Salt Lake City, UT Real Estate News

By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
In today's Salt Lake Tribune, "Jillinda Bowers, president of Salt Lake Board of Realtors, said that when homes don't sell, 'our next step is to reduce the price. We have a positive and good market, but with the decline in sales right now, there is a need for more stabilization in the pricing.'"So, will home prices go down?Or, in other words, will the actual value of homes go down? Or is she just saying that all of the THOUSANDS of overpriced listings currently on the market will need to lower their asking prices?Are homes not moving solely because they are overpriced, or has the demand for single family housing in Salt Lake simply slowed? Did almost everyone that wanted to buy a house already do it?From my perspective, Sellers have been overpricing their homes by more than a year's wort...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
I ran this report for 4th Quarter 2007 and thought that some of you would be interested in looking at the entire year's statistics.Salt Lake County Sales Activity Trend ReportReport Date: Tuesday, January 22, 2008Time Period: January 1, 2007 through December 31, 2007Area(s): Salt Lake CountySingle Family Home SalesPrice ClassTotal$0 - $49,99964$50,000 - $74,99924$75,000 - $99,99952$100,000 - $119,999119$120,000 - $139,999355$140,000 - $159,999623$160,000 - $179,999991$180,000 - $199,9991,145$200,000 - $219,9991,010$220,000 - $239,9991,053$240,000 - $259,999871$260,000 - $279,999793$280,000 - $299,999700$300,000 - $349,9991,235$350,000 - $399,999760$400,000 - $449,999512$450,000 - $499,999321$500,000 - $749,999692$750,000 or Over298Total Units11,618Average Price$296,009 Report Generated ...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
This graph shows how long homes took to sell in the 4th quarter of 2007. This is only for SOLD homes. As you can see, for homes that DID sell, the average time on the market was 44 days. The percentage of homes selling in 30 days or less was 43.7%.The percentage of homes selling in 60 days or less was 72.3%.The percentage of homes selling in 90 days or less was 88%.The percentage of homes selling in more than 90 days was 12%.Days on Market1 - 301,14131 - 6074861 - 9040891 - 120173121 or Over141Average44Days on Market is calculated by counting the days between the Listing Date and the Contract Date (the date the home goes under contract).This sounds good if you are a Seller. However, remember, this is only the time on the market for homes that SOLD. In the Fourth Quarter 2007, only 36.31...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
Here are some numbers from 4th Quarter 2007. I'll only use the final number in other calculations but I thought some people might be interested in seeing it broken down by Price Range as seen in the table below. (This data is for SOLD homes.)Salt Lake County Sales Activity Trend ReportReport Date: Tuesday, January 22, 2008Time Period: October 1, 2007 - December 31, 2007Area(s): Salt Lake CountySingle Family Home SalesPrice ClassTotal$0 - $49,99915$50,000 - $74,9996$75,000 - $99,99913$100,000 - $119,99923$120,000 - $139,99963$140,000 - $159,999150$160,000 - $179,999202$180,000 - $199,999190$200,000 - $219,999212$220,000 - $239,999199$240,000 - $259,999168$260,000 - $279,999142$280,000 - $299,999120$300,000 - $349,999206$350,000 - $399,999139$400,000 - $449,99971$450,000 - $499,99952$500,...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
Mayor Peter Corroon's State of the County Address gives a glimpse into what makes living in the Salt Lake Area so great.It gives a brief analysis of each of the following priorities:GovernmentEconomic DevelopmentNatural EnvironmentQuality of LifePublic SafetyEducationMy favorite part of the speech is the following:"Salt Lake County is still the most populous county in the state, with an estimated population of more than 1 million. Our county is expected to grow to nearly 1.4 million by the year 2030. And Utah ranks No. 3 in the U.S. for life span with an average of 78.7 years, meaning most of us should still be alive and kicking for years to come. Today's news also reports we are No. 5 in lustfulness in Salt Lake City.     Why are these numbers important?     Because Salt Lake County's ...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
As home inventory grows, typically rental rates don't rise as much. This is because people can just as easily buy than rent.A recent article at Forbes.com suggests that even though Salt Lake's inventory of available homes for sale is growing, rental rates are still rising because job growth is the highest in the nation and is bringing in a "steady stream" of people into the state."Job growth also affects renters. Salt Lake City has one of the fastest rates of new construction, but it isn't fast enough to keep up with job growth. A 3.1% uptick in jobs is the highest of any city measured, and the result has been a steady stream of new citizens moving to the city. More jobs, more people and higher wages have lifted prices in both the rental market and sales market there. "If you will be re...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
Utah a fertile ground for branching outIn 2007 Salt Lake saw big names such as IKEA, Cheesecake Factory, Urban Outfitters and American Apparel come to town. According to the Salt Lake Tribune, "The list of retailers with a presence in Utah is set to grow even larger this year." [2008]It later goes on to say:"Retailers have been attracted to the state in recent years due to the state's strong job and population growth. The population of the four main Wasatch Front counties - Salt Lake, Utah, Davis and Weber - has reached the 2 million mark, which makes many national chains take notice. "Salt Lake currently has one of the best economies in the country. If you will be relocating to Salt Lake in the next 3 to 6 months, find out why hiring an Exclusive Buyer's Agent is the smartest way to bu...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
"Utah's economy is the strongest in the nation," Governor Huntsman said. "In 2007, we've experienced several record highs. Our state population is growing at record levels. Utah had the nation's highest job growth rate. We have one of the nation's lowest unemployment rates. We are well positioned for our future."Real Estate prices are still rising and mortgage rates are at the lowest levels in years. If you are thinking about buying a home in the next 3-6 months, call an Exclusive Buyers Agent to make sure your best interests are being protected!Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.For more information,...
