Category Archives: Market Updates

Posted on by August 19, 2016

‘Old Millennials’ Are Diving Head-First into Homeownership

‘Old Millennials’ Are Diving Head-First into Homeownership [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • ‘Old Millennials’ are defined as 25-36 year olds according to the US Census Bureau.
  • According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.
  • More and more ‘Old Millennials’ are realizing that homeownership is within their reach now!
Posted on by August 18, 2016

4 Stats That PROVE This Is NOT 2005 All over Again

Recent research by the National Association of Realtors (NAR) examined certain red flags that caused the housing crisis in 2005, and then compared them to today’s real estate market. Today, we want to concentrate on four of those red flags.

  1. Price to Rent Ratio
  2. Price to Income Ratio
  3. Mortgage Transactions
  4. House Flipping

All four categories were outside historical norms in 2005. Home prices were way above normal ratios when compared to both rents and incomes at the time.

NAR explained that mortgage transactions as a percentage of all home sales were also at a higher percentage:

“Loose credit was one of the main culprits of the housing crisis. Mortgage lending expanded dramatically as unhealthy housing speculation reached its peak and was met by the highest level of credit availability as measured by the Mortgage Bankers Association. The index measures the overall mortgage credit condition by the share of home sales financed by mortgages. This metric does not capture credit quality, but it does set a view of the importance of financing in supporting the housing market.”

House flipping was rampant in 2005. As NAR’s research points out:

“Heightened flipping activity is a clear indication of speculation in the real estate market. A property is considered as a speculative flip if the property is sold twice within 12 months and with positive profit. Flipping is a normal part of a healthy housing market. In an inflated housing market, expectations about short-term profit from pure price appreciation are very high; therefore, the level of flipping activity would show evidence of being heightened.”

Here are the categories with percentages reflecting the unrealistic ratios & numbers of 2005 as compared to the current market. Remember, a negative percentage reflects a positive gain for the market.

4 Stats That PROVE This Is NOT 2005 All over Again | Simplifying The Market

Bottom Line

They say hindsight is 20/20… Today, experts are keeping a close watch on the potential red flags that went unnoticed in 2005.

Posted on by August 16, 2016

How Do Rising Prices Impact Your Home Equity?

Yesterday, we shared the results of the latest Home Price Expectation Survey by Pulsenomics. One of the big takeaways from the survey is that over the next five years, home prices will appreciate 3.5% per year on average, and cumulatively will grow by around 18%.

So what does this mean for homeowners and their equity position?

For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. If we only look at the projected increase in the price of that home, how much equity would they earn over the next 5 years?

How Do Rising Prices Impact Your Home Equity? | Simplifying The Market

Since the experts predict that home prices will increase by 4.5% this year alone, the young homeowners will have gained over $11,000 in equity in just one year.

Over a five-year period, their equity will increase by over $46,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, let’s meet up to find out if you are able to today!

Posted on by August 15, 2016

Where Are Home Prices Headed Over the Next 5 Years?

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 4.5% over the course of 2016, 3.6% in 2017 and about 3.2% in the next two years, and finally 2.9% in 2020 (as shown below). That means the average annual appreciation will be 3.5% over the next 5 years.

Projected Appreciation | Simplifying The Market

The prediction for cumulative appreciation increased slightly from 24.7% to 26.3% by 2020. The experts making up the most bearish quartile of the survey are still projecting a cumulative appreciation of 11.1%.

Cumulative Price Appreciation | Simplifying The Market

Bottom Line

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

Posted on by August 12, 2016

Luxury Home Sales & the Impact of the Stock Market

In a recent post, CoreLogic looked at the correlation between stocks and the sales of upper-end properties ($1 Million+ sales price – luxury home sales). The report revealed:

 “The powerful ‘wealth effects’ generated by the rapid rise in equities between 2009 and 2015 drove a large rise in the sales of homes that sold for $1 million or more.

Historically, sales of homes priced $1 million or more averaged 1.2 percent of all home sales. The spread between high-end sales and equities widened during the housing bubble but then moved more closely in unison. By the time the equity markets had peaked in May 2015, the $1 million or more share of the market had nearly doubled, averaging 2.2 percent for the remainder of the year.”

This makes sense. As people see their wealth increasing, they feel more confident in their purchasing power. And, of course, that would also impact their decisions regarding real estate. The stock market dipped earlier this year and there was quite a bit of anecdotal evidence that the upper-end market was beginning to soften.

