The Jared Zimmer REMAX Properties Blog

 

May 17, 2022

Where Is The Market Headed?

Where Is The Market Headed?

 

You are probably already aware that mortgage rates have been ascending for most of this year and are now above 5%, on average, for a 30-year loan.

This is a situation we have been tracking in our email communications with you for some time and now we are seeing the results of these rising rates.

The graphs above show the relationship between interest rates over the past year and the number of mortgage loan applications nationally.

We can easily see the direct effect of rates in terms of the declining rate of applications, seen most dramatically here in the lower amount of refinancing in the market.

It’s safe to say the wave we experienced the last 18 months has crested.

Moving forward the biggest question will be: Does the wave come crashing down…? Or, will it gradually roll out into a more normalized market? 

Many forecast a market correction upwards of 20% by this time next year. We have definitely started seeing activity slow down in properties over $800K. It’ll be interesting to see how it plays out over the next few months.

The first thing to say is that our market isn't typical of the bulk of the USA. Significantly, it's a sought-after location for folks migrating out of states like California, many of whom are cashing out and paying for an Iron County home with no need for a mortgage.

And even if prices were to correct here by as much as 20%, we've seen values in this area jump by nearly 40% since early 2020 so, however you look at it, we are likely to remain in a very positive situation.

Right now, as the graph below demonstrates. median sales price for Iron County continues to increase, month-on-month, to the highest level ever seen, further reinforcing that our market is likely to remain very resilient.

Nonetheless, it would be a mistake to think that the overall dynamics of the market aren't changing to some degree, as indicated in the above graph which compares home prices with median incomes. Therefore it's arguably a good idea to assess where you are with your own home equity and to list at a time when there is still excellent demand and growth in returns.

A quick, free and convenient way to do this is to check out your home's value using our online home valuation tool - click here to try it.

Alternatively why not give us a call at 435-327-2090 to discuss your own situation in more detail. We'd love to help.

April 21, 2022

Iron County Real Estate Continues To Flourish

Iron County Real Estate Continues To Flourish

Rising mortgage rates haven't changed the fantastic home sales trends we continue to enjoy in the Iron County area.

As the above statistics for March demonstrate, we are still seeing very positive key pointers.

Median sale price was up by over 29% on the same period last year, reflecting the excellent demand that we continue to see from buyers, many of whom are moving into the region from elsewhere.

Median list price showed an improvement of over 22% on March 2022, more or less rising in tandem with selling prices.

And it took just 68 days to sell an Iron County home, on average. This represents a 27.66% drop compared with March last year, which was an incredibly busy period in its own right.

While the upward trend in mortgage rates isn't a welcome one, so far it appears to be having a minimal effect in our area.

Although they have risen significantly, rates are still very competitive, when looked at from an historic perspective. It should also be remembered that not everyone is looking for a home loan and we continue to see a good flow of cash buyers moving into Iron County.

It makes nothing but good sense to list your home while the local market continues to trend so well, so give us a call at 435-327-2090 for an informal chat about your best options.

March 31, 2022

5% Mortgage Rates - Coming Soon?

5% Mortgage Rates - Coming Soon?

Earlier this year we saw rates for a 30-year home loan in the mid 3% range. Today they are almost 5% and climbing!

As we always advise, the future is never a certainty, but many industry experts feel that we could be headed for rates breaking the 5% threshold.

While this all seems like doom and gloom, the reality is somewhat different.

Even at 5%, the cost of a home loan is still very reasonable and competitive with most times in the past. The ultra-low rates we've been seeing more recently set new records and were never going to be sustainable in the long term. Well done if you took advantage of them!

Crucially, however, buyer sentiment will not evaporate. There may be a short period of adjustment as buyers acclimatize to the new situation. But it's equally true that, with rates expected to rise further, there will also be a greater sense of urgency to lock in as low a rate as possible.

Remember also that our area continues to see a huge influx of new residents from other areas, many of whom are cash buyers, or effectively downsizing from more expensive locations.

Therefore, if you're considering listing in the near future, it makes a bunch of sense to accelerate those plans if you can and take advantage of what shows every sign of being yet another extremely busy early spring selling season.

Waiting is not the best decision right now.

We'd be pleased to advise you on your individual situation so please reach out to us at 435-327-2090 today.

March 16, 2022

Our Iron County Real Estate Market is Staying Strong

Our Iron County Real Estate Market is Staying Strong

Above are a selection of latest real statistics for Iron County (February).

Even though the real estate market is facing a number of challenges right now, on a national level, our market just continues to go from strength-to-strength.

Comparing last month with February 2021, we saw:

  • An increase of over 36% in median sales price.
  • A jump in median listing price of over 34%.
  • Almost a 20% reduction in the average amount of time it takes to sell a home in our area.

Low inventory of available homes for sale in Iron County continues to heavily influence market trends, making this a great moment to list when there is less than two months of supply and, as the above figures demonstrate, returns for most sellers are still increasing at an amazing rate.

Why not contact us today at 435-327-2090 and find out more about why the forthcoming spring season could be a great time to sell.

Feb. 28, 2022

Mortgage Rates - Is Right Now a Great Opportunity to Seize the Moment?

Mortgage Rates - Is Right Now a Great Opportunity to Seize the Moment?

This year we've already seen quite significant rises in mortgage rates.

It's not the first time that it's happened before, only for something to come along that suddenly halts the upward climb.

