The Jared Zimmer REMAX Properties Blog

 

May 8, 2019

The Iron County Real Estate Market Goes From Strength to Strength

 The Iron County Real Estate Market Goes From Strength to Strength

The latest Iron County real estate market statistics, for March, demonstrate a fantastic start to the spring home selling season in our region.

Published by the Utah Association of REALTORS®, the figures bring great news to sellers.

Closed sales were up by 5.4% on March 2018 and average sales price increased by an impressive 14.5% during the same period.

There was also a quite dramatic 18.7% year-on-year fall in the average number of days a home is on the market before it sells to 74 days.

This all happens at a time of high buyer sentiment, with lower mortgage rates than have been seen for over a year.

Sellers can only benefit from this, especially when one considers some other important metrics in the latest Iron County stats, related to the supply of homes.

Overall inventory fell by 2.8% in the year to March, while there was also a 5.1% decrease in the months supply of inventory figure to just 3.7 months. The number of new listings in our market showed a 10.3% drop over March 2018.

With buyers keen to find the right home and lock in a low interest rate, plus the continued low supply of homes in the area, this is a great recipe for less competition for sellers and an even better opportunity for a robust asking price.

Why not contact us today to discuss your best options.

April 29, 2019

Engaging With A Top Producing Real Estate Agent To Maximize Your Return On Sale

Engaging With A Top Producing Real Estate Agent To Maximize Your Return On Sale

The spring real estate market is off to a great start.

There's a lot of buyer enthusiasm out there right now, thanks in no small measure to recent significant falls in mortgage rates.

Now is a really great time to list, but are you with the right agent?

It's a common misconception that all agents make an equal effort on behalf of their clients. In reality, the gulf in performance and experience can be enormous.

In our own case, we average over 130 sold properties every year. This ranks us in the top 1% of all agents nationwide. A record we are proud of that has been sustained for many years now.

According to the National Association of REALTORS® the typical agent sells, on average, just one home per month over the course of a year...

What these stats immediately demonstrate is the much higher possibility of selling a home if you hire a top producing agent.

It can also have a dramatic effect on your return on sale. An agent's success level is, of course, a great indicator of the amount of effort being expended for clients.

The aim should always be to attract as many qualified buyers as possible to your property, with the goal of creating a competitive atmosphere, enhancing the possibility of multiple offers.

Successful agents are able do a better job of initially pricing your home correctly to fit market conditions, subsequently attract interest and ultimately maximize your return. This happens through superior market knowledge gained by doing several transactions per month and having a far wider number of past clients and other important contacts that have an influence on the sale.

Why not get in touch with us today to discuss the difference we can bring to your own home sale.

April 4, 2019

Big Mortgage Rate Falls Point To An Excellent Spring Homes Market

Big Mortgage Rate Falls Point To An  Excellent Spring Homes Market

With what can only be described as perfect timing, 30 year fixed mortgage interest rates took the biggest single week drop for a decade last week!

With the busy spring home selling season only just under way, this is music to the ears of buyers, who will now be highly motivated to lock in a low rate while they still can.

This is, of course, equally great news for sellers who can look now look forward to more buyers entering the market in the next few weeks than could have been envisaged even a few weeks ago.

And, since last week's big rate fall, there have been further dips this week!   

Over the past few years we've seen how rate falls can stimulate the market well beyond expectations and this latest dramatic development looks likely to do the same again!

Of course there are no guarantees that rates won't soon be moving upward again, or even that they could drop even further. What is certain right now, however, is that there is a fantastic opportunity for buyers and sellers to take advantage of this more than welcome situation for as long as it lasts.

The clear message, therefore, is to act now, so please don't hesitate to contact us today to discuss how to best capitalize on a very positive selling environment that has unexpectedly surfaced in such an emphatic manner!

March 22, 2019

Knowledge Is Power In Today's Iron County Real Estate Market

Knowledge Is Power In Today's  Iron County Real Estate Market

Is the market turning?

 

Is now the best time to sell?

Do I gamble with the equity in my home?

Or sell while the market's strong?

Today's changing real estate market poses many important questions, but do you even know the current value of your home?

Knowing what it's currently worth helps to empower you to make the best possible decision, moving forward, so please click here to access our free instant home valuation tool.

March 7, 2019

Iron County Real Estate Trends Remain Encouraging

 Iron County Real Estate Trends Remain Encouraging

We've been taking a close look at the latest statistics released by the Utah Association of REALTORS® for our Iron County market.

In recent blogs we've been talking about a noticeable trend toward a buyer's market, however these latest figures provide a very mixed message in that respect.

