Local Market:
Hello Clients,
· Sales contracts were up this week to 75 vs. 63 the week prior
· There were zero (0) sales in the $700K + range this last week
· Sales in the under $250K ranger were up to 52 vs. 39 the prior week
· There were 10 new 2014 construction sales this last week
· Total listings fell this last week to 1,709 vs. 1,736 the prior week
· Total Inventory is still running approximately 30 – 35% higher than 12 months ago
· There is currently a nine (9) month supply of homes in the $250-$450K range
· There is currently a four (4) month supply of homes in the 0 – $250K range
If you have a serious interest in selling your property or want a market analysis on your home – please call the Ames Team at 435-674-6011.
We have over 27 pre-qualified buyers that hope to purchase in the next 30-60 days. Why list with The Ames ??? – http://youtu.be/hZx1o6fx-EU
If you or a friend are looking to save THOUSANDS on purchasing a great property then call us and let us show you the great values on HUD Homes and how you may qualify to purchase one. Call the Ames Team at 435-674-6011.
Deal of The Week: Amazing Newly Listed Home in Brian Head for $1,279,900, 1.0 Acres, 5 Bed, 5 Bath, 4,750 sq. ft. Follow Link to View Listing: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=12hftserqt1u&s=6&id=1&cid=1
|
$0-$250 |
$250-$450 |
$450-$700 |
$700-$1.1 |
$1.1 – $1.4 |
$1.4- $2Mill. |
$2Mill. – Up |
TOTAL |
|||||||||||
|
6/23/14 |
||||||||||||||||||
|
Active |
719 |
673 |
208 |
70 |
33 |
19 |
14 |
1736 |
||||||||||
|
New Listings (last 7 days) |
67 |
41 |
12 |
3 |
0 |
0 |
0 |
123 |
||||||||||
|
Pending |
277 |
117 |
27 |
5 |
2 |
0 |
1 |
429 |
||||||||||
|
Pending (last 7 days) |
39 |
18 |
2 |
1 |
1 |
0 |
0 |
61 |
||||||||||
|
Closed (last 7 days) |
41 |
16 |
4 |
1 |
0 |
1 |
0 |
63 |
||||||||||
|
Avg. Days on Market – Closed (7 days) |
95 DOM |
104 DOM |
218 DOM |
135 DOM |
DOM |
123 DOM |
DOM |
|
||||||||||
|
Closed (last 60 days) |
378 |
195 |
30 |
7 |
0 |
3 |
1 |
614 |
||||||||||
|
Avg. Days on Market-Closed (60 days) |
99 DOM |
105 DOM |
120 DOM |
64 DOM |
DOM |
133 DOM |
1236 DOM |
|
||||||||||
|
$0-$250 |
$250-$450 |
$450-$700 |
$700-$1.1 |
$1.1 – $1.4 |
$1.4- $2Mill. |
$2Mill. – Up |
TOTAL |
|||||||||||
|
6/30/14 |
||||||||||||||||||
|
Active |
728 |
652 |
197 |
67 |
31 |
20 |
14 |
1709 |
||||||||||
|
New Listings (last 7 days) |
71 |
47 |
13 |
0 |
1 |
1 |
0 |
133 |
||||||||||
|
Pending |
263 |
123 |
27 |
1 |
2 |
0 |
1 |
417 |
||||||||||
|
Pending (last 7 days) |
52 |
19 |
4 |
0 |
0 |
0 |
0 |
75 |
||||||||||
|
Closed (last 7 days) |
61 |
29 |
5 |
4 |
0 |
0 |
0 |
99 |
||||||||||
|
Avg. Days on Market – Closed (7 days) |
101 DOM |
110 DOM |
146 DOM |
78 DOM |
DOM |
DOM |
DOM |
|
||||||||||
|
Closed (last 60 days) |
397 |
199 |
31 |
13 |
0 |
3 |
1 |
644 |
||||||||||
|
Avg. Days on Market-Closed (60 days) |
96 DOM |
104 DOM |
129 DOM |
102 DOM |
DOM |
133 DOM |
1236 DOM |
|
||||||||||
Breakdown of Pending in the last 7 days-6/30/14
|
$0-250: 52 Total 3 Built in 2014 |
||
|
REO/BANK OWNED 3 |
SHORT SALE 6 |
EQUITY 43 |
|
$250-450: 19 Total 4 Built in 2014 |
||
|
REO/BANK OWNED
|
SHORT SALE
|
EQUITY 19 |
|
$450-700: 4 Total 3 Built in 2014 |
||
|
REO/BANK OWNED
