Real Estate News

Home sales along the Wasatch Front were up by 6% comparing March to February of this year. We still have interest rates under 6% on 30 year fixed rate loans and all kinds of reports across the country touting the Utah real estate market as among the best in the nation. I heard yesterday from a very good source that the Las Vegas market is making a big comeback and I think that will have a positive effect on our market.

I have a very good starter home in north east Orem with 3 bedrooms and 2 baths and over 2000 square feet for $194,911. This home has a fully finished basement with a large "L" shaped family room with wood burning stove and a secluded yard. Also a 1 car carport with parking on the side. If you know of someone looking, have them call J.B. at 801-319-4141.

Here's another piece of real estate news I found to be very interesting:

Forbes magazine names Salt Lake No. 3 city for home sellers

Salt Lake is the third-best city for selling a house, says a new Forbes analysis. In its “Best Cities for Home Sellers” report, Forbes said that high job growth combined with declining inventory and a sharp drop in new construction — “despite not having an overwhelming inventory glut” — make Salt Lake City a good market for sellers. Other top markets for sellers include San Jose (No. 1) and San Francisco (No. 2). The report’s findings come from a study of the country’s 40 largest metro areas that analyzed unsold vacancy rates, construction starts, job growth and the degree to which the new conforming loan limits would affect financing availability in the city.

Red Ledges - Heber

I had the opportunity to tour the new Red Ledges development in Heber City this week with other agents from my office. It is a spectacular new residential development with a Jack Nicklaus Signature Golf Course as the centerpiece. The community well eventually have about 1200 residences and will incude a Jim McLean Golf School, a Cliff Drysdale Tennis School, a park and a commercial area. The lion's share of the property will be preserved as open space. The views are spectacular and the quality of the work being done there now is incomparable. Building lots start at around $330,000 and go up from there depending on size and location. For more inormation - maps, etc. email me and I will get you the info.

For all of you home owners in Utah, there is something going on right now that you need to be aware of. My good friend Harry Rodas of Century 21 Bushnell in Orem emailed me concerning the warranties contained in the current real estate purchase contract we use in Utah.

Here is what Harry said:

There is a formal recommendation being made to the Utah Division of Real Estate that is a mistake. I am asking for your help in stopping a damaging change to the Utah Real Estate Purchase Contract.

The Short version is the proposal seeks to remove some of the warranties in the purchase contract that protect a buyer of a home in Utah. If the proposal is implemented, buyers would have no assurance that the home as a roof or foundation free of leaks, and no guarantee that the furnace works etc.

Please keep in mind that the option to sell a home in “As-Is” condition without warranties HAS ALWAYS BEEN AN OPTION!

If you want very detailed information on the issue, please read my blog post at the following link: http://hrodas.com/wordpress/?p=472

PLEASE contact the Division of Real estate either by email or a letter (preferably both) and tell them that you want the warranties in section 10.2 of the Utah Real Estate Purchase Contract to remain intact as they now are. Please have an email and/or letter (both is preferred) from every adult member of your household. Please pass this on to other friends, family, REALTORS etc.

Mailing Address:

Utah Division of Real Estate
PO Box 146711
Salt Lake City, UT 84114-6711

Email: realestate@utah.gov

Division of Real Estate Contact info can also be found at http://realestate.utah.gov/

Please take the time to do this!

I thank Harry for helping to keep us in the know and encourage all of you to get involved. Don't be the Silent Majority. Speak up now and help to preserve and protect private property rights.

Real Estate News

In our sales meeting this morning, we had a good article about the market with stats from the Salt Lake County Board of Realtors and the Utah County Association of Realtors.

Utah Business Magazine reports a 19% jump in home and condo sales for February 2008 in Salt Lake County. It bears noting that the 19% jump was up from January of 2008 but those February numbers were still down 35% from February of 2007. There were 744 transactions with a median sales price of $225,000 which is a very good not over-inflated price. Also, that jump follows 3 months of decline.

Utah County has total home and condo sales of 290 transactions for a 4% jump from January with a median sales price of $205,000.

Overall, inventory is climbing slightly as it always does this time of year, but our office inventory is down a bit. We are so good at selling our own inventory that we are having a tough time increasing our inventory. We talked quite a bit about expired listings and for sale by owners being our best ways to increase inventory, especially as we are so good at getting them sold!!