As we can see in the chart below, the market is again flourishing. That may rejuvenate the luxury market as we move through the rest of the year.

Luxury Home Sales & the Impact of the Stock Market | Simplifying The Market

As we proceed through 2016 and enter 2017, the strength of the stock market will be a key factor in the strength of the luxury market. If the stock market falters, look for high-end sales to slow. If the market advances, as it has shown signs of doing most recently, the high-end market will advance.

Posted on by January 12, 2015

Should I Sell My Utah Home in the Winter – January 2015 Utah Home Sales Data

This Week I Cover…

  • Sales data & trends heading for winter 2015
  • Signs that the 2015 winter is turning out big for sellers
  • What you can expect for the Spring 2015 selling season
  • “Should I sell my Utah Home in the Winter?”
  • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hey, it’s Joel Zieve from Keller Williams Success Realty and the Northern Utah Home Team. Happy New Year to you!
I’m going to jump right into it and show you what we see happening for the beginning of 2015 and see what we can guess for what’s going to happen in the spring. If you’re a seller you’re going to be really excited because of what I’m about to tell you! So get ready for a big winter market coming up and here’s why!
Ok, so I know there’s a lot of information on this graph so I just want to focus on a couple of key things here. Over the last couple months here the number of new listings and therefore the number of total listings have dropped dramatically. And as a result of that we’re seeing prices continue to rise up. That typically doesn’t happen all that often in the winter. But with less competition, fewer inventories, interest rates are still really low, we’re starting to see that the time on the market is starting to shorten or pretty much stay the same and prices are going up. So that’s the bottom line of things selling quickly. This is for, of course, for Weber and Davis counties. So let me show you one other thing here.
This graph shows year over year changes from 12 months ago. And what you’re going to see the same kinds of things here, the number of… Let me focus on this. This “100%” is your comparison, so anything over this is an increase from the exact same period last year at this time. Anything below it is less. So, take a look at the total listings. We’re down about 85% from where they were last time, this year. And it’s been dropping for quite some time. And because of that you’ll see prices are well over what they were last year at this time also. Number of new listings is down, total listings, price is going up, and the time on the market is also shortening. So all this is great news for sellers.
If you’re a buyer, it’s still good news for you because interest rates are just incredibly low and there’s been no better time to buy a home in recent history for sure! So, if you’re looking to buy or sell, most importantly if you’re looking to sell and you want to know specifically how this seller’s market is impacting you and your house value then give me a call. I’m happy to do a market analysis for you. Of course, there’s never a fee for that or an obligation to work with us.
I’ll put my contact information on back up here, and that’s your Market Update for January 2015! Happy New Year!
Posted on by November 13, 2014

November 2014 Utah Home Sales Data – Should I Sell During the Winter?

This Week I Cover…

  • Sales data & trends heading into the 2014 holiday season
  • Signs that the 2014-2015 winter could be big for sellers
  • What you can expect for the rest of 2014
  • Should you sell during the winter?
  • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hey, everyone, it’s Joel Zieve with Keller Williams Realty and the Northern Utah Home Team. I just wanted to give you a quick market update to show you how things are headed, looking, heading into the holidays this time of year.
Okay, so I know there’s a lot here. So let’s just focus on the things that you’re probably most interested about. The first is history of list price. So I’ve got two years’ worth of data here, and the orange line is actually the sales price and what you see happening here. So in 2013, it spiked quite a bit, and then not quite the increase, but still an increase toward the end of the summer and in the fall for 2014, and how long are they taking to sell—that’s the accumulative day on market, and that’s the green line here, so that’s that trend. Months of inventory—months of inventory means that based on the number of offices that are currently for sale, how long would it take—how many months would it take based on how quickly they are selling to completely deplete the market. So you’ve heard some people talk about having a low inventory. That’s exactly what we’re in and headed toward right now which leads to increased prices, which is, of course, great for sellers, not so much for buyers.
Let me explain this one to you. This one is very interesting. This shows changes from year-over-year, and I have lined it up to match the top. So basically this is the 100% line. So for price, this shows the change in price compared to the same time 12 months prior, and what you’ve seen is a gradual increase with a little dip here when things sold off at the end of the summer, but prices continue to climb compared to where they were last year, and these are the most interesting things—the total listings have just been taking a nosedive. We’re now at 90% of this time last year, and also, the months of inventory is also drastically down. So if this trend continues, what we are going to see is prices continuing to increase because of the lack of inventory. So if you know anybody, or if you’re thinking about selling over the winter, but you have this mindset that the market isn’t as good in the winter as it is in the spring or the summer, I think we’re about to see that change. So I hope that helps. If you have any questions, of course, give me a call. Thanks! And I hope this was helpful.
Posted on by July 15, 2014

2014 2nd Quarter Utah Home Sales Data – When’s the Best Time to Sell?

