The Jared Zimmer REMAX Properties Blog

 

Dec. 6, 2017

Have You Noticed How Home Prices Are Rising In Our Area?

ave You Noticed How Home Prices Are Rising In Our Area?

I just took a look at the latest Iron County housing market report I have received from Utah Association of REALTORS® and one statistic really stands out.

Median sales price for our area has so far risen by no less than 16.3% this year. Average price has increased at more or less the same rate - by 16.2%!

This means that we're now seeing prices in the area that are actually higher than they were before the Great Recession began, in the last real estate boom!

This is confirmation of what we've been seeing in the market for some time, as strong economic conditions, much better job confidence and an influx of people new to the area continue to push demand ahead of supply.

We're seeing slightly better news on inventory of available homes in one way at the moment, with an 18.9% improvement in new listings so far this year. However, demand is so high that even this significant uptick has not been enough to overtake the very high number of pending and closed sales we're seeing, so overall supply is still in a downward direction.

Sellers are seeing an average of 96% of their original list price when they sell, pointing to the fact that some homes are actually selling for over asking price and attracting multiple offers.

To summarize, these are incredible seller's market conditions and the shortfall in supply suggests that there are great oppportunities right now to get a fantastic return and sell fast.

And while you may think it's not worth listing until the New Year now, keep in mind that, with low inventory, buyers often cannot afford to take a break from looking for the right house. What's even better is that competition will be much reduced until 2018 really gets under way.

Please don't hesitate to get in contact me today and discuss your best options.

 

Nov. 20, 2017

Why There's Much To Be Thankful for in Iron County Real Estate

Why There's Much To Be Thankful for in Iron County Real Estate

Well Thanksgiving week is almost here and everyone here would like to wish you a great upcoming holiday.

There's so much to be thankful for in Iron County real estate at the moment.

We've seen excellent price growth and a growing number of people moving into the area, raising demand levels and giving sellers even better returns than we've seen in recent years.

Mortgage rates have remained very low, despite some occasional upward pressure, and it's noticeable that even when rates have risen a bit, that has done little to dampen the enthusiasm of buyers, who are aware just how good a time it is to get on the home ownership ladder, or upgrade, while borrowing is still so relatively inexpensive.

The traditional selling seasons are now less pronounced and we're seeing strong year round sales figures.

I read recently that we're back to the boom market conditions that we last saw over a decade ago. The really encouraging thing this time is that circumstances are a lot more sustainable today and, thanks in part to better lending standards and a much more robust employment market (unemployment is only half what it was in 2010!), there's every reason to expect this most welcome of trends to continue.

Hopefully you'll get some relaxing time to yourself in the coming days and, if your thoughts are heading towards a possible move either now or in the New Year, I hope you'll consider just how favorable market conditions are, especially as we still have a shortage of available homes for sale, and the consequent advantage to sellers of very often holding, or even exceeding, asking price and having more visibility for their homes as there's less competition.

Have a great time this Thanksgiving. Thank you all for being such great customers yet again this year and don't hesitate to contact me today if I can be of any help. 

Nov. 6, 2017

What Will I Miss If I Take My Home Off The Market Until the Spring?

What Will I Miss If I Take My Home Off The Market Until the Spring?

We hope you had a great Halloween and here we are at the start of November, with the holidays suddenly coming into view.

Another tradition at this time of year is for sellers to make the very unwise decision to withdraw their homes from the market until the Spring.

The general misconception appears to be that, because the holidays are in sight, people won't be interested in looking at homes.

The idea that no one is buying right now is probably the greatest myth in all of real estate.

Some buyers want to be in their new surroundings for the holidays (Christmas is still very achievable), while others will be anxious to complete their purchase before year end for taxation-related reasons.

It's also the busiest time of year for job relocation, with some highly motivated buyers working hard right now to be moved and ready for their new role in early January.

What tends to categorize buyers at this time of year is that they are working to a deadline of one kind or another.

