Tuesday, December 17, 2013

Utah Housing Market

I know your all wondering how the housing market is doing in Utah. Is now a good time for you to sell property or to buy property?

Homes Sold 3rd Quarter 2012 vs 2013

Lets compare how many homes sold in the 3rd quarter of 2012 and 2013.  The Utah Association of Realtors provides the following information www.utahrealtors.com:

In the 3rd quarter of 2012,  27,491 homes closed.
In the 3rd quarter of 2013 31,361 homes have closed. An increase of 14.1%

How does the 3rd quarter home sales in the market where you live compare to 2012?
Beaver County          -2.2%
Box  Elder County   +12.6%
Cache County          +14.2 %
Carbon County         -12.5%
Daggett County        -31.3%
Davis County           +23.3 %
Duchesne County     -6.9%
Emery County          -34.4%
Garfield County        -28.6%
Grand County          +14.1%
Iron County              -2.1%
Juab County             -21.4%
Kane County           -43.1%
Millard County        +11.8%
Morgan County       -2.9%
Piute County           +125.0%
Rich County            +1.9%
Salt Lake County    + 12.3%
San Juan County     -11.5%
Sanpete County       -9.1%
Sevier County         +1.6%
Summit County      +15.9%
Tooele County       +17.3%
Uintah County       +3.5%
Utah County         +13.9%
Wasatch County  +22.1%
Washington County +23.5%
Wayne County    +12.5%
Weber County    +14.3%

A lot more homes sold this year over last year, especially in Piute County (looks like a great place to live - www.marysvale.org or www.circlevilleutah.org; no offense to other towns not mentioned).

The next thing to consider may be:

How is the inventory of homes?

How many sales were short sales or bank owned property?

How are interest rates?

What is the value of my home and can I sell if I'm "under water"?

We'll look at some of these additional questions soon.  If you can't wait, give me a call, text or email to discuss anything that is on your real estate mind :-)

"May the odds be ever in your favor."
Brain Olsen, WWR

Tuesday, December 10, 2013

FHA Loan Limits for 2014

I love going to a settlement (closing) on a real estate deal and the excitement as someone either purchases their ideal property or sells a property we have listed.  To get to that final step there are a number of people to provide help along the way.  A key person is a lender and one of the companies that I recommend to my clients is Axiom Financial.

I received information from Axiom this morning that FHA has announced lower loan limits that take effect on loans with FHA case numbers assigned on or after January 1, 2014.

Several counties will be affected in Utah.  One change in the single family loan limits is that Salt Lake and Tooele counties will no longer be tied to Summit County, which reduces the loan limit for Salt Lake and Tooele.

FHA Loan Limits for 2014

Additional Single Family Loan Limits:
Utah County will have a loan limit reduction to $271,050.00.
Morgan County loan limit of $389,850.00
Salt Lake County Loan limit of $300,150.00
Summit County Loan limit of $600,300.00
Tooele County Loan limit of $300,150.00
Wasatch County Loan limit of $331,200.00

Feel free to contact me or an Axiom Financial lender for additional details.

"Live long and prosper"
Brian Olsen, WWR

Monday, December 9, 2013

Freddie Mac's housing market outlook

Last week was great for the Utah ski industry.  Major snow storms hit the entire state.  To see the ski resort totals go to Snow Report  

We received a good amount in Wallsburg and enjoy how beautiful everything looks with fresh snow.  Between playing in the snow and having cups of coconut or peppermint hot chocolate, we are definitely in the Christmas spirit at our home. 

Snow Report and Housing Outlook December 2013
As you shop for that perfect gift for loved ones and friends, you will surely be asking yourself, "How is the current housing market and I wonder where it is heading going into 2014?"

Ok, so maybe I think too much about real estate, however just in case you were wondering....

According to Freddie Mac's U.S. Economic and Housing Market Outlook it is estimated that 30-year-fixed loans will stay around 4.3 percent until the beginning of 2014, "gradually moving up throughout the year and ending at close to 5 percent."

Existing home inventories are still historically low. This leaves home buyers with fewer homes to choose from.  They also predict that housing in most of the country will remain affordable.

So what does this mean for you? Since most inventories remain low now is a great time to sell your property. Because of continued low interest rates, it is a great time to purchase a home or investment property.

If you have a question about the real estate market or if you are looking to make a move ether buying or selling property I'd love to help you have a successful transaction.

Brian Olsen, WWR

Friday, December 6, 2013

Let it snow, let it snow, let it snow!

With freezing temperatures and snow on the ground its starting to feel like a Utah Christmas. This holiday season here are a few tips on how to save energy in your home.

Winter Energy Saving Tips for your home

If your looking to do more than save energy in your home this holiday. give me a call and let me help you with your home search or provide you a real estate market analysis of what your home is worth.

Happy Holidays!

Brian Olsen, WWR
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