The Jared Zimmer REMAX Properties Blog

 

July 10, 2019

Latest Iron County Real Estate Stats Confirm Excellent Market Conditions for Sellers

 Latest Iron County Real Estate Stats Confirm Excellent Market Conditions for Sellers

We've just taken a close look at the latest set of statistics for the Iron County real estate market (for May), published by the Utah Association of REALTORS®, and thought we should share some of the good news it contains with you.

Median and average sales prices have risen by 4.5% and 4.9% respectively so far this year and closed sales showed an impressive 21.9% year on year increase. Pending sales were 2.2% ahead of the same period last year.

We are also tracking an encouraging 10.1% increase in new listings compared with the corresponding month a year ago, but high demand is ensuring that the months' supply of inventory has actually fallen by 14% since May 2018. In terms of numbers of homes for sale, this translates to a 9.1% fall over the twelve months until May this year.

Median prices were actually 5.1% higher in May of last year, so with all the current evidence of excellent buyer demand, significantly driven by lower mortgage rates so far in 2019, we have arguably seen a very slight price correction in our market that is now resulting in an overall more healthy and sustainable activity level to build on.

Of course much depends on the continuation of historically very low mortgage rates as a key motivational force for buyers to lock in a low rate while they still can. It will therefore be interesting to share figures for the corresponding months with you, when they are available, as this set of statistics mainly reflects already brisk activity before rates went lower than the important psychological level of 4% in very late May.

It's clearly a great time to sell a home, so don't hesitate to contact us today on (435) 327-2090 to discuss your best current options.

June 28, 2019

STOP!!! READ THIS!!! - Mortgage Rates Have Just Fallen To A 31 Month Low!!!

STOP!!! READ THIS!!! - Mortgage Rates Have Just Fallen  To A 31 Month Low!!!

Yesterday, the average 30 year fixed rate fell to just 3.73%, while the 15-year fixed-rate average dropped to 3.16!

This is the seventh week out of the last nine where rates have fallen.

Just a year ago, the 30 year average was 4.55% and the 15 year average was 4.04%. Those were still historically very low rates, emphasizing what an incredible opportunity you currently have to move to a better home or to get on the home ownership ladder.

Remember that there are no guarantees that rates will go even lower. Seizing the moment right now will ensure you can lock in an ultra low rate for the life of your home loan.

And, if you're thinking of selling, this is an equally great opportunity to capitalize on fantastic current buyer sentiment.

Call us today on (435) 327-2090 to discuss your best current options. We can also put you in touch with the area's top mortgage professionals.

June 5, 2019

Why Right Now Could Be A Great Time To Stop Renting And Buy Your Own Home

Why Right Now Could Be A Great Time To  Stop Renting And Buy Your Own Home

Last week 30 year fixed mortgage rates dipped below an average of 4% and we are currently seeing the lowest rates since the beginning of 2018.

The highest average 30 year fixed rate last year was 4.87% in November, so there has been a considerable reduction since then.

If you are still renting then, at the very least, it could be worth your while checking out the affordability of owning a home.

Home ownership has so many significant benefits, in comparison with being stuck in the renting cycle.

Above all, having a fixed rate mortgage enables you to control your housing costs for the entire life of the home loan, after which there will be no more payments.

Renting means paying forever and, inevitably, rents will rise as they have always done, not least due to inflation and continuing high demand.

A home is arguably one of the best investments there is. Here in Iron County, we've seen considerable price growth in recent years, which means a very positive equity position for most home owners. And if you've been paying rent every month, you've actually been financing your landlord's growing equity, with no direct benefit to you...

Renting also means many restrictions on what you can do with the property. Home ownership creates your own canvas and you are free to do whatever you wish, including having pets that might not be allowed, or attract a high extra monthly fee, with your current rental.

Landlords are free to decide to do something else with their property, or simply not renew your contract, and you can be forced to look for a new home, often at short notice. A home of your own creates total security, which can be even more important as you age and the upheaval of moving can be a daunting prospect.

It's so worth exploring the possibilities of finally getting a place of our own. Why not get in touch with us today for an informal chat about your situation. We can also put you in touch with the best mortgage professionals in the area, who can work with you to see what might be feasible for you.

May 21, 2019

Why Mortgage Rates Are So Competitive Right Now

Why Mortgage Rates Are  So Competitive Right Now

Last month saw an average interest rate of 4.14% on 30 year fixed rate mortgages. This was the lowest figure since the beginning of last year!

Even though this is extremely encouraging news, what's often underappreciated is just how competitive mortgage rates have actually been for some time.

A great way to help understand this is to look at Freddie Mac's table that maps average interest rates for every month since 1971.

Going back in five year increments demonstrates how competitive current rates are on a historic scale:

April 2014 - 4.34%
April 2009 - 4.81%
April 2004 - 5.83%
April 1999 - 6.92%
April 1994 - 8.32%
April 1989 - 11.05%
April 1984 - 13.65%
April 1979 - 10.50%
April 1974 - 8.58%

In fact the highest ever average interest rate since these records began was in October 1981 when the average rate was, incredibly, 18.45%

Clearly, even if interest rates were to begin to climb again, they would still be competitive with the past.

It's therefore a great time to either get on the housing ladder or move upscale. Renters should consider that rents are very likely continue to rise as they have for some time and that locking in a low fixed mortgage rate right now means controlled costs for the life of the home loan.

Why not contact us today to discuss your best options.

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.