Disappear from the market and you'll missing the opportunity to receive offers from buyers who, if all works well, won't be around in the New Year.

And the fact is that, no matter how much they are told to do otherwise, some sellers will still put a temporary halt to listing, which in turn means you'll have a lot less competition for a while, and a better chance of holding your asking price.

These sellers will be back, however, and if you join their ranks, you'll be arriving back on the market at more or less the same time as all of them, meaning increased competition which could also mean less money for you!

And have you also considered how great your home will look to buyers when it's seasonally decorated? They'll also be in a more emotional state than normal and thus more likely to make a deal.

In addition, you'll effectively be starting again from scratch is you don't list again until the New Year, losing all the marketing momentum you've built up to date.

Why not contact us today and we can talk about effective strategies to promote your home during this unique, and lucrative, period in the real estate calendar.

Oct. 17, 2017

Why Do Most Agents Take A Long Break?

Why Do Most Agents Take A Long Break?

If you are currently listing your home, you deserve an agent who will be fully committed to helping you in the coming weeks.

Would it therefore surprise you to learn that most agents will take a break, or drastically reduce activity, from November to February?

Would you also be interested to know that the average agent sells just four homes during the year?

Compare this to our average of 130+ sold properties every year!

To achieve this sort of performance demands that we cannot take long breaks at any stage of the year.

Indeed the next few weeks will be crucial to us hitting our ambitious targets for 2017, as we will be busy connecting sellers with some of the most motivated buyers of the entire 12 month real estate cycle.

Clearly if you want to sell your home right now, it's a good idea to check with your agent as to what sort of efforts will be made on your behalf in the near future.

Above all, never believe the complete myth that homes don't sell at this time of year. Right now buyers are eagerly trying to close deals so they can move in for the holidays, find a new home before new jobs start in January and also complete their sale before year end for tax reasons, to name just three unique aspects of real estate activity as we enter the final phase of 2017.

Why not contact us today and discuss a strategy to get your home sold as quickly as possible.

Oct. 6, 2017

Why Do People List Their Homes In The Fall?

Why Do People List Their Homes In The Fall?

At this time of year many sellers temporarily withdraw their homes from the market and fall into the trap of what is arguably the widest misconception in real estate.

Contrary to the belief that homes won't sell in fall/winter, quite the opposite is true!

Buyers do not hibernate and if you're not listing at the moment, you're missing some of the most motivated and well qualified buyers of the entire 12-month cycle, many of whom are very keen to be settled into a new home before the holidays.

There are other key deadlines that are big buyer incentives at this time, including relocation due to the tradition for new jobs to start in January and reasons related to taxation.

And when you consider that inventory of available homes is so low at the moment, the fact that people will unwisely take their homes off the market for a few months means you'll have less competition and the potential for a more robust asking price, perhaps even attracting multiple offers!

Wait until the spring and all those sellers who decided not to list until then will suddenly be back on the market, meaning more competitors and price pressure.

Also don't forget that continuing low mortgage rates provide a huge added incentive for buyers to act before something changes!

We're very excited about prospects for the coming weeks and would love to help you realize your goals, so please don't hesitate to contact us today.

Sept. 20, 2017

New Report Shows Big Equity Gains

New Report Shows Big Equity Gains

The recently published Q2 2017 Home Sales Report by ATTOM Data Solutions shows that home sellers realized the highest average gain for a decade in the second quarter of this year.

The national average home seller price gain was $51,000 in Q2. This equates to a 26% average return on the previous purchase price of the home, the highest gain since the the third quarter of 2007 (27%).

It's another very positive indicator of just how good things are for sellers right now, many of whom are clearly receiving impressive returns on their property investment!

These latest improved equity levels take us back to the time before the last recession started and it can certainly be argued that they prove the cycle back to prosperity is now complete.