|
SHORT SALE
|
EQUITY 4 |
|
$700-1.1: 0 Total 0 Built in 2014 |
||
|
REO/BANK OWNED
|
SHORT SALE
|
EQUITY
|
|
$1.1-1.4: 0 Total 0 Built in 2014 |
||
|
REO/BANK OWNED
|
SHORT SALE
|
EQUITY
|
|
$1.4-2: 0 Total 0 Built in 2014 |
||
|
REO/BANK OWNED |
SHORT SALE
|
EQUITY
|
|
$2-UP: 0 Total 0 Built in 2014 |
||
|
REO/BANK OWNED
|
SHORT SALE
|
EQUITY
|
LENDERS TO CONTACT:
Academy Mortgage Matt Hickman 435-632-6811
Bank of American Fork Chris Palmer 435-215-3044
Cache Valley Bank Michael Beckstrand 435-705-0293
JP Morgan CHASE Laurie Gable 435-627-6750
Patriot Mortgage Russ Brown 435-669-1900
Southwest Community Credit Union Stacy Spendlove 435-628-2693
Security National Mortgage Amber Coleman 702-604-7027
SWBC Melodi Mathews 435-703-3879
US Bank Ryan Stover 801-557-6941
Zions Bank Mike Wittwer 435-634-5133
National Real Estate News
Millennials aging into homeownership
We’re getting so old. As Millennials age into their 30s, they’re expected to make like adults and finally start to buy their own homes, according to Harvard’s Joint Center for Housing Studies’ annual report out Thursday.
The report says households in their 30s will increase by 2.7 million between 2015 and 2025. Overall, Millennials are expected to make up 24 million new households in the next decade.
The increase could spell good news for the housing market. First-time homebuyers have been very slow to enter the market since the recession. The homeownership rate of those under 35 was 36.8% last year, just a 0.1% increase over 2012. And get this: 2.1 million more young adults lived with their parents last year than what was expected based on pre-recession household formation rates.
Rising student loan debt and flat wage growth hasn’t helped. Student loan debt increased by $114 billion last year, according to JCHS. And median income for households ages 25 to 34 fell 11% from 2002 to 2012.
But as the economy slowly recovers and Millennials reach relative young adult old age, they’re going to start making up for their absence in the housing market, says Chris Herbert, research director at JCHS.
“As they move into their early 30s, I think we’ll see more first-time homebuyer demand,” he says. “That’s going to help give the housing market the spur it really needs.”
Real estate companies are already adapting to a new wave of younger customers, with social media marketing campaigns and YouTube channels.
Coldwell Banker Realtor Jessica Edwards says she’s given clients Facetime tours of homes. She also has a YouTube channel where she posts videos of herself giving tips to homebuyers. She says Millennials do their research and agents have to be prepared for very informed clients.
Coldwell Banker is also partnering with Buzzfeed to provide content, in true Buzzfeed form, like: “74 Thoughts Everyone Has When Buying Their First Home.”
“As a real estate agent when we first sit down with them you need to be 10 times more prepared,” Edwards says.
John Ames, CPA, CDPE
The Ames Team, “The Get it Done Guys”
Ranked Top 100 RE/MAX Nationwide in 2012 and 2013
Ranked Top 150 Teams Nationwide by The Wall Street Journal in 2012
RE/MAX First Realty
amesteam@sgremax.com
(800) 206-1003
435-634-5499
Fax 435-628-4071