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By Mark Alder
 Here are two photos of the City Creek Development being torn apart that I took yesterday 1/9/08.  The planning commission signed off yesterday on letting them start work on the below ground parking garage.  If you have any construction/destruction photos of happenings around town email them to me mark@soldonsaltlake.com for consideration for this blog.    
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
OK. Don't get me wrong. The real estate market in Salt Lake is doing better than most places in the country. I just want to point out to the person who isn't involved in real estate on a daily basis (i.e. the consumer) that the actual truth about the market is often slightly different than what you hear in the media.In an age of instant messaging, blogs and fiber-optic data transmission, you would expect to be able to keep a pulse on something so large as the housing market.In a recent Money Magazine article, Real Estate: Last of the red-hot markets printed on December 2 2007: 10:21 AM EST the consumer sees the graph to the right. NOTICE that in the bottom of the graphic in light grey print you see the following disclaimer "Prices are for the year ended June 2007 except for Wilmington's...
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By Mark Alder
What the New Mayor Means for Homeowners There is a new mayor in town with an ambitious plan (and a myspace profile ).  Good leadership in the city can help each individual home and property owner by maintaining property values and increasing quality of life.  I think the new city administration is going to be effective in two key areas that will go a long way towards achieving these goals.  1) Developing downtown and 2) fixing transportation.  Develop Downtown Even More  Becker plans on “revitalizing” downtown.  One step he will take towards this objective is to restructure the Planning Department.  I hope that he will make the Planning Department more transparent and the rules clearer.  My limited experience with the department last year was frustrating because I was given the run aro...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
Yes, this is old news but it shows the historical data and trends for the Salt Lake County Market. The next official reports (which we are all waiting for) will be posted on January 20th, 2008. While we wait I will also look at the monthly data for October and November and the data I can extract myself for December and we can see if we can estimate whether the trends are still following the course they were on at the end of September.Average Home Sales per Quarter Salt Lake County Last Updated: October 20 2007 02:09:13Source: WFRMLS Statistics  Brief Summary:Average Sold Price is still Trending UPTotal # of Homes Sold per Quarter is Trending DOWNTotal # of Homes Listed per Quarter is Trending UPThe Salt Lake Market is a BUYERS MarketHomebuyer Representation, Inc. is an Exclusive Buyer B...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
I keep an eye on blogs that mention Salt Lake City whether they are related to real estate or not.I read this post today written by someone who visited here over the holidays and wanted to share it.I've decided that when I run across posts like this in the future, I'll come back to this post and add the blog entries to the list.Bear in mind that I will only be posting positive links here, not pointing to blogs that say how terrible Salt Lake is... (Do those exist?)Anyway, Here is link #1:http://jawharah.wordpress.com/2008/01/03/back/I do not know these people. They are not clients of mine. These are just people who mention Salt Lake in their blog entries and Google sends me a heads-up.If I have linked to your blog post and you would like me to remove the link, just let me know.Thanks!Ho...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
An ActiveRain Friend asked the following: "I was reading an article that said the Midwest is starting to get a little better,but that the States out by you are going to feel the brunt coming on a little more now. How is the market by you? I was thinking of moving in the future, and I like that area. Is the market getting softer for listings?" 2007's final statistics should be out soon and this is what I think they will say:The total number of Sold listings is down (either slowing, or at a minimum, less percentage are selling than last year)Homes that aren't selling are overpricedThe homes that are selling are still selling for more than they would have a year ago (Appreciation is still positive)My guess for the 4th quarter appreciation rate would be between 7 and 10%Predictions:Sales wi...
