Utah County Market Update....

So you may be wondering what the market is doing now that you have noticed that Utah is #7 in foreclosures in the country. We have a larger number of short sales than most states.

Statistics are from the WFRMLS as of the 2nd quarter of 2009;

Single family average sales price: $240,973 -10.73% Change from 2008.

Days on market: 92 21.05% Change from 2008.

Number of homes sold: 1176 17.60% Change from 2008.

New listings: 3250 -20.91% Change from 2008.

Average % of new listings sold: 42.52% 40.02% Change from 2008.

New average asking price: $273,067 -14.32% Change from 2008.

The average single family sales price has dropped from the 2nd quarter of 2008 by 10.73%. Contributing to this, is the high number of short sales we have in this state and the number of bank owned homes. To compete with the short sales, sellers are having to reduce their sales prices.

The days on market has gone up by 21.05%. This contributing factor to this can be, the short sales take 90+ days to negotiate with bank. There are multiple offers on most short sales. If a home is well priced (price below market value) they will have multiple offers on them. This is true of bank owned homes and short sales.

The average number of single family homes sold went up by 17.60% from 2008. This shows possible signs of the market bottoming.

The average number of listings went down by 20.91%. This shows the inventory is going down. The factors in this may be that sellers are holding on for the market to return and the number of homes selling going up.

The average % of new listings sold went up by 41.02%. The sellers and banks are more aggressively marketing their homes for sale by choosing sales prices that are below the average or are at current market value.

The average asking price wend down by 14.32%. Sellers and banks are using current comparable and are aggressively marketing their homes for sale. The number of bank owned and short sales on the market can contribute to this as well.

Please feel free to give me a call, email or text me if you have any questions.

To deck the halls or not to deck the halls?

As the holiday season is upon us you ask the question, should I decorate as usual for the holidays or keep it to a minimum. It's best to make your home festive for the holidays, but not to over do it. Keep in mind the buyers and the mental moving van need to move in still. Keep your decorations tasteful, and not too over board. Time to keep the "dancing Santa" in the Christmas decorations box. As for yard decorations keep it simple. A few decorated trees & shrubs. Try not to out do the "Griswolds" this winter. Keep in mind next year you'll be able to bring them all out in your new house, and make it yours. I hope this helps you. I hope you will all have a very Merry Christmas!

What makes a home stand out?

What does make a home stand out from the rest? When you are looking at homes and you just walked through your 10th home. They have the tendency to blend together, but their is usually one that will stand out. These are the qualities they will typically have.:

Plain neutrally light colored walls, such as white & beige.

Neutrally colored carpet, such as beige.

A Clean house- If you are in a pinch, throw everything in to a garbage bag & put it in the garage till you can get to it, after the showing.

Fresh Paint or Carpet- if you can, at least paint, it's cheap & it makes a difference.

Few large furnishings- Place in to storage all of your big furniture, it makes a room feel larger.

Cut the Clutter- Clean counter tops, with nothing on them. Rooms you can walk around in.

Beautiful decor- Yes, staging your home does work.

Great curb appeal- Beautify your yard.

Minimize your wall hangings- Keep it mostly decoration.

Take down the family photo wall & paint it.- It makes it hard for a new family to see them selves there.

Homey Smells- Anything baking, & vanilla. I recommend baking some cookies before you leave.

Leave and let the agent walk the client through the house. It's hard to address any issues the buyer might have when the owner within ear shot. It also reminds the client they are in your house not "their" house.

If you are going to remodel your home spend your money the the places you will make the most money. The kitchen, & the master bed & bath.

Add things like tile, hardwood floors, granite counter tops, update old hardware it will make your house look newer, black or stainless steel appliances.

Keep in mind you are trying to encourage the mental moving van to arrive. You need to make space for their stuff, as they mentally decorate, and think about how the couch will fit in your living room.