Tag Archives: real estate market

Weber County Monthly Market Update

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About Weber County, Utah
As of the 2010 census, the population was 231,236, making it Utah’s fourth-most populous county. Its county seat and largest city is Ogden, the home of Weber State University. The county was formed in 1850 and named after the Weber River, which in turn was named for John Henry Weber (1779–1859), a fur trapper and trader in the area in the mid-1820s.

Weber County Monthly Market Reports
Want more in-depth information? A property evaluation? Connect with your local Summit Sotheby’s International Realty sales associate for up-to-the-minute market information and expert knowledge and experience.

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Tips for Buying and Selling a Home in a Seller’s Market

Whether you are buying or selling a home in today’s market, there are important considerations to make the process go smoothly.

First, if you are planning on buying home in 2014 it is important that you make yourself as desirable as possible by following these tips:

Find a reputable Agent. In a seller’s market, the quality and wording of your offers can be make-it-or-break-it. It’s best to have someone by your side that is knowledgeable in the art of negotiation.

Be quick. Sometimes making an offer at or above the asking price is required to compete for the best properties. You should expect a counter offer in a seller’s market, and your reply should be just as quick.

Negotiate. In a seller’s market you will be competing with other buyers and multiple offers. Offer to dismiss financing, inspection and attorney contingencies to get an edge on the competition. If a home has been on the market for a while, try to figure out why. Sometimes price is not the only factor, and that’s why buyers have to…

Prepare to make concessions. To get your desired home, seduce sellers by extending their move out date and offering to pay their expenses. Allow the seller to take anything, even fixtures from the house – now is not the time to ask to keep the swing set.

Stand out by being an ideal buyer – one who is preapproved and flexible towards the owner’s desires. Do something memorable; include a personal note detailing what you love so much about the home with your best offer. In addition, never fails to offer a lot of earnest money on a home you are serious about, it makes you look committed and financially sound.

Tips for Selling your Home in a Seller’s Market

If you are thinking of selling your home while the market is heating up, be aware that homebuyers are much savvier following the recent economic downturn. Here are a few bits of advice to ensure you get the most out of your home:

Get while the getting is good. Don’t wait for a peak in a seller’s market; such markets can be short lived. If you’re thinking about selling, start the process as soon as possible. Begin by getting your home inspected because some things may take more time to fix than anticipated. Next, prepare your home for photos by giving it a deep cleaning and removing clutter. Then, search for a great agent.

Choose your agent wisely.  Because of fierce competition for homes, you will be juggling multiple offers from multiple people, interview several local agents and make sure your agent has a passion for negotiation and the patience to walk you through the financial aspects of every deal. It’s also important to have an agent who will actively market your home for about a week before entertaining any offers. This creates a following of people who are serious about buying.

Negotiate. As a seller, this is your market, which means you should expect to get more than you asked for your home. Make the most of it by allowing time to send and receive multiple offers. Experts recommend issuing a counteroffer to all prospective buyers, giving them 24 hours to come back with their best offer. The result is usually a sweet deal, even if one offer was originally lower than the other.

Safeguard yourself.  Beware that 10 percent of deals will never close due to insufficient funding to an unqualified buyer. Make sure the offers you take seriously are from preapproved buyers.

Summit Sotheby’s International Realty offers exemplary service to real estate buyers and sellers in Utah, with a specialized focus on Park City real estate and Dear Valley real estate. Its more than 100 real estate brokers and agents are locals with in-depth knowledge Utah’s unique real estate market. Clients can expect personal attention from the most knowledgeable agents along the Wasatch Front and Wasatch Back. For more information or to view our current listings, visit summitsothebysrealty.com.

6 Must Know Tips for Homebuyers

Home buyers

Whether it’s your first or your fourth time buying a home, the key to having an experience that’s delightful, not daunting, takes one thing—confidence. Here are 6 tips to keep you feeling poised and prepared as you navigate the home buying process.

1) Know what type of mortgage is best for you.

If you plan on selling within 3-7 years, an adjustable rate mortgage (ARM) is a good option. However, if you plan on staying long-term get a fixed rate mortgage and opt in to additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate.

2) Go a step further than prequalification—get preapproved.

Preapproval will give you an idea of your price range and an opportunity to lock in an interest rate. Most importantly, when the time comes to make an offer, you look serious to sellers. However, what you’re approved for is rarely the price to buy at, that’s why you have to…

3) Know what you can afford.

When coming up with your price range, get estimates of what you can expect to pay for homeowners insurance, taxes, utilities and closing costs. Make sure to factor in your desired standard of living and be realistic about the percentage of income you can you can commit to monthly payments. Fannie Mae recommends buyers spend no more than 28% of their income on housing costs. Once you come up with your ideal price range its time for the fun part—the search.

