The Jared Zimmer REMAX Properties Blog

 

Sept. 11, 2019

As the weather cools...so does the local real estate market. Capitalize while it’s still hot...

As the weather cools...so does the local real estate market. Capitalize while it’s still hot...

While home buyers are active throughout the year, there's no question that, this year in particular, it could pay dividends to consider listing your home right now.

There are a number of important reasons for doing this.

Firstly, market conditions are extremely favorable, due to the continuation of strong buyer sentiment, thanks to a combination of falling mortgage rates and Federal Reserve interest rates.

Secondly, and critical in our wonderful part of the world, there is some talk that we could be heading for a cold winter with above normal snowfall levels. While long range forecasts are never completely reliable, of course, we do live in an area that is always susceptible to bad weather, which inevitably has a negative knock on effect with buyers, who may struggle to get to view homes and/or will want to see them when they aren't covered in snow. Very cold temperatures can also act as a major disincentive.

Therefore there are some compelling reasons right now why delaying your sale may be problematic. But there are other important considerations such as if the economy will sustain, plus the possible uncertainties of an election year.

As we write, buyers are very proactively looking for homes and to lock in those very attractive low mortgage rates while they still can (there are no guarantees how long that trend will last, after all).

Please contact us today and we'll discuss your individual situation with you and further explore why it pays to sell now and avoid the risk that the market changes significantly in the coming months.

Aug. 29, 2019

Why Delaying Your Home Sale Until 2020 Could Be A Mistake!

Why Delaying Your Home Sale Until 2020  Could Be A Mistake!

We're almost at the end of August and the conclusion of summer is now in sight. This is traditionally a moment when some people decide to delay their home sale until next year.

That is always a mistake, because the fall and winter homes market is always busy and, in fact, offers unique selling opportunities.

This year, however, there are other dynamics at play that make playing a waiting game an even more unwise move.

Mortgage rates continue to greatly influence the market, motivating buyers to act fast and lock in the lowest rates for some years. The recent Federal Reserve interest rate drop has only added to the excellent environment of buyer sentiment.

But there's absolutely no guarantees how long these trends will persist.

Low inventory of available homes right now also means that you'll have less competition, especially as we move away from the peak selling months. Your asking price will consequently be more robust too.

There has been much press talk of late about whether or not we're seeing signs pointing to a recession. Looking back in time, recessions have been notoriously difficult to predict, so while it's true to say that there are no certainties, listing now means you won't be taking the risk of selling in a difficult economic climate.

At the very least, therefore, it might be worth getting a rough estimate of what your home is currently worth. With prices continuing to rise across Iron County, you may be surprised if you haven't checked lately. Click here to go to our free instant valuation tool.

If you are already carefully considering when to list, please get in touch with us today for an informal chat about the best options in your own situation.

Aug. 8, 2019

Low Iron County Homes Inventory Continues to Create Opportunities for Sellers

Low Iron County Homes Inventory Continues  to Create Opportunities for Sellers

The latest stats for Iron County (for June) published by Utah Association of REALTORS® demonstrate an almost 9% fall in new listings compared with the same period last year, together with a 3.6% drop in actual inventory numbers since last June.

This means that there are just over four months of supply in the market, a 2.3% year-on-year decline.

This is great news for sellers at a time when the combination of the first Federal Reserve interest rate fall in eight years and continuing low mortgage rates has created excellent buyer sentiment.

With less choice for buyers, asking prices remain robust and sellers also benefit from less competition. It therefore isn't surprising that median sales price has risen by 6.9% over the past twelve months. The average sales price of a home in our area was $241,497 in June.

It's simply a great time to put your home on the market, if you have been contemplating doing so. The news on interest rates will help to make it a great end of summer/early fall market, so please don't hesitate to get in touch with us to discuss your best options.

July 26, 2019

Making The Most Of The Busy Summer Homes Market

Making The Most Of The  Busy Summer Homes Market

Earlier in the month we wrote about some very buoyant figures for the Iron County real estate market (click here to read our last blog if you missed it).

Right now is, indeed, a time to strike while the iron is still hot.

For buyers, mortgage rates have taken a further tumble this week. Although there is perhaps a temptation to play a waiting game, to see if there are yet further falls, wise purchasers have already recognized that there is a rare and golden opportunity to lock in a very low rate right now and that speculation on further rate drops is a high risk strategy, as the situation can dramatically change at any time, and it is usually unannounced...

So if you're thinking of selling, there is equal urgency, as you can list now and ride on the crest of the new wave of buyer sentiment. There are simply no guarantees that these fantastic rates, which compare favorably with any period in the past five decades, will continue into the fall and beyond. That, of course, has implications if you're planning to buy another home yourself.

And if you're contemplating either starting or growing a property investment portfolio that requires some borrowing, it really doesn't pay to gamble by waiting.

With just a few weeks left before the kids go back to school, many buyers are busy trying to make deals with that deadline in mind.

We're also heading into the "monsoon" season here with changeable weather, which of course makes viewing homes a bit easier, with somewhat cooler temperatures for a while.

There are so many reasons to seize this moment. Why not contact us today to discuss your best forward strategy.

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.