As we cruise into the midway
point of 2014 there are some interesting trends that are affecting the
market. Interest rates are still
phenomenally low historically speaking, the movement of the Fed has so far
escaped any seriously negative impact on the real estate market and owning your
own home remains for most a favorable tax and personal wealth move. The trend of those 62 and better buying their
home with as little as 55% down and never having a mortgage payment again (FHA
HECM loan) is very popular here for those who qualify in Southern UT (Kiplinger’s
Article).
We continue to see a slight rise
in inventory and a small boost in the median home listing and sales prices
($211k) with our days on the market hovering between 95-130 days which seems
great for buyers until you have to find that perfect home that fits your needs
and budget and then it seems like they vanish a week or so after they are put
on. First time buyers or 1st
move up buyers under $300k needing 4 bedrooms, 3+ baths and a 3+ car garage for
example must be aggressive to secure property or they find themselves
heartbroken. On the other hand if you
are looking for a luxury home over $600k there’s some great buys out there and
not as much competition… right now.
These trends change several times per year and personally I find it very
helpful to pre-view inventory weekly with specific clients in mind.
Our absorption rate, or the rate
that new inventory is absorbed into the selling inventory has risen slightly
from around 6 months to 7 months… a healthy market for both buyer’s and
sellers.
If you, or anyone you know is
interested in buying or selling in Southern UT
please contact me at ddiegelman@gmail.com. You may also search all properties on the
market hassle-free on my website at www.ZionWest.com.
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entirety of this report or to download it please click
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