There is a shortage of home inventory Salt Lake County….. Today, looking at the inventory of homes and condos for sale there are 4267 units. Also today, there are 2248 home and condo units Under Contract. A rule of thumb to measure the health of the market is supply and demand. Supply and Demand is snapshot of the current market and how long would take to absorb the current inventory. A healthy market will have an absorption of 5 to 6 months of inventory. This supply and demand ratios keeps prices in check. If there is not enough inventory for the number of buyers, prices will increase. If there is a glut of inventory and not many buyers, prices will decrease. See chart below.
Based on the figures I gave you about the snapshot of todays market, we have approximately 2 months of inventory! This is at the extremely low range of the spectrum, which has and will cause extreme upward pressures on home prices. The chart below come from the National Association of Realtors for May of 2013. This reflects a national trend.
So what does this mean for a buyer or a seller, and what is expected in the coming months? Today, the sellers have the upper hand in the negotiations process. There will be little, if any room for a buyer to negotiate in price. There will most likely be multiple offers on the same home. The only thing that is keeping home prices from heading back to pre-bubble prices is the role of Appraisers and banks. They allow certain appreciation levels on sold comparable properties, so we are seeing small steps in appreciation based on what banks will allow. The second reason, that will play a larger role, is the negative equity home owner. The current negative equity loan count from Fannie May for April of 2013 is approximately 10,400,000 units. These are homes that are essentially locked up from the market pool because buyers are waiting for the market to improve before they even think of selling. So as prices appreciate, more and more of these homeowners will start putting there homes on the market. This should ease the upward pressure as time goes by.
Currently, in Salt Lake County, the negative equity is approximately 25% according to Zillow. See the interactive map below for other counties along the Wasatch front. When will this negative equity number be absorbed? Experts don't have a timeframe, and only say that the inventory in dwindling monthly. So stay tune for more updates as we see changes in our local market…. I will report it here.
|Salt Lake City Homes for Sale and Sold, June, 2013|
Salt Lake City, UT Homes for Sale have seen steady price improvement month to month as well as year to yearas inventory levels remain at all-time lows.
The Numbers Month to Month and Year to Year
The median sales price for Salt Lake City, UT Homes for Sale was $259,950 in June 2013 compared to $254,900 during May 2013 and $211,900 June 2013.
The number of Salt Lake City, UT Homes for Sale that sold was 363 in June 2013 vs. 387 in May 2013 and 349 that sold June 2013.
There are 526 Salt Lake City, UT Homes for Sale that are in contract which represents 62% of the overall available inventory of 835 homes.
A few highlights of the current Salt Lake City, UT Homes for Sale are shown below and represent a nice cross section of properties available, in contract and that have sold.
This Months Most Expensive
The most expensive of all Salt Lake City, UT Homes for sale this month is listed at $2,795,000 and includes 6 bedrooms, 8 bath and has 6899 sqft. What I loved about this home is the swimming pool and private back yard(schedule a showing). Circle Way
This Months Least Expensive
The least expensive of all Salt Lake City, UT homes for sale came in at $89,900 and would be a great home for a first time homebuyer or an investor looking for a rental property with positive cash flow. It has 1 bedrooms and 1 bath with 1128 sqft and could use a little updating (schedule a showing).
This Months Must See
There were some great Salt Lake City, …
|Below are highlight properties for Salt Lake City Homes for Sale and Sold, June, 2013. See more at the full report:|
|See the Full Salt Lake City Homes for Sale and Sold, June, 2013|
|Information valid as of July 16, 2013. Please contact us for the most current information and status of these properties.|
There has been a pretty radical shift in how we are thinking about our homes and our communities in recent years and nowhere is that more evident than when looking at new homes in Utah. Planned communities are popping up all over the country but make no mistake, these aren’t the tired, generic retirement “walled cities” of past years. They are vibrant and affordable alternatives to your standard urban neighborhood and offer a lot of extras that a new home buyer might not expect.
Most of these modern planned neighborhoods in today’s construction world are geared towards creating sustainable communities by way of offering shops and services as well as residential homes in a predetermined area. The communities are safe, well maintained, and offer a sense of togetherness between residents that is more difficult within your regular suburban sprawl.
Not only are the homes designed to be individually unique rather than cookie cutter copies of one another, they are also designed with the environment in mind. Many new homes in Utah within these areas are EPA energy star rated which means they will use thousands of gallons less of water per month than the average home as well as up to 30% less energy. With our stronger focus on the impact we have on the planet, new home buyers are demanding responsible builds like these sustainable communities.
You get all of the safety and security, all of the individuality of a distinct and separate home as well as the community feel and the knowledge that your home understands what it means to be environmentally responsible. These new communities peppering our landscape truly do offer buyers a win/win situation. If you are considering a home purchase in the future, take a look at what a sustainable neighborhood can offer you and your family. You might be pleasantly surprised at what you find.
For more information on sustainable homes check out Daybreak Sustainable Living
Article, special to Salt Lake City Cribs from Daybreak
You probably already know which banks have the most streamlined short sales. See if your experience matches up with the list recently published by Deutsche Bank, which ranked major mortgage servicers based on their timelines for completing short sales. Here are the results based on loan type:
- Quickest: GMAC, about 6 months per transaction
- 2nd fastest: CitiMortgage, about 7.5 months per transaction
- 3rd place: Wells Fargo, roughly 8 months per transaction
- Slowest: Countrywide (Bank of America), more than 13 months per transaction
- Quickest: Wells Fargo, more than 15 months
- 2nd fastest: HomEq Servicing, 16 months
- 3rd place: Morgan Stanley’s servicing arm Saxon Mortgage Services, a little more than 17 months
- Slowest: Equicredit and Ocwen, more than 29 months
- Quickest: JPMorgan Chase’s EMC Mortgage, just over 8 months
- 2nd fastest: Aurora Loan Servicers, 10 months
- 3rd place: GMAC, more than 10 months
- Slowest: Countrywide, almost 14 months
- Quickest: First Horizon, just over nine months
- 2nd fastest: Wells Fargo and Aurora, roughly 11 months
- Slowest: Countrywide, more than 13 months
From Utah Association of Realtors
Lights, inside and out, are a beautiful part of the holiday season. But as with all electrical devices, you need to take special precautions. Before you deck the halls, run through this checklist to keep your holidays merry and bright.
Inspect light strings. Discard any that are damaged. Frayed or cracked electrical cords or broken sockets are leading fire hazards.
Follow the manufacturer’s instructions for connecting multiple strings. The general limit is three strings. Light strings with stacked plugs can usually accommodate greater lengths than end-to-end connections.
Replace burned-out bulbs promptly. Empty sockets can cause the entire string to overheat.
Make sure outdoor lighting is UL-rated for exterior use. Exterior lights, unlike those used inside the house, need to be weather-resistant. The same goes for any extension cords used outdoors.
Don’t use outdoor lights indoors. They’re too hot for interior use. For the coolest bulbs and greatest energy efficiency, try LED lights, which come in a wide range of styles and colors.
Don’t attach light strings with nails or staples. They can cut through the wire insulation and create a fire hazard. Only use UL-approved hangers.
Take exterior lights down within 90 days. The longer they stay up, the more likely they are to suffer damage from weather and critters chewing on them.
Store lights safely. Tangled lights can lead to damaged cords and broken sockets. After the holidays, coil each string loosely around a stiff piece of cardboard, wrap it in paper or fabric to protect the bulbs, and store in a sturdy container until next year.
Pat Curry is a former senior editor at BUILDER, the official magazine of the National Association of Home Builders, and a frequent contributor to real estate and home-building publications.