What an exciting summer! 13% price growth during the 3rd quarter (3% year-over year). Days on market also saw a big drop – so priced right, houses are selling faster. Surprisingly, inventory has remained very stable.
Still, this is not the Wasatch Front (which continued to see bigger growth). We seem to lag behind that market, so here’s hoping for continued growth over the next year for all of us in the Valley.
For your free, no obligation equity analysis on your property, click here. We have buyers who can’t find the right Ogden Valley property – call Joel to see if what you have might be what they want.
Featured Valley Listing: Click the photo for details, more photos, aerial video and walking tour video
Single Family
3rd Quarter 2015
Change vs. 2nd Quarter 2015
3rd Quarter 2014
Last 12 Months Change
Available Inventory
111 (5.2 mos)
-2%
111
0%
Sold
24
-23%
28
17%
Avg.Days on Market
50
-73%
114
22%
Median Sold Price
$410,500
13%
$350,400
3%
To learn how our Ultimate 57-Point Marketing Plan is earning our sellers about 4% more and selling in ½ the time (compared to the average agent), click here or just give us a call.
This report is developed quarterly and is based on information from Wasatch Front Regional MLS for the period stated above.
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…
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.
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…
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!
How To Read Utah REPC Purchase Agreement Plus Year Over Year Real Estate Market Stats
This Week I Cover…
How To Read The Utah Real Estate Purchase Agreement (REPC)
Year over Year Utah Real Estate Market Changes and Statistics
New Layton Home For Sale
Much more…
Want to know what your house is worth in today's market, find out now! Yes, it's free!
Video Transcript
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.
How Accurate Are Zillow’s Zestimates in Utah Plus Today’s Market vs. 10 Months Ago
This Week I Cover…
How to search for homes for sale in Utah on Zillow
How accurate Zillow’s “Zestimates” are (and what Zillow as to say about it)
How to find out what your house is really worth
Today’s Utah real estate market vs.October, 2012.
Much more…
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 my weekly market update, and this week I have some great tips for you about Internet searching for homes, but first let’s look at some market statistics, and then we’ll look at some new homes on the market, so let’s get going. So here’s our chart of weekly market statistics that we keep for you and right now we’re at the beginning to middle of August, and what I like to do is compare it to where we were about a year ago back in October, so about 10 months ago. You can see how the number of new listings has increased. Those sellers have a lot of confidence in this market so new homes are jumping on the market. Buyers are still buying. They still have confidence in the market, and so the price has been creeping up. Also, the number of days on market is down. It’s a little bit more competitive out there. So let’s take a look at some Internet searching techniques because that’s how a lot of people find out about the market.
So here I am on Zillow. I am sure a lot of you are familiar with Zillow. It’s the number one real estate search engine, but I bet you didn’t know this. If you go down to the bottom of Zillow and check on, click on Zestimates, it takes you to this nice, little chart and tells you about how accurate the Zillow estimates are, and you can see for Utah you only get a one star, and if you look down here to what one star means, it means that it’s based on tax assessors value or they are unable to compute the accuracy of their data. That’s because Utah is a non-disclosure state. Sellers are not required to report to any public agency what they sold a house for, so Zillow has no clue, so when you’re searching for values on Zillow just be aware that they are really guesstimates, not any kind of real life estimates. Let me show you an example.
Now, what is the real value of a home? The real value of a home is when a buyer and a seller agrees it is. So here’s a home that we recently sold that I put into Zillow and it estimates the value to be $332,000. I can tell you the home did not sell for that much, so that is not really the value of that home. Well, let’s look at one more. Here’s another home that we sold recently that the Zestimate is $144,000 and I can tell you that home sold for more, so again, Zillow is not right on the mark there, so the best way to find out the value of a home whether you are looking to buy or sell is to talk to a realtor. We have access to the MLS data which is accurate because sellers do agree to report sold prices there. We can give you a great value on a home you want to sell or that you want to buy.
Well let’s look at some homes that are for sale right now. This first home is listed for $150,000. It’s located in the popular Meadowbrook neighborhood which is north of 12th Street in Ogden. It’s four bedrooms, two baths, and the neighborhood has four parks, so there is no houses behind this home because it’s one of the parks that’s behind it. You can sit on your deck and enjoy the great view. You can see the home has been recently redone, new paint, new carpet, and it’s in great condition. Here’s another new home that’s available. This is actually a townhome listed for $205,000. It’s three bedrooms and three baths. It also has a two-car garage. It’s about $1,500 square feet, and it’s located right by the Ogden Canyon on the Ogden side, so it makes a great second home or a ski rental place for people who want to come out and ski and maybe just be here part-time, so that’s available.
So that wraps up this week’s market update. Remember that we are here to help you if you’re looking to buy a home, sell a home, or invest in real estate. We’re just a phone call, text, or email away, and we’re here to give you values on any homes you’re looking to buy or sell. So until next week, keep buying and selling that real estate. Bye, bye!