This Week I Cover…

  • The 2nd quarter, 2014 sales data are in – what’s the market doing?
  • Which county has the highest sales price growth?  The answer might surprise you!
  • What you can expect for the rest of 2014.
  • Home spotlights in Layton and Kaysville, two of the best markets right now.
  • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve with the Northern Utah Home Team and Keller Williams success realty. I’m here to give you my weekly market update. And today I have sales data from second quarter 2014 so we’ll go over that we’ll also look at some homes on the market. So let’s get started.
And first up we have the sales data for Weber County. This is showing us this green line is the number of units listed. The blue line is the median sales price and the red line is the number of units sold by quarters from 2014 back to 2009. And we can see at the end second quarter 2014, the number of units listed has increased from first quarter. It’s about the same where it was a year ago. Our median sales price has dropped from where it was a year ago although it is up slightly from the first quarter and the number of units sold has increased from first quarter but again it’s about where it was a year ago. So if trends continue the way they did last year we can expect to see number of homes listed, sold and prices starting to decrease as we go in to the third quarter for Weber County.
Well let’s take a look at Davis County. Here’s the data for Davis County. We are looking at the same things but we can see as slightly different pattern. For one thing, the median sales price is up at 219,000 which is an increase from where it was a year ago and an increase from where it was at first quarter. If you remember Weber County, the median price is around 150,000 so quite a bit higher in Davis County. Number of units listed has increased from first quarter and about where it was a year ago and the same with the number of units sold increased from first quarter about where it was a year ago. Now in Davis County, we could also expect to see if trends continue from a year ago, that the number of units listed and sold will start to decrease but a year ago the price continue to increase for another quarter so we’ll keep an eye on that and see if our prices are going to continue to increase in Davis County. Well let’s take a look at some home in the market in Davis County.
And first up is 329 Whits End in Kaysville. This is a beautiful 4 bedroom 5 bath home on almost an acre (0.84), has some great features with water features, a huge barn in the back and every bedroom has its own bath so they’re all set up like suites. This is a beautiful over 4,000 sq. ft. home on the end of a cul-de-sac and definitely worth checking out.
And next we have 1230 Fairmont Lane which is in Layton. This is a 4,700 sq. ft. home with 7 bedroom 5 baths at the end of the cul-de-sac. On over a half acre, I’m sorry it’s .39 acres and it has a mother-in-law suite on the main floor which is a very rare find. You can see all the beautiful finishes, lots of space in here for everyone and extended family as well.
So that’s the end of this week’s market update. Feel free to give us a call, a text or an email if we can help you with your real estate needs and until then, keep living smart.
Posted on by June 3, 2014

How Does Fed Quantitative Easing Tapering Affect Interest Rates in Utah

This Week our guest Ron Pippin Covers…

      • How mortgage interest rates are determined
      • What the Fed’s quantitative easing actually is and what it does
      • How quantitative easing affects interest rates
      • What we expect interest rates in Utah to do over the next 12 months
      • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hey, this is Ron Pippin, loan doctor, guaranteedRate mortgage. Now, you may have heard the terms quantitative easing and Fed tapering because they’ve been in the news a lot lately. So what do these terms mean, and how can it affect you? Well, in normal times the Fed will cut interest rates to stimulate the economy. During this recent financial crisis, the Fed was forced to cut rates to basically zero to get the economy going again, but that wasn’t enough, and since they can’t cut rates below zero, the Fed used some new and unusual tools to stimulate the economy.
Now, one of those big tools is called quantitative easing, which is the purchasing of government and mortgage bonds in an effort to keep rates low and help stimulate that market. Now, they’ve been buying bonds at the rate of $85 billion per month. — How much is one billion? A billion months ago the Internet belonged to the dinosaurs. A billion minutes ago the Roman Empire was flourishing.—Which has helped to push interest rates to all-time lows and stock market to all-time highs. Now, recently the Fed started scaling back the buying of their mortgage and treasury bonds by reducing the purchases by $10 billion a month, and this is what they call tapering because they are tapering back their purchases.
Now, how does that affect interest rates? Well, in the past anytime the Fed has stepped back, interest rates actually pushed higher, but then they settled back down. Now, the question remains will interest rates move higher as the Feds taper their purchases? Well, experts believe that interest rates will move higher, and they did when the Feds first started their tapering. However, interest rates have since moved back down. Will they continue to hold? That’s the million-dollar question. Personally, I believe that interest rates will eventually follow the economy and will rise as time goes on. As the economy improves, interest rates are going to go up.
Now, other experts seem to agree that interest rates will be higher towards the end of this year as seen in this chart. Now, if you have questions about home financing, call me. I really can help you. If you have questions about buying or selling a home, now is the time before interest rates move higher. I would suggest calling Joel and Ann Zieve. I have been extremely impressed with their professionalism and how proactive they are compared to so many other agents. Give them a call, really. They will go over all your options with you. This is Ron Pippin with guaranteedRate. You can reach me or text me at 801-628-7667. Make it a great day.
Posted on by June 3, 2014