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By Julie Neerings~Lifting Hearts ♥ Building Dreams~
(Agent Referral)
First Night Salt Lake 2008: Located at the Gallivan Center on 239 South Main Salt Lake City and runs from 6pm to midnight. Tickets can be purchased in advance at select Albertsons locations and The Gateway customer service desk for $8.00.  Tickets can be purchased on location for $10.00 and kids 12 & under are FREE.  The First Night Salt Lake 2008 festivities will include: Bands DancingEntertainersKaraoke TheaterFireworks For additional information see First Night Salt Lake 2008 First Night Provo 2008: Located at the Provo Towne Centre Mall on 1200 Towne Centre Blvd. Provo, UT. 84601.  You can purchase your buttons at the Provo Towne Centre Mall or the Provo Parks and Recreation Department Office. The First Night Provo 2008 will include: 15 and under $3.00 (prior to the event)  $4.00 (...
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By Salt Lake City Real Estate
(Jen and Hannah)
Sugar House is one of the most popular neighborhoods in Salt Lake. Sugar House extends from about 1300 South to 2700 South and 700 East to 2000 East. The homes in Sugar House are mainly rennovated 1950s bungalows. The area has many quaint shops, eateries and tree-lined streets leading down to Sugar House Park. Sugar house is close to downtown Salt Lake as well as the University of Utah and Westminster. Sugar House is just a 15 minute drive to the Cottonwood Canyons. Homes in the Sugar House area range from the low $100s to just under $1 Million.   Salt Lake City's Most Popular Neighborhood - Sugar HouseSugar House was officially established in 1853, six years after Brigham Young led settlers down Emigration Canyon proclaiming this to be the place. The community of Sugar House grew and f...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
If you are considering a home purchase in the Salt Lake City, Utah area, you may be getting mixed signals as to whether you should buy a home now, or wait another year. A recent article Forbes Magazine stated, "In Salt Lake City, the median home sale price for the third quarter this year rose 14% over the same time in 2006, according to data released today by the National Association of Realtors (NAR). That's the biggest increase of the country's 50 largest metros measured." (November 21, 2007) I would suggest that since September the appreciation rate has slowed to about 7-10%. We will know for sure on January 1st, 2008, but my guess is that it will fall somewhere in that range. I would also suggest that it will likely continue to slow until it returns to the 3-5% range where it histor...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
The market in Salt Lake is certainly slowing down, but for all our sakes, that is a good thing. Last year's appreciation rates of 20-25% were great for all homeowners and created a bit of a buying-frenzy that had many buyers involved in multiple-offer transactions and many Builders and Sellers seemed to be raising list prices on a weekly basis. Those days are gone, but those who own homes and those who are considering a home purchase should be welcoming the current slowdown in the market because it is this very slowdown that will protect your investment. Being late to the housing boom is great because we get the benefits of the boom for what seems like a longer time, yet we also get the warning signs from other markets that tell us that the end is near and it is time to calm things down...
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By Benjamin Clark, Buyer's Agent - Certified Negotiation Expert
(Homebuyer Representation, Inc.)
My observation of Salt Lake's Real Estate market over the past 10-15 years has been that it tends to chug along at a very moderate appreciation rate in the range of 3-5%. There are times when it is slightly better than this and times when it is slightly worse. But, generally, that has been my observation. It is because of this very conservative appreciation that Salt Lake became one of the most undervalued markets in the country in 2005. Prices have truly skyrocketed over the 3 years since, but recently the number of sales are down and the appreciation rate has slowed.Still, the homes that are selling are selling for more than they would have a year ago by about 7-14%. If you are considering buying a home in the Salt Lake area within the next 6 months, make sure you use an Exclusive Buy...
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Most Utahns like most Americans just don't know much about home buying or consumer credit. Add current headlines like "Credit Crunch", "Mortgage Meltdown", and "Foreclosures on the Rise" and no wonder confusion seems at an all time high. Because of this, in conjunction with Mountain America Credit Union, I will teach teach two monthly seminars as a community service. Gratis! The next seminars will be offered December 6th in the Downtown Salt Lake Public Library beginning at 7:00pm. Dec. 6th 7:00pm - 8:00 pm, Home Buyer Seminar: "Buying a house is the first step to a secure financial future and is the largest investment of a lifetime for most Utahans. The process of buying a home can be overwhelming to a first-time buyer yet understanding the process helps to prevent this. In this monthl...
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