Northern Utah Home Team

Hello everyone! This 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 answer the question, “What is a REPC?” We’ll also look at some new homes that are in the market, but first let’s look at some market statistics.

So here’s our graph of rolling market statistics for Davis and Weber County, and we now have a year’s worth of data going back to October of 2012. So we can see what the trends have been for the last year, and you can see here the number of new listings is definitely up over the last year, although it has dropped off from the height of the summer market. We also see that price is up slightly from a year ago. Number of new solds is about where it was a year ago after making a roller coaster ride, and number of total listings is up from where it was a year ago. The only thing that is down from where it was a year ago is the number of days a house is sitting on the market. So we still have a pretty active market, although there are signs that it’s slowing down as we go into the winter months.

Well, do you know what a REPC is? Let’s talk about that. A REPC is the affectionate name that realtors give to the real estate purchase contract which is the uniform contract used in the State of Utah for the purchasing of a home. This is the offer that a buyer makes to a seller and that a seller agrees to accept from a buyer, and in here you have things like what’s going to be included with the sale of the home, what the purchase of the home price is going to be. You have stuff about possession, when the home is going to pass from the seller to the buyer. You have definitions about things like title insurance and closing and settlement. You also have information about whether an inspection has to be done, an appraisal has to be done. This is basically where all the terms are laid out, and it also has buyer’s right to cancel and seller’s right to cancel, and it also has what’s going to happen if the buyer or the seller defaults.

So if you haven’t had a chance to look at this contract, you should really do so before making an offer or accepting an offer, so you’re familiar with all the terms and commitments that you are making, and the most important part is the deadlines that everybody is agreeing to meet. There’s also usually addendums attached to this. So feel free to get a hold of us if you’d like to get a copy of a REPC so you can review before you make a purchase of a home or sell a home.

All right, well, let’s take a quick look at a new home on the market, and here’s a wonderful new home in Layton that’s listed at $275,000. It has a three-car garage which is a very rare find in this part of Layton, and it’s a beautiful 3200 square foot home with four bedrooms, two and a half baths, and a full basement ready for you to finish off to add more living space. It has a gorgeous kitchen that is going to be great for entertaining and everyday use, and the master’s suite in this house is just amazing too because you have two walk-in closets, two sinks, a jetted tub, your own private master bath, so you’re going to feel like you live in a five-star resort. There’s three other bedrooms on the second floor with the master, and the laundry room is there as well, so you have the convenience of the laundry on the same floor as all the sleeping rooms.

So feel free to get a hold of us if you want more information on this beautiful home. So that wraps up this week’s market update. Feel free to give us a call, a text or an email. If we can answer any questions or give you any information about what we talked about today or any other of your questions with the home buying or house selling process. Until next week, keep living smart. Bye, bye.