Payson, UT Real Estate News

By Alan Barker
(Boomerang Leads)
Payson saw the largest decrease in Utah County, with home sales way down by almost 39%. The average price decreased by 8% and the median price decreased only by about 3%.  Payson has about 10 months of inventory which is just under the county average of 11.26.  It is a buyers market and many sellers will have to reduce their price to sell the 139 homes available in Payson this upcoming year.   These numbers are not official.
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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION     Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.  On a year over year, YTD comparison currently (27.61)% of new listings are being sold.        SUMMARY Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom.  This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing. For more details or just to chat about market conditions please feel f...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent   As a Loan Officer here in Utah County, I have found that many consumers don’t fully understand the term Annual Percentage Rate. Probably no other disclosure is as baffling to the average consumer as APR is. Few understand how the APR can be higher than the interest rate. The APR is the finance charge expressed as a numerical percentage, which is an expression of the annualized finance charge. The APR includes the interest rate plus all of those items that are included in the finance charge. Although few mortgage lenders actually do it, lenders ...
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We still are having a low percent of new listings being SOLD.  Currently (28.75) % on a year over year, YTD comparison and we need positive % of listings sold, with positive price action to confirm market bottom. Please see data below.                                                                                  PRICE ACTION    Other good signs in addition to positive price action is lower DOM (days of the market) and lower new listings.             SUMMARY  Currently we are not seeing the needed positive price action to confirm a market bottom. This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing. For more details or just to chat about market conditions please feel free to contact me.  
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By Alan Barker
(Boomerang Leads)
After six months of real estate sales in 2008 you'd think we could get a pretty good idea of what the Payson Real Estate Market is doing. One think happening is that home sales numbers are down, and very few high end homes are selling. This is driving the average sold price of Payson Real Estate Down. From January-June 77 residential home listings sold in Payson. These properties sold for a median price of $206,982 and an average price of $190,000. The 170 homes currently for sale in Payson have a median asking price 18% higher at  $230,900, and an average price that is 32% higher at $303,843. At the second quarter sales pace, it will take more than a year to sell the present supply of inventory.
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