The Jared Zimmer REMAX Properties Blog

 

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
Nov. 2, 2018

Iron County Continues To Buck National Real Estate Trends

Iron County Continues To Buck National Real Estate Trends

Much has been written in recent months about changes in national real estate trends.

What's really encouraging to report is that Iron County appears to be going against the grain, with some very good stats recently released for September by the Utah Association of REALTORS®.

While inventory of homes for sale has been on the increase in many areas of the country, here in Iron County it is still falling, which is very good news for anyone selling right now, as it means less competition and more robust pricing.

Inventory fell by over 10% in comparison with September 2017 and the number of months of inventory supply dropped by 23.5% over the same period.

And the mortgage rate increases we have seen this year are not yet having a negative impact on buyer demand. Closed sales rose by over 10%, year-on-year. This time frame also saw a 4.4% rise in median sales price and a 6.8% increase in average sales price.

Despite the rate rises, Iron County buyers actually achieved better returns than September last year, with the percentage of original list price received average increasing by over 1% to 96%.

Year-to-date pending sales have risen by almost 11% compared to the year-to-date period up to September 2017 and, using the same measure, new listings are up by 4%.

As we've mentioned before, the exodus of people moving out of the overheated California market is probably helping to boost figures here. The good news on that trend is that it's unlikely to end any time soon.

So there are plenty of great reasons to list your home right now, while buyer sentiment is demonstrably very strong indeed. Why not contact us today and find out more about the great successes we are achieving for our wonderful clients and how we can do the same with your home sale.

Oct. 5, 2018

Achieving the Best Return as the Real Estate Market Changes

Achieving the Best Return  as the Real Estate Market Changes

As we've been pointing out in recent communications with you, there is a key shift in the real estate market to a more buyer-led environment, as a correction between asking prices and affordability takes place.

Here in Iron County we have been relatively sheltered from this transition to a buyer's market, but we are certainly not immune from it and it is necessary for sellers to adapt to ensure they take full advantage of the tremendous buyer demand that's still out there.

To help you in that process, here are some key areas for attention:

Keep up appearances - In a more competitive environment, home condition matters even more. While buyers may overlook imperfections when there is a severe shortage of homes, more choice enables them to be more selective. It's therefore very important to eliminate any negative factors that may not help you to sell the property.

Be realistic - Buyers are now very resistive to what they consider to be overpriced homes. If you don't listen to your agent and price too optimistically, don't be surprised if no one wants to view. The key strategy in today's market is to price according to what similar homes have very recently sold for. That identifies what the market will bear and will attract interest. It still happens that buyers will compete for the best homes, so there's every chance you could receive an offer above asking price if the correct procedure is followed.

Patience is a virtue - Those days not so long ago when "For Sale" signs disappeared from front lawns almost as soon as they were put in the ground are no longer the norm. Changing market dynamics mean that it is likely that your home may take longer to sell now. You therefore need to factor this in to the time when you list. The misguided tradition of people waiting until the New Year until they list is an even worse idea at the moment. Don't wait until snow is on the ground either. The earlier you list, the more opportunities you'll have to sell in a timeframe that suits your future plans.

Keep calm - While things are definitely changing, buyers still want to find their ideal home, and in numbers. The difference is that they are now in the driving seat more than they have been in recent years. In fact, we are arguably moving towards a more normal and sustainable real estate market. The trick is to make sure that you're in the best place to make your home a great fit for what buyers now demand.

Hopefully the above advice helps you to consider the simple steps that need to happen to ensure you give yourself the best chance to get an optimal return on your sale. We have navigated successfully through these conditions before and know what to do to put our clients in the best position to make the most of them. Why not contact us today for an informal discussion of what's best in your individual circumstances.

Posted in Cedar City, Sellers
Sept. 21, 2018

Examining Current Trends in the Iron County Real Estate Market

Examining Current Trends in the  Iron County Real Estate Market

We've just taken a look at the trends in the Iron County market, as provided by the Utah Association of REALTORS®, and they certainly make interesting reading.

The most interesting aspect, in spite of widespread growing pressure on home prices, is that our market continues to flourish across a wide range of key metrics.

New listings have risen by 5.4% in the past year, while pending sales have improved by 11.3% and closed sales are demonstrating an impressive 21.7% year-on-year increase.

Despite widely reported price pressures nationally, as wages struggle to keep up with home price inflation, we've seen good increases in both median (10.5%) and average (14.7%) sales price.

And sellers are also receiving better average returns, as the percentage of original list price received figure has grown by 0.8% in the past 12 months.

Once again, the growth in supply has failed to keep up with demand and we're still seeing overall falls in inventory of homes for sale (a year-on-year drop of 12.1%) and, possibly even more significantly, months supply of inventory has fallen by 25.5% to just 4.1 months.

All that being said, there is a small indication of buyers being more cautious, in that we've seen an annual rise of 4.3% in the average number of days a home is for sale in our market (72 days).

While extremely encouraging, these great figures shouldn't disguise the important underlying trend that buyers are becoming more powerful in their negotiations, and we can expect the current trends to come under more pressure in the coming months.

Right now, however, it's very clearly a fantastic time to be selling your home while our market continues to flourish. Although national trends are important, and are likely to have a progressive effect here in Iron County, we are arguably somewhat sheltered by the fact that so many are moving from the more troubled markets, such as Southern California, to make our wonderful area their home.

As ever, please don't hesitate to contact us today for an informal discussion of the best options in your situation and how to make what promises to be another busy fall/winter market work very much in your favor.