How To Get Ready For Showings Fast in Utah

This Week I Cover…

      • March, 2014 market update
      • Sellers: Preparing for last-minute showings
      • Buyers: How to leverage the little time you have when viewing a new home for sale
      • Shadow Valley (Ogden) home for sale
      • Layton home for sale with main-level mother-in-law apartment/suite
      • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
And as we’re moving into the middle of March, we can see the market is heating up with new listings jumping up there. We also have new solds on an upward trend, and for now prices are holding steady, but I expect as we get more into the spring and summer market, we’ll see an increase there like we did a year ago. So now is a great time to be out there buying and selling. So let’s give you some great tips on how you can win as a buyer or a seller during the showing phase of the process.
Well, let’s talk about buyers. The first thing that buyers can do to help them be productive during the showing phase is to first get pre-approved. When you have that pre-approval letter, you know that you don’t have any issues with financing, and you’re ready to go shopping. You know your price range, and when you present that letter to a seller with your offer, it’s like giving them cash because you are ready to go.
The second most important thing a buyer can do is drive by the homes first before you set up a showing. That way you can check out the neighborhood, and you can check out the yard, you can check out the outside of the home and make sure when you pull up in front of it to see the inside, you already know it’s a home you would love to live in. And the third thing that a buyer can do to make his showing period productive is to look at multiple homes on the same day. That’s a better use of your time, and it allows you to better compare features from home to home when you are seeing them back-to-back.
Well, now let’s talk about what sellers can do to make the showings most productive for them. Sellers, of course, have the challenge of living in the house most of the time at the same time we’re trying to show it and sell it. So some great tips to make it easy to get ready for short-notice showings is to always hang up coats and book bags when you come in the door and have the whole family do the same. Have everybody take off their shoes at the door so they are not tracking extra dirt through the house, and have a drawer designated in the kitchen where you’re going to throw the keys and paperwork and all that miscellaneous stuff that accumulates on the countertops. That way they are always clean and ready to be shown. We have a lot more great tips for you too, so get a hold of us, and we’ll give you our sheets of great tips for showings.
Well, let’s take a look at some new homes on the market. This first home is in the popular Shadow Valley neighborhood in South Ogden. It’s over 4,500 square feet, four bedrooms, three baths, three-car garage, and gorgeous finished throughout. Lots of great living space here that you can use according to your lifestyle and lots of great updates like granite countertops, new furnaces, new air conditioners, and more. This is a well-maintained home, and you want to check this out while it lasts.
And let’s take a look at another one. This is a great home in Layton; 7 bedrooms, 5 baths, and a full mother-in-law suite on the main level, so mom can have single-level living right on the main floor. Mom’s apartment has its own kitchen and its own laundry room and lots of great finishes just like the main home. There’s two fireplaces to cozy up to, and you’re on almost 0.4 acres at the end of a cul-de-sac, so great space inside and out. Come check this one out today.
Well, that wraps up this week’s market update. Feel free to give us a call, a text, or an email if you need more information or have questions on anything, and remember that we’re here to help you buy a home, sell a house, or invest in real estate, so refer us to all of your friends and neighbors, and we’re happy to help them too. Until next week, keep living smart.
Posted on by June 3, 2014

When’s The Best Time to Sell or Buy a Home in Utah?