We saw this a couple of years ago as the pandemic took hold and rates have just taken a slight fall, this time largely as a result of the current international tensions.

Quite how far they continue to move south depends, to an extent, on how long the current crisis lasts. Any uncertainty in financial markets usually gives rise to risk aversion. This generally results in lower mortgage rates.

For now, however, a window of opportunity could exist to seize the moment and lock-in a low rate. And if you're intending to list, moving your plans forward could have the benefit of capitalizing on some very frenetic and positive buyer sentiment.

As ever in real estate, the only certainty is that which presents itself in the current moment. The future is always guesswork but, until the events of the past few days, the trajectory of mortgage rates was very much in the ascendancy.

Whether you're buying and/or selling, contact us today at 435-327-2090 to discuss your best options.

Feb. 16, 2022

What A Start To 2022 For Our Iron County Real Estate Market

The above infographic demonstrates just how well our local real estate market has started 2022.

Comparing January with the same month last year, we can see some key highlights:

Median Sales Price Up By Over 36%
This is a key statistic, showing the tremendous increase in returns being enjoyed by sellers. It speaks volumes for the continued high demand for property in this area.

Median List Price Up By Over 40%
Running roughly in line with the phenomenal increase in median sales price, median list price is a great expression of the confidence of current sellers.

It's Taking 25% Less Time On Average To Sell A Home Than A Year Ago
Not only are sellers enjoying far better returns, it's taking them 25% less time on average to sell a home, compared with January 2021.

We've already seen huge interest and activity as more and more people decide to move from elsewhere to the undeniable attractions of this wonderful area.

Please don't hesitate to contact us at 435-327-2090 if you'd like to discuss the fantastic selling opportunities our market is continually presenting.

 

Jan. 28, 2022

Why It's Such An Amazing Time To Sell Your Iron County Home

Why It's Such An Amazing Time To Sell Your Iron County Home

We've taken a look at the latest Iron County real estate stats (for December) and thought we'd highlight three specific areas that demonstrate why it's such a great time to sell.

Median Sales Price Up By Over 51%
This stat demonstrates the phenomenal increase in sold prices during the past year. Our area is experiencing unprecedented growth and attracting newcomers from elsewhere. Low inventory and high demand continue to produce phenomenal returns for sellers.

Median List Price Up By Almost 42%
Asking prices are a product of where sold prices are at, so it should be no surprise that they have grown pretty much in line.

It's Taking Less Time To Sell A Home Here
We've seen an over 6% year-on-year drop in average days on market until a home has sold, meaning that most sellers are moving on to the next phase of their lives faster than before.

We'll continue to keep you regularly updated with key statistics as the year unfolds.

Please don't hesitate to contact us at 435-327-2090 if you'd like to discuss the fantastic selling opportunities our market is continually presenting.

Jan. 17, 2022

Fantastic Home Selling Opportunities Already in 2022!

The above graphs show just how promising the Iron County market is for home sellers as 2022 gets into its stride.

Although they took a very slight seasonal dip in December, median sold prices are higher than they've ever been, demonstrating the amazing returns sellers are enjoying.

Better yet for sellers, the graph showing the current number of active listings shows a fairly steady decline since September.

Admittedly some of the lower supply can be attributed to seasonal factors, however right now there is a shortage of available property for buyers across the board, meaning reduced competition and more robust asking prices.

It's clearly a great time to sell, so why wait until the spring when there will inevitably be more homes to choose from!

Contact us at 435-327-2090 today to discuss the exciting current options.

Dec. 21, 2021

Merry Christmas From Our Family To Yours

Merry Christmas From The Zimmer Family

Wishing you a holiday season and new year filled with love, health and happiness

Thank you for all your wonderful support throughout this year.

We're excited to help you realize your real estate goals in 2022.

Best wishes
Jared, Cheryl, Wyatt, Axel, Gunner and Zoey

 

Dec. 15, 2021

Great Tips For Presenting Your Home In Winter

Great Tips For Presenting Your Home In Winter

Winter arrives next week (Tuesday 21st to be precise). Of course it's already very cold and we've had fresh snow, so we thought it would be a good time to suggest some great tips for presenting your home for sale at this time.

Theme your home for the season - The holiday season presents a unique opportunity to make your home even more inviting with seasonal decoration. Buyers are more emotional right now, so try to appeal to that sentiment. It's also important not to clutter your room with decorations. Tasteful but sparing is a good maxim.

Seasonal scents - This season presents good opportunities for themed scents in the home, cinnamon and vanilla being two popular options. The smell of freshly baked cookies, for example, can be another winning aroma. Make sure windows are often opened to remove stale air.

A warm welcome - Make sure your indoor temperature is comfortably warm and not sweltering. This can encourage buyers to view for longer.

Keep it light - Less daylight means there's a greater need for artificial lighting both indoors and outside. This can be a wonderful and inviting advertisement for your property. It's amazing how many people who've viewed the home during the day will pass by your home at night to see what the area is like after dark.

Floor coverings - Keep them in first class condition by placing mats at entrance doors, in case your viewers arrive during or after rain or snow. Be sure to stay on top of your floor cleaning regime.

Snow and ice - Good quality ice melt is so important in creating safe driveways and pathways for your viewers.

Fireplaces - If you're fortunate to have a natural or artificial fireplace, this can act as a wonderful central feature and, let's face it, nothing is more welcoming. Mantles offer a great location for seasonal decor.

We hope these tips are helpful. As always, we welcome your questions on real estate at 435-327-2090.