Unlike many areas of the country, inventory of available homes is still falling here. In fact it dropped by 10.4% in the year up to January 2019 and new listings fell by 3.7%, year-on-year, in that month. The number of months supply of homes in the market fell by over 17% to just 3.3 months during this 12-month period.

Lower supply will continue to help make prices more robust here, so it isn't perhaps a surprise to also discover that January also saw a 4.6% rise in median sales price from January to January. This continues a price growth trend that actually extends back to 2012!

Percentage of original list price received has also basically remained unchanged in that period.

With all this in mind, it has to be noted that January saw a 25.7% fall in closed sales over the past year. However, when we look at pending sales, there was almost exact compensation, in a 25.3% rise over the same period.

We can also see that it took four days longer to sell a home, on average, compared with January 2018 (73 days).

Given the wider situation in many other real estate markets, this is a really encouraging start to the year and definitely emphasizes the value in listing right now, while conditions continue to still be favorable for sellers.

Please don't hesitate to reach out to us today to discuss how we can help you to achieve your real estate aspirations as we transition to the traditionally busier spring period.

Feb. 19, 2019

Successful Home Selling In The Transition To A Buyer's Market

Successful Home Selling In The Transition To A Buyer's Market


In our last blog, we looked at the strong evidence that suggests our Iron County Real Estate Market is transitioning to classic buyer's market conditions.

While the basic rules for selling your home never change, it is important to understand buyers' motivations in these new conditions.

Clearly price is going to be an increasingly important factor, especially as competition for buyers intensifies. It's therefore very important to work with your agent to ensure that your home is accurately priced to reflect market conditions and to attract interest from buyers. Homes that are overpriced in this market carry the risk of simply being ignored.

Condition of your home has always been of critical importance, but it becomes even more so in this changing environment. It's imperative that you strive for a very neutral and uncluttered appearance and also store any personalized items like family photos. You need to make it as easy as possible for people viewing your home to imagine themselves living in it.

And never underestimate attention to detail. Even a faulty light fitting is enough to make potential buyers nervous about what else might not be right in the home.

While you cannot change your home's physical location, what you can do is work hard to accentuate all the benefits of living in the nearby area. Your agent will help you here, but it's a great idea to pass on information about local amenities and events. This all helps to differentiate your home.

And you can never have too many features either, because these matter to buyers who have choices. Does your kitchen look tired for example? Now might be a great time to renovate it. Home improvements are often enough to elevate the home you're selling above other very similar properties that are on the market.

Above all else, it's important to remember that buyers are likely to feel increasingly empowered in terms of their status in negotiations. This can actually be a very positive thing if you've paid good attention to home presentation. The best homes at the right price will always be the fastest to sell - that never changes.

Please don't feel alone in this process. Why not contact us today for an informal discussion on how best to adjust to changing market dynamics. It's something we're working on every day, so we have worthwhile perspectives we'd be pleased to share with you.

Feb. 4, 2019

Are We Transitioning To A Buyer's Market?

Are We Transitioning To  A Buyer's Market?

We wanted to inform you of what could be a significant incoming change in our Iron County Real Estate market.

For some years now, we have been enjoying a seller's market, whereby prices have continually risen and there is high demand for homes.

Although prices are continuing to climb in the area (they rose by an average of 9.5% last year), we are simultaneously beginning to track a down turn in the number of home sales.

Iron County sales in December 2018 were down by 9.7% in comparison with the same period in 2017.

The drop was more dramatic in our neighboring Washington County, where there were 18.3% fewer sales in the same timescale.

Across Utah, and more closely reflecting the situation in Iron County, there was a 10.7% fall.

What these figures possibly suggest, along with other factors, is that we could be transitioning to a buyer's market in Utah.

There's no question that buyers have been under pressure in recent months. Mortgage rates, although currently lower than they have been, are broadly on an upward scale and prices have been rising at a rate that limits what many buyers are able to afford.

So, to some extent, what we are seeing is probably more in the realms of an arguably long overdue market correction.

It's important to point out that the market isn't in any obvious danger of collapsing, however it is looking increasingly likely that the dynamics that control it are going to change.

A market correction like this is far from being totally bad news. Yes, sellers may have to be more realistic about their asking price, but as this occurs we may see more buyers starting to look for homes, if they begin to be more affordable in relation to income.

And there could be mixed messages as we go through 2019. January figures will be interesting as we saw mortgage rates falling and stabilizing, bringing buyers out in numbers very early in the year. This upswing may be counterbalanced to a degree by the recent Government shutdown that delayed the processing of Federal home loans.