This Week I Cover…

      • Number’s Don’t Lie
      • –When to buy to save the most money
      • — When to list to sell to make the most money
      • Should you still wait until Spring to buyer or Sell?
      • New updated home for sale under $130k in Ogden
      • Kaysville home for sale on 1/2 acre with an amazing kitchen
      • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve with the Northern Utah Home Team and Keller Williams Success Realty here to give you your weekly market update, and this week we’re going to answer the question is it better to wait until spring to buy or sell real estate, and we’ll also look at some new homes on the market. So let’s get started. So this chart shows sales statistics broken down by month for the year 2013, and you can see the months of the year written out here. This gives you the number of homes sold in the State of Utah for each month. This gives you the percentage of original list price that the sold price was, and then we have the median price per square foot of that sale. And what I would like to point out to you is that during the timeframe of April to August is when the most units of homes were being sold in the State of Utah. Do you see that? And if you look over here, interestingly enough, that’s also when the highest percentage of the list price was paid. So you were paying closer to list price during that time, and you’re also paying more per square foot during that time.
So what this would tell me is that if I were a buyer is that waiting until April through August to buy a home is not necessarily when you’re going to get the best deal. You’re more likely to pay closer to list price. Homes are selling faster during that timeframe which tells me it’s a more competitive market, and you’re going to pay more per square foot. So you might want to buy your home before the market gets hot in that April to August timeframe or after. If you’re a seller what this would tell me is that since statistics show that buyers are on the Internet looking at homes about two months before they are actively walking through homes, you want to be getting on the market now because the hot market is coming in April so February is the time to get your house out there, so you’re exposed to all that Internet traffic of people searching for your home. Give us a call and we’ll be happy to go over this more with you, but these statistics hold for Davis and Weber County just like for the State of Utah.
So let’s take a look at some new homes on the market. First up is this very affordable and move-in ready home in Ogden. If you’re looking for something for under $130,000, you want to check this home out. Look how beautifully refinished those floors are. It’s a four-bedroom home with two baths. The basement is finished. It has a two-car carport, a huge deck off the back with a privacy fence backyard and a shed, so you can relax out there and entertain and enjoy time with family and friends. This home is move-in ready and it is out there for you to take a look at today. If you’re looking for a great property in Davis County in a little bit higher price bracket, you might want to check out this five-bedroom, three-bath home that’s over 3,500 square feet on over a half-acre in Kaysville. Look at that kitchen. I just love this kitchen, and it has lots of upper-end finishes. It has a huge master bedroom suite with a jetted tub, so you can just relax away your cares, and you’re just going to have a great time living and entertaining in this great home. Well, that’s it for this week’s market update. If you have any questions or need more information on anything we discussed, or if you need help buying a home, selling a house or investing in real estate, feel free to give us a call, a text, or an email. Until next week, keep living smart.
Posted on by June 3, 2014

How Will 2014 Utah Real Estate Compare With 2013?

This Week I Cover…

      • How the 2013 northern Utah real estate market finished up
      • How prices compare to the 2007 peak (you might be surprised!)
      • What will 2014 look like
      • New home for sale in Layton Utah
      • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve with the Keller Williams Success Realty and the Northern Utah Home Team here to give you my weekly market update, and Happy New Year! Happy 2014! We’re in a brand-new year, so everybody is asking how did the market finish at the end of 2013, and that’s what I am going to highlight in today’s market update, and then we’ll look at some new, hot properties on the market. So let’s get started. So first, let’s look at the whole State of Utah. How did the State of Utah do in 2013? And the best way to show you is with this home sales graph. This is showing you three things; median sold price, number of homes listed, and number of homes sold. And as you can see, as of the end of last year, prices had really recovered in the State of Utah overall. We’re almost up to the levels of where we were in 2007. This graph goes back 10 years. So prices really spiked up there in the middle of the year. The number of new listings was way up from where it had been in recent past, and number of solds also was way up. So it looks like Utah as a state overall is on the way to recovery in the market, the real estate market.
Let’s look at Weber and Davis County more specifically, and here’s our home sales graph for Davis County and we can see that it looks a lot like Utah with prices spiking in the second and third quarter of last year at $220, almost as high as where they were back in 2007 at the height of the market. The number of solds way up over past years, and I am sorry, that was the number of listed were up and number of solds also were up with most of the strength being in the middle of the year last year and then dropping off for the holidays as less buyers and sellers were in the market. Let’s take a look at Weber County, and here’s the home sales graph for Weber County. We can also see that there was a strong recovery in prices, although not quite to the level of where it was back in the mid-2007, 2008 timeframe, but the number of new listings, the number of solds also were up in Weber County, and then had dropped off as we went into the holiday time. So the big question everyone is going to be asking is what is going to happen this spring, and you stay tuned here, and I will keep you updated as that starts to develop.
Well, let’s look at some new homes that are on the market because they are starting to hit the market now. Here’s a beautiful, new rambler on the market in Layton. This is a five-bedroom, four-bath with a two-car garage rambler. It’s been very well maintained. It has a great floor plan for living and entertaining. The basement is totally finished. You see the beautiful kitchen there. The backyard is totally privacy-fenced with a huge shed that you can put four ATVs in, and more, and there’s an RV pad, and there’s just so much with this home, you’ll want to check it out before it goes fast. Well, that does it for this week’s market update. Remember, if you have any questions, or need more information as you are getting ready to sell, buy, or invest in real estate, give us a call, text, or email, and we’re here to help you with all your real estate needs. Until next week, keep living smart.
Posted on by June 3, 2014