One of the key reasons for these gains is that people are living in the same home for a longer time now. ATTOM also states that we're now seeing the longest average home ownership tenure since this kind of data was first compiled at the start of 2000. This trend is, of course, reflected in the low inventory of available homes that we've been seeing here in Iron County for some time - a situation that very much favors the seller in terms of robust asking prices, frequent multiple offers above asking price and reduced competition.

Please contacting us today if you'd like to discuss how we can help you to make the most of these trends.

 

Sept. 6, 2017

Multiple Signs of Great Market Conditions In Iron County Real Estate

The three graphs we've included above and below today speak for themselves in terms of the improvement in market conditions in Iron County over the past 12 months.

We're seeing multiple indications that confirm what we're experiencing every day with our wonderful clients.

With closed sales in the past year up by 18.9%, average sales prices 15.4% higher over the same period and supply of homes almost 11% down on 12 months ago this is a fantastic time to sell.

As these latest figures amply demonstrate, sellers are enjoying better returns at a time of reduced inventory, with less competition and very robust asking prices.

Make the best of this superb opportunity by contacting us today to discuss how we can help you make the most of these great circumstances.

Aug. 18, 2017

Is This The Best Time Ever To Invest In Rental Property?

Is This The Best Time Ever To Invest In Rental Property?

According to a recent report by the Pew Research Center, more households are rented than at any time for over 50 years.

The report says that, even though US households expanded by 7.6 million in the decade to 2016, the number of homeowners remained rather static.

The number of households renting has increased from just over 31% in 2006 to 36.6% in December 2016, exceeding the levels of 36% in 1986 and 1988 and approaching the 37% seen in 1965.

It's important to note, however, that this does not signify less desire to own a home as Pew Center research last revealed that 72% of renters still want to eventually own a home.

Of course the main takeaway from all these stats is confirmation of what we've been seeing locally that the rental market is booming as more and more people choose to make out part of the world their home.

It's obvious, I think, that we are seeing one of the best times ever to develop or start a rental property portfolio for passive income.

Every report that comes out on renting suggests that rental rates are only likely to climb and it's clear that there's a huge market out there - the biggest for half a century!

If you've been thinking about property investment, why not contact us today. We have huge experience in helping our clients build rental income, and have several current listings of great options for you to consider. 

Aug. 7, 2017

It's Taking Less Time To Sell A Home in Iron County

It's Taking Less Time To Sell A Home in Iron County

Our graph shows the average number of days a home is on the market in Iron County before it sells, illustrated over the past year.

The key thing to note is the trend since March. While June saw a slight upward blip, the general pattern has been for fewer days on market.

Of course some of this trending is seasonal, as we're now in the busiest time of the year, but what it does illustrate is the significant opportunity right now, especially considering that there are more active listings on the market (very likely explaining the slight rise in June).

There's plenty of good weather left before the fall finally kicks in and people will be very keen to find and move in to their new homes before then. And if you look at the trends over last winter, you'll see that it generally takes longer to sell as the fall continues.

Why not contact us today and discuss your best options for listing right now and taking advantage of what promises to be a very busy late summer market.

July 18, 2017

Planning to List? Is Now the Time?

Planning to List? Is Now the Time?

You may recall from the blog I wrote earlier this month just how great market conditions are in Iron County right now.

If you missed it, click here to find out more, including a 39% rise in pending sales in the past year and a median price increase of just over 17% in the same period.

We're now in the busiest season of the year and if you're planning to list your home, there really is no time like the present.

While we're expecting to see a lively run in to end of the year, as we did in 2016, listing now means that you're getting exposure to the widest range of potential buyers that we're likely to see in 2017.

This means that multiple offers, very common in the current market conditions, are more likely than when the number of buyers naturally tapers off a bit once the peak season draws to a close.

Let's be clear, there'll be plenty of buyers for the rest of this year, but there's just more of them right now while school is still in recess and moves are completed in the best weather. So it makes total sense to give yourself the best potential for high return!

Why not contact us today to discuss how to best take advantage of these great conditions.