Mortgage rates are still expected to rise in the coming months, but as we've seen so many times before this can be very difficult to predict. The recent risk aversion in the stock market actually contributed to the fall in mortgage rates, so the situation is always volatile and impossible to accurately forecast.

The key message is that sellers need to be aware of the changes and factor these in to the decision as to when to list and what price to ask for the property. Right now things are still very favorable, and our market continues to benefit from a strong influx from California, which may continue to help buck the trends we've been noticing recently.

Why not contact us today and we can informally chat with you to explore what the best options are in your own situation.

Jan. 24, 2019

Low Mortgage Rates Are Energizing The Early Year Market!

Low Mortgage Rates Are Energizing The Early Year Market!

Our Iron County real estate market has made a strong start to the year.

Buyer sentiment is currently exceptional, following a sustained period of lower mortgage rates to levels we haven't seen for a while.

Indeed, it was recently reported nationally that mortgage applications were up 23.5% at the beginning of the month.

Recent risk aversion in stock markets has had the positive side effect of helping to drive down mortgage rates. There is no certainty in terms of how long this trend will last but, while it does, buyers are wisely taking the opportunity to lock in a low rate.

This is sending an important message to sellers, who would be well advised to list now, rather than later when the situation has changed again.

Last time rates declined, we saw a trend that lasted for several years. However, with an economy in much better shape today there is speculation that the drop in rates may be short-lived.

Therefore if you've been delaying listing until the better weather arrives, be advised that buyers aren't waiting for these conditions and are rightly taking advantage of the current situation.

Why not contact us today to discuss your best options.

Jan. 8, 2019

The Importance of Engaging With An Agent As Early As Possible

The Importance of Engaging With An Agent As Early As Possible

Are you planning to sell your home in 2019?

Even if you don't envisage selling for some months, it's still a great idea to engage with a top agent right now!

Here are some great reasons for that:

1. You'll receive great advice on how to present your home for sale to achieve top dollar. The more time you give yourself to make changes, the easier they become.

2. Your agent's excellent network connections with the best buyers' agents in the area will enable the earliest possible identification of qualified buyers who might be interested in your home, even before it has listed. In this way, a firm offer can sometimes be received before the home has been formally marketed!

3. You'll have a professional looking out for your interests all the time, observing sales, inventory and pricing trends, to help you determine the optimum moment to sell.

4. If, like most home sellers, you're planning to move to another home, following the sale of your existing property, early engagement with a great agent facilitates the most seamless transition between homes, even if you're moving out of the area, due to the agent's nationwide network of top producing colleagues.

As you can see, there are some real advantages to the earliest possible link-up with an agent. Why not contact us today for an informal discussion of your 2019 real estate aspirations.

Dec. 10, 2018

Safety and Security Around The Home This Holiday Season

Safety and Security Around The Home This Holiday Season

The holidays are now very close and it's always a busy time around the home.

It's therefore all too easy to become so preoccupied that safety and security issues can get overlooked.

So here are what we hope are some helpful tips as you make your preparations:

Going Away? - Use light switch timers to create an illusion of occupancy at night. Ask your neighbor to collect any newspapers or other items that may accumulate on your front yard.

Prevent Electrical Fires - December is statistically the worst month of the year for electrical fires. Make sure that items like your Christmas lights are properly maintained and functioning as they should. It's also not a great idea to leave festive lights on overnight, so switch them off before you retire.

Kitchen Safety - Thaw meats in a refrigerator and don't store them at room temperature for unsuitably long periods. Don't position hot foods at the edges of countertops and tables, where they can be a scolding hazard to children and pets. Consider trying to minimize the time the kids and animals spend in the kitchen at the busiest times.

Electrical Outlets - Never overload power strips beyond their stated capacity and don't attempt to link cords together to reach a wall socket. Buy a single cord with adequate inlets for your needs.

Gift Wrap - It's a sensible idea to collect this as presents are open and dispose of immediately after your gifts are opened to prevent fire hazards. Tinsel can be fatal to cats and dogs if swallowed, so make sure this is not left lying around.

Toys - Make sure you read the safety instructions before you wrap gifts as you'll likely have little or no time to do so on the big day.

Drinks - Don't leave half empty late night drinks lying around at the end of the evening - the kids are likely to be up and around very early at holiday time.

We hope at least some of these simple tips will act as a useful reminder. As always, please don't hesitate to get in touch with us today if you have any questions related to real estate.

Posted in Home Maintenance