Layton Utah Homes For Sale plus November 2013 Market Update

This Week I Cover…

      • Fun facts about Layton Utah
      • Pictures of homes and condos for sale in Layton Utah
      • History about Layton and Hill AFB
      • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve with the Keller-Williams Success Realty and the Northern Utah Home Team here to give you my weekly market update. And today I have some fun facts for you about Layton, a growing city in the northern part of Davis County, and I also want to give you an update on the market statistics and look at some new homes on the market. So let’s get started.
So here we have our rolling market statistics for Davis and Weber County, and as you can see as we are at the end of November, the beginning of December, the number of new listings continues to go down as do the number of homes sold. Price has pretty much steadied out although it’s slightly higher than where it was a year ago, and overall the market is going into the slow period that we see pretty much every year between the holidays. Well, this is to be expected, and we’ll watch for it to pick up in January.
Now, let’s learn a little bit about Layton. As we said, Layton is located in the northern part of Davis County, and it was unincorporated until 1920 when it officially became a city. The city was named after Christopher Layton, a prominent businessman, pioneer, and LDS church leader and farmer, and today Layton is a rapidly growing community of over 70,000 citizens. It has become the most heavily populated city in Davis County. Pell Air Force Base is the major employer in the city and has played a major role in the growth of the city, and Layton has become an important shopping and business center in the area. Citizens of Layton enjoy living near the mountains and the closeness of skiing and other recreational areas.
Well, let’s take a look at some properties on the market in Layton. First up we have this beautiful condo that’s located in a popular East Layton neighborhood. You can see it has a two-car garage. It also has five bedrooms and three baths. It’s over 3,100 square feet, and it’s beautifully updated with a lo tof modern finishes and it’s very clean. It was built in 2001. So it has a nice, modern, open floor plan. It does have a master bedroom and laundry room on the main floor, so it allows for single-level living. It also has a totally finished basement if you care to use that space. It is, also has a kitchenette in the basement, so there’s lots of things here for you and your family to enjoy.
Here’s another popular home in the Layton area in the popular Diamond Hills area. It’s a little bit more affordable. This home is a three-bedroom, one-bath home. It has a beautiful covered deck there off the kitchen. It also has a one-car garage, central air-conditioning, a fenced back yard, and it has been well-maintained, and it’s ready for you to move right in. Well, that wraps up this week’s market update. Feel free to give us a call, a text, or an email. If you have any questions or need any help from us to help you buy a home, sell a house, or invest in real estate. Until next week, keep living smart.

How Seller Disclosures Protect Buyers And Sellers; Plus Thanksgiving Real Estate Market Update