4) Create a checklist of your needs and wants.

Fine-tune this checklist to give special priority to things that will maintain value over time like school districts, commute time, and the neighborhood. Underneath dead grass and dirty carpet a home could have exactly what you’re looking for.

5) Negotiate.

Be aware that with many incentives for first time homebuyers you may have to compete for the home you want. A good offer takes into account how long the home has been on the market and comparable homes for sale in the area. Aim to make your first offer a bit lower than what you think is a realistic price. Negotiations on price are a good time to solidify contingencies on financing and inspection—our last tip.

6) Know what you are buying.

Always get your potential home inspected in a time frame that allows you to back out or renegotiate if there is a major problem. Some home buyers may even want to arrange for a walk through after the owners have moved out that allows them to negotiate payment for repairs that may have been hidden or occurred during the seller’s move.

These tips are key to feeling confident in your investment and making your home buying experience painless and profitable.

Summit Sotheby's International Realty named to Real Trends 500

Park City, Utah (May 15, 2013) – Summit Sotheby’s International Realty, a luxury real estate firm Park City, Utah, today announced it was included on the REAL Trends 500 list of the 500 Largest Brokers in the United States.

The REAL Trends 500 is an annual research report that identifies the country’s largest and most successful residential firms as ranked by closed transaction sides and separately by closed sales volume.  Summit Sotheby’s International Realty was ranked #46 on the closed sales volume list and #159 on the closed transaction sides list.
 
“We are very proud of Summit Sotheby’s International Realty and all the firms in our network named to the REAL Trends 500,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “It is a tremendous achievement and a true recognition of the success of their organization.”
 
REAL Trends, Inc. is a leading source of analysis and information on the residential brokerage and housing industry.  For more info visit: realtrends.com/products/rt500/real-trends-500-by-volume.
 
“We are honored to be ranked on the REAL Trends 500 as it is a testament to our sales associates and employees’s hard work and commitment to excellence,” said, Thomas Wright, principal broker/owner of Summit Sotheby’s International Realty.  “With the support of the Sotheby’s International Realty brand, we are focused on serving the needs of our clients and helping them achieve their real estate goals.”
 
Summit Sotheby’s International Realty, which has offices in Park City, Salt Lake City and St. George, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. The listings from Summit Sotheby’s International Realty also are marketed on the sothebysrealty.com global Web site, as well as on the company’s local Web site, www.summitsothebysrealty.com
 
Summit Sotheby’s International Realty is located at 1750 Park Ave, Park City Utah 84060.  For additional information, please contact 800.641.1884.
 
The Sotheby’s International Realty® network currently has more than 13,000 sales associates located in approximately 660 offices in 49 countries and territories worldwide.  Each office is independently owned and operated. Sotheby’s Imprint has an agreement with Sotheby’s International Realty Affiliates LLC to provide print management solutions via the SI Premier Platform Portal to its network outside the United States.
 
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.  In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house.  The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

Utah Ranked Top Five In Best Value Ski Destinations

Salt Lake area ski resorts are some of the most affordable ski destinations out there. It’s quite a bargain when stacked up against 25 other ski towns. According to tripadvisor.com’s list of ski destinations with the best value, Salt Lake City, Utah, ranks one of the top five.

“Utah in general is affordable, but Solitude, I think, lands right up at the top,” Harry Hornberger, VP of operations at Solitude Mountain Resort says. He says he isn’t surprised to see the four resorts of Big and Little Cottonwood Canyon spotlighted as the biggest bang for your buck.

The rankings were determined by averaging ski trip day expenditures, including lift tickets, ski rentals, a night at a hotel and meals. In Salt Lake that came to an average of $245.

Best value ski destinations in North America

1 » Durango, Colo.

2 » Bend, Ore.

3 » Taos, N.M.

4 » Salt Lake City

5 » North Conway, N.H.

6 » Whitefish, Mont.

7 » Kingfield, Maine

8 » Sun Valley, Idaho

9 » Jackson Hole, Wyo.

10 » Banff, Canada

Source » Tripadvisor

Utah Housing Market – 3rd Best in the US

Utah has one of the best housing markets in the nation. That’s according to 24/7 Wall Street (247wallst.com), which recently ranked the State No. 3 on its list of housing markets that are performing the strongest. The media outlet recently examined home price changes, foreclosure data, unemployment rates and other factors to determine the country’s top 10 housing markets. Based on that data, the only states to score higher than Utah were Arizona and Idaho.

