 tax credit has been extended through April 2010.

12% of Weber County Homes Listed are Short Sales

Nearly 12% of the homes currently for sale in Weber County require short sales. This is less than other parts of Utah, but it is still a high percentage of underwater Utah homes for sale.

Weber County Short Sales

South Ogden had the lowest rate of short sales with only 5.26%, while more than 16% of the homes for sale in Roy require bank approval.

Here is the break down of Short Sales by the larger cities in Weber County:

Eden Utah Short Sales: Eden has 18 short sale listings and a total of 133 MLS listings, 13.53% are short sales, which is actually a lower percentage than I suspected.

North Ogden Short Sales: Exactly 10%, 18 of 180 listed homes in North Ogden are in need of Short Sales.

Ogden Utah Short Sales: Ogden city itself has a slightly lower average rate of short sale than Weber County as a whole. Just under 11% of Ogden Homes are short sales.

Pleasant View Short Sales: Pleasant View has a high percentage of short sale listings 15.12%.

Riverdale Utah Short Sales: Short Sales in Riverdale were less than the Weber County Average at 10.67%.

Roy Utah Short Sales: Roy has the highest rate of short sales iin Weber County with 16.13% of listed homes under this status.

South Ogden Short Sales: South Ogden has just 5.26% of its listed homes as Short Sales. There are currently only 8 short sales in all of Weber County.

West Haven Short Sales: The rate of short sales in West Haven was just over the average for Weber County at 13.04%.

Other Weber County Cities: The smaller communities of Weber County have a higher rate of short sales. There are currently 394 listed homes in these cities of which 54 are short sales, for a total of 13.71%