Posted on by December 6, 2013

What Should a Buyer Do with Seller Disclosures

This Week I Cover…

    • How the seller disclosures can protect a buyer and a seller after closing
    • What all the different sections of the seller disclosures are
    • New homes on market in Ogden Valley
    • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve with the Keller Williams Success Realty and the Northern Utah Home Team here to give you my weekly market update, and this week we’re going to talk about why sellers disclosures are your best protection against problems after a closing. But first let’s take a look at some market statistics, and then we’ll take a look at some new homes on the market.
Well as we’re approaching Thanksgiving, we take a look at our rolling market statistics and we can see that our market is flattening out. Many things are pretty much coming to a plateau and in some instances like price, they are almost back to the levels where they were a year ago. We can see the days on market has pretty much leveled off as has the number of total listings and inventory on the market. So this is all to be expected this time of year as sign that we’re approaching our holiday slowdown soon, but it’s still a great time to buy or sell a home. There’s still buyers and sellers out there. So take advantage of less competition and get out there and make a deal.
Well, let’s talk about an important tool when you’re making deals. So a seller’s property condition disclosure is the form that a seller fills out to tell about all the problems past and present that they know with the property, and this is required by law because right here we have instructions that the seller is obligated under law regardless of occupancy to disclose to buyers defects in the property and facts known to sellers that materially and adversely affect the use or value of the property that cannot be discovered by a reasonable inspection by an ordinary, prudent buyer.
So this is the way that a seller can prevent a buyer from coming back later and saying, “You didn’t tell us about such and such,” because if it’s on this form, they were told, and this is they buyer’s way of knowing problems with the property that they might not be able to find out otherwise from just an inspection. This form is going to give you great information about ownership and occupancy status. This is especially important if you’re buying a short sale or a foreclosure or a rental property. It’s going to tell you about remodels, use of the property, information about the roof, utilities, heating and cooling, appliances, equipment, fireplaces, interior, exterior, pests, structure boundaries, electrical, mold, moisture problems, hazardous conditions, Homeowner’s Associations, assessments, insurance, and then the seller signs at the end that it’s to the best of their knowledge, and the buyer also has to sign every page to show that they did receive it so they can’t come back later and say they didn’t know about it. So this is definitely a form whether you’re a seller or a buyer that you’re going to want to get your hands on and fill it out and read it and sign it and hold onto it because this is your best protection from the other party coming back later and saying that there is a problem they didn’t know about.
So let’s take a look at some homes on the market. I am really excited about this new home on the market in the Ogden Valley. It overlooks Pine View Reservoir, and just take a quick look at this stunning with a three-car garage, and the tremendous entryway, and inside you’re going to find incredible finishes and five bedrooms, four baths, 5,000 square feet of entertaining and living space, balconies all around, a beautiful gourmet kitchen and just the list of features go on and on and on and great views of the Ogden Valley and the Pine View Reservoir. This home is listed at $925,000, so it’s not going to fit into everybody’s budget, but it sure is pretty to look at, and if that is something that would be in your budget, get a hold of us and we’ll get you more information.
Well, that wraps up this week’s market update. If you have any questions, feel free to give us a call, a text, or an email, and we’ll be happy to help you buy a home, sell your house, or invest in real estate. Until next week, keep living smart!
Posted on by December 6, 2013

How To Buy Buildable Land in Utah; Plus November 2013 Real Estate Market Stats

This Week I Cover…

  • Almost a dozen factors to consider when buying land to build a home on in Utah
  • Utah Real Estate Market Stats for November 2013
  • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve from the Keller Williams Success Realty and the Northern Utah Home Team here to give you my weekly market update, and today we’re going to take a look at some market statistics and we’re also going to talk about land because we definitely noticed a trend of people buying land to build a home after not finding the perfect home that they’re looking for because of the competitive market we’ve had all summer.
So first let’s take a look at the market statistics, and as we’re entering the middle of November we are quite to the holiday slowdown, but we definitely are heading that way when you look at our market statistics. Everything is down from where it was at the summer height. We have new listings are down, prices are even down and new home solds are also down. About the only thing going up is inventory of homes and days on market. This is all to be expected this time of year, but what a great summer we had. Just take a look at those statistics.
All right, well let’s take a little look at land. So a lot of buyers when they can’t find the perfect home that they are looking for with existing homes, they turn to buying land and building their home, and what are some considerations if you’re buying land? One thing you want to look at is where are the utilities? If there is other homes in the area, there’s a good chance the utilities are right there at the road, and you’re not going to have the expense of bringing utilities down the road, but if there are other homes in the area, you might have to get a good idea of what it’s going to cost to bring the utilities down the road. You’re also going to want to know whether water and sewer are available in the area, or if you’re going to be looking at the expense of putting in a well and septic, and especially with the septic you have to do soil tests to make sure that the soil can accommodate it.
The other thing you’re going to want to look at is the terrain, is it going to be flat and easily built upon or is it more hilly and going to require maybe some excavation or clearing before you can put your home where you want it on the land. You’re also are going to want to think about what is your intended use of the land. Are you looking for some great views, and if so, how will you need to orient your house to take advantage of those views and are there other obstructions in the way? Are you looking for horse property or other livestock property? In that case you’re going to want to be sure you understand the city and county zoning requirements for that land.
You’re also going to want to make sure you have a good idea where the boundaries are. They might be obvious because of other properties around, or they might not be so obvious and you might want to consider doing a survey before purchasing that property. You’re also are going to want to make sure you understand HOA and CCR requirements in the area. If there is an HOA or CCR requirements, you might have limitations on the size of the home you can build and other architectural considerations, so you’re definitely going to want to take those into account before building, and you’re also going to want to know is the property even buildable. We hear so many stories about people buying a property, and then they find out later that they can’t build because of some problem. So you’re going to want to check with the county and maybe talk to a builder up front to see if this property really is going to be buildable.
So let’s take a look at some specific land. Well, here’s a piece of property listed at $100,000 in Pleasant View. It’s in a desirable location. You can see there is already established homes around it, and it is at the end of a cul-de-sac. There are no CCRs or HOAs to consider here for building, and you can see that the terrain is very flat, so the cost of building is going to be less expensive than if it was hilly. You do have some great mountain views and valley views though, so this would be a great place for a home and utilities are right at the street. So this is definitely something to check out if you were thinking of buying land. And that takes care of this week’s market update. If you have any questions or need any additional information, feel free to give us a call, a text, or an email, and we’re happy to answer your questions and help you buy a home, sell a house or invest in real estate. Until next week, keep living smart.
Posted on by June 3, 2014