From July 2011 to July 2012, the article said that Utah home prices increaded 9.3 percent. In Arizona, prices were up 16.6 percent while Idaho had only a 10 percent gain. Other states on the top 10 list were South Dakota, Colorado, North Dakota, Florida, South Carolina, Hawaii and Montana.

According to the article, Utah’s recovery is expected to be strong for the next several years. Prices are expected to rise 5.8 percent from the first quarter of 2013 to the first quarter of 2014 – the 10th highest in the country. The report also noted that Utah had the 11th lowest unemployment rated in the country at 6 percent.

24/7 Wall Street said the states that have performed the best and will continue to outperform the national average, have several factors in common: low unemployment rates and economic strength. 


Here is how the top 3 fared…

3. Utah
> 1 yr. home price change: +9.3%
> Median home price: $129,000
> Unemployment rate: 6.0% (11th lowest)

The damage to the Utah housing market during 2007 to 2011 was worse than most states — home prices fell 21.6% over that period. That rate Utah 34th among all states based on that measurement. The recovery of the market is predicted to be particularly strong for the next several years, nearly as strong as the 9.3% jump in median home price from July 2011 to July 2012. Corelogic expects home prices to rise 5.8% from the first quarter of 2013 to the first quarter of 2014, which ranks it 10th among all states on that metric. Over the five years through the first quarter 2017, on a per annum basis, the improvement is forecast to be 3.9%, which ranks its 15th among states.

2. Idaho
> 1 yr. home price change: +10%
> Median home price: $85,000
> Unemployment rate: 7.5% (25th lowest)

Idaho is one of only seven states with a median home price below $100,000. Unlike Montana, North Dakota and South Dakota to the east of it, Idaho did suffer from an unemployment problem. At 7.5%, the jobless rate is not terribly better than the national average. This may have contributed to the drop in Idaho home prices, which fell 29.6% from the first quarter of 2007 to the first quarter of this year. The home price recovery is expected to be stronger than almost any other state, a continuation of the 10% improvement over the past year. For the period from the first quarter 2013 to the first quarter 2014, home prices are expected to rise 8.8% — the highest in the nation. For the five-year period that began in the first quarter of this year, the per annum improvement is expected to be 4.8%, which rates Idaho eighth by that measurement.

1. Arizona
> 1 yr. home price change: +16.6%
> Median home price: $248,229
> Unemployment rate: 8.3% (18th highest)

The Arizona real estate market was damaged as badly as any other when the home market collapsed, perhaps with the exception of Nevada. And the pain is not near the end yet, despite ranking first in home price improvement from July 2011 to July 2012. Arizona home prices fell 49.9% from the first quarter 2007 to the first quarter 2012. The state continues to have the second-highest foreclosure rate in the country, according to RealtyTrac, with one in every 346 housing units with a foreclosure filing in July. That troubling trend may be why the Arizona’s housing market recovery is expected to be extremely weak, over the shorter and longer term. Home prices are expected to rise only 1.4% from the first quarter of 2013 to the first quarter of 2014, which puts Arizona 48th among all states. Over the period from the first quarter of this year to the first quarter of 2017, the improvement is expected to be 2.5% per annum — 39th among all states.

Franchise Business Review

Sotheby’s International Realty Affiliates LLC announced it won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the fifth year in a row.

The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 7th annual Franchisee Satisfaction Awards presented by Franchise Business Review. In addition to its real estate ranking, the brand also came in second overall among the Top 50 Large Franchise Systems, which is a ranking of all franchise systems with more than 200 units across all categories.


“We are very proud to earn this honor for the fifth year in a row,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “We are dedicated to providing the best service we can to our valued network members, whom we hand select to affiliate with our brand. This recognition is a testament to the value we provide them in making their businesses more prosperous and successful.”


Franchise Business Review surveyed more than 22,000 franchisees from more than 300 leading systems for the 7th annual Franchisee Satisfaction Awards. Franchises were evaluated in five areas: training and support, franchise system, franchisor/franchisee relations, financial opportunity and overall satisfaction. Additionally, demographic and lifestyle questions gave a 360-degree view of the franchise ownership experience. Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences. For a complete list of this year’s award winners, go to www.FBR50.com.


“What impresses me most about the Sotheby’s International Realty brand is that they really ‘get’ the value of their franchisee satisfaction data,” said Franchise Business Review president Michelle Rowan. “Despite being at the top of our awards list every year, they take the time to thoroughly digest their data and use it to improve their franchisee satisfaction year after year.”


The Sotheby’s International Realty® network currently has nearly 12,000 sales associates located in approximately 590 offices in 44 countries and territories worldwide.