St George, Utah
This is the very best weblog you can visit to find information about real estate and what's happening in Southern Utah. We post here often about present conditions of the real estate market in Washington County and how you can benefit as either a buyer or seller.
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Aug. 1, 2008
Categorized in: Mortgage/Finance
The Spectrum reported on July 27 that the number of foreclosures in St George area had jumped 446% since last year. They said that that one in every 87 households in the St George area has received a foreclosure notice. How does this compare with other areas of the country?
The 2nd quarter of 2008 saw one in every 43 Nevadans receiving a foreclosure notice, the highest foreclosure rate in the country and 4 times the national average.
In California the rate of foreclosures is one in every 65 households, the nation’s 2nd highest foreclosure rate. Foreclosure activity in California increased 19% from the previous quarter and was nearly three time the level reported in the second quarter of 2007, according to Realtytrac.
With one in every 70 households receiving foreclosure notices, Arizona is the 3rd highest state foreclosure rate in the 2nd quarter.
Not far behind, Florida is the nation’s 4th highest state foreclosure rate in the 2nd quarter with one in every 78 households receiving a foreclosure notice during the quarter; more than twice the national average.
The top metro areas in foreclosures per household in the 2nd quarter of 2008 are:
1. Stockton CA, 1 in 25 households.
2. Riverside CA, 1 in 32 households.
3. Las Vegas NV, 1 in 35 households.
4. Bakersfield CA, 1 in 41 households.
5. Sacramento CA, 1 in 49 households.
While this downturn in the market is weighing heavily on those who are negatively affected, that is, those who are losing their homes, and those who need to sell their homes but are not in a distressed situation, it is a great time to buy a home if you are a first time buyer, a move up buyer, or an investor. The prices have softened since the boom in 2005/06 and the interest rates are the lowest they have been in years, plus Bush just signed a new housing stimulus bill which will give first time home buyers a $7500 tax credit.
The people who will be on the golf course bragging about all of the money they made in real estate five years from now, will be the ones who are taking advantage of the current market conditions across the country.
Is the end of the housing slump in sight? Some say that they expect the slump to last for a decade or more, and some are predicting that the end is right around the corner. The only thing that we know for sure is that there are buyers who want to buy, and sellers who want to sell, but the rules for the purchase and sale of real estate have changed. Lending practices have changed dramatically in the past few months. Buyers are being carefully scrutinized by Lenders and will need to be qualified in order to purchase a home, and sellers will need to be realistic about pricing their properties at current market value in order to attract buyers from making offers on their “distressed” competition.
So, are things really bad in the St George area real estate market? It really depends on which side you are on.
Aug. 1, 2008
There were a total of 240 properties sold in the Washington County MLS in June , which include homes, lots, commercial, and raw land. This represents 30 less property sales than the total in May which was 270. As of the end of June 2008, there was 26.3 months of inventory on the market.
Single family home sales totaled 158 in June 2008 compared with 198 sales in 2007. That is a 20% decrease in the number of single family homes sold. The price of the median home sold in June 2008 was $269,500 compared with $295,000 one year ago, which is an 8.6% reduction.
The number of building permits pulled so far this year are down dramatically compared with those pulled just one year ago. The average number of permits being pulled monthly this year are 54 compared with an average of 146 that were pulled monthly in the first 6 months last year. In 2005 there were a total of 3479 building permits pulled. If we continue building at the same rate, there will be a total of 648 new builds this year.
May. 8, 2008
I just received some interesting statistics from a real estate friend in Pueblo CO in regards to the 10 worst real estate markets in the country, and of course, I had to compare them with our own real estate market. Here is the news:
10. Denver sold about 2.9% of their inventory in April, Median price $230,100.
9. San Diego sold 2.7%, Medial price $523,000.
8. Baltimore sold 2.5%, Median price $261,000.
7. Chicago sold 2.3%, Median price $261,000.
6. Washington DC sold 2.2%, Median price $400,000.
5. Los Angeles sold 2%, Median price $509,700.
4. Tampa sold .8%, Median price $201,600.
3. Phoenix sold .6%, Median price $241,700.
2. Orlando sold .6%, Median price $240,000.
1. Miami sold .2%, Median price $240,000.
So, how do measure up in St George? Our sales were 3.4% of the total inventory in April and our average price was $247,389, which is almost a 16% drop from the average price of $286,065 in March. Our total inventory at the end of April was 6383 properties (including all residential, lots, commercial and multi-family) and there were 216 sales giving us 29.55 months of inventory.
We have a lot of "distressed" properties on the market that are either in foreclosure or are being "short saled". These properties are selling at below market prices which is making it a little tough to sell properties that are not "distressed". I like to remind sellers that buyers are looking for the best "deals" in this kind of market and to be patient while trying to get their homes sold.
The good news for property owners in the Washington County area is that the average sold price of a single family home has increased in the last 10 years by a whopping 261%. In 1997 the average sold price of a single family was $131,627 and the average sold price of a single family home in 2007 was $343,699. The largest increase in this 10 year period occurred between 2004 and 2005 when the average sold price of a single family home jumped 33%.
Aug. 17, 2007
Categorized in: The A List
We are really excited to tell you about "The A List". "The A List" is a group of business professionals who can assist you with any home related service. When you call one of the home service business who are affiliated with "The A List" you can be assured of excellent service, dependability, guaranteed performance, honesty, and competitive prices.
Why take a chance on calling someone from a phone book or newspaper ad that you don't know when you can call one of our proven professionals and be assured of excellent service
Each of the businesses on this list are licenses and insured.
The following businesses have committed to provide excellent service to all of their customers:
The Computer Guy - Dustin Shearer 435-215-1378 dustin@tcgosu.com
The S Gallery, Custom furniture/Art Architectural Elements/Cabinets - Mandy Irwin 435-673-9729
Finishing Touches, Home Cleaning - Tanni Harlin 435-467-4314
Reel Home Theater, Home Entertainment Systems - Glenn Thomas 435-688-7335 www.reelht.com
Kinetico Water Systems - Gene Bowcut 435-673-1717 SoftH20@hotmail.com
Watch My Home, Go Ahead and Roam, We'll Watch Your Home, 435-668-4406 www.WatchMyHome.net
Sherry McGhee State Farm Insurance 435-628-2673
StoneTree Landscape & Design - Josh Bastian 435-668-6303
The Basso Group of Keller Williams - Greg and Annette Basso 435-680-5178 www.BassoGroup.com
Elite Security - Jim Jennings 435-656-0685
Mar. 13, 2007
Categorized in: Tips for Buyers
Build a Plan of Action and Get Ready
Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It's important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.
Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.
First, ask yourself how much can you afford to pay for a home. If you're not sure on the price range, find a lender and get preapproved. Preapproval will let you know how much you can afford so that you can look for homes in your price range. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.
Second, ask yourself where you want to live and what is the best location for you and/or your family. Things to consider:
*convenience for all family members
*proximity to work, school
*crime rate of neighborhood
*local transportation
*types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.
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