How Much Earnest Money When Buying a Utah Home on REPC; Plus October Real Estate Market Stats

This Week I Cover…

  • How Much Money To put as earnest money on a Utah home for sale
  • Utah Real Estate Market Stats for October 2013
  • New Harrisville Utah Homes For Sale
  • Much more…

horizontalbluearrow

Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
Hello everyone! This is Ann Zieve with Keller Williams Success Realty and the Northern Utah Home Team here to give you my weekly market update, and today we’re going to take a look at some new homes on the market. We’re also going to continue our talk about the real estate purchase contract and why the earnest money is so important but first let’s take a look at those market statistics.
All right! Well, here’s our graph of our rolling market statistics and if we look at where we are in the middle of October here and compare it to where we were a month ago in September, you can see that everything is pretty much falling off as a sign that the market is slowing, number of listings is down, number of solds is down, price is also falling a little bit, and the only thing that is increasing is the number of days on market, and this is to be expected this time of year, so it’s really not an alarm. If you still have a home to sell or to buy, it’s still a great time to be doing so with interest rates low and some great people willing to work with you.
So let’s take a look at that real estate contract and talk about the earnest money. So here’s the standard Utah Real Estate Purchase Contract, and at the very top there’s a section about what’s called “earnest money.” Earnest money is the money that a buyer puts down to show their serious intent to buy a property, and the choice is either to deliver it with the contract or to deliver it within four days to your realtor, and then they put it into a trust account to hold it until closing. We like to recommend that the earnest money be 1% of the purchase price because that shows the seller that you’re really serious, and the important thing about earnest money is that if anything goes wrong in this contract and in the deal, the earnest money is the main remedy that the seller and buyer have to fix any problems.
For example, if the buyer defaults in the section 16 it talks about if the buyer defaults, they can, the seller can keep the earnest money or they can return it and pursue damages or they can sue to enforce the ruptcy and if the seller defaults, the buyer has the same option. They can get their earnest money back plus the equal amount from the seller as damages or they can have it be held and they can sue for damages. So all this is spelled out in section 16 of the contract, and how does a buyer or seller default? Well, they don’t do what they are supposed to. So that’s why it’s really important to understand this real estate purchase contract and work with a realtor who knows it inside and out so that they can protect you because that’s our main job, and we are happy to go over this with you, so get a hold of us.
Well, let’s take a look at some new homes on the market. All right, this first home is in Harrisville. It’s listed at $165,000. It’s a five-bedroom, two-bath tri-level, and it’s been redone inside with new carpet, new paint, new appliance, some new light fixtures. It has gorgeous views of the mountains out the back, and it also has a patio and a deck so you can sit out there and enjoy those gorgeous views. I do believe this is a bank-owned property so those of you who like that, you want to check this one out, and let’s take a look at one more. This is a custom rambler in West Haven listed at $299,000. It’s three-bedrooms, three-baths, and it has a three-car garage, and look at that gorgeous open floor plan. You’re going to love this. It’s almost 3,900 square feet, and it’s ready for you to move right in.
Well, that wraps up this week’s edition of the market update report. Feel free to give us a call, a text, or an email if you have any questions about any of the homes that we’ve looked at or anything that we talked about today, and we’re here to help you in any way we can to buy a home, sell a house , or invest in real estate. Until next week, keep living smart!