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real estate: Farmington Inventory Update - August 2010 - 09/07/10 05:36 PM
I just finished my Farmington (and Davis County) inventory summary for the year to date period ending on August 31st. You can click on the picture to the right to see the full report. Overall, the data continues to identify the same trend lines we have seen for the past several months. After the expiration of the first time homebuyer tax credit, the market has slowed to a pace matching the activity levels of last year. Because of the impact of the tax credit in the first four months of the year, year over year sales continue to run at nearly … (0 comments)
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real estate: Interest Rate Impacts on Purchasing Power - 06/26/10 08:53 PM
There is a good deal of discussion regarding the current status of the real estate market. Has the market bottomed? Have inventory levels stabilized? What impact will foreclosures and short sales have on absorption rates going forward? Along with the always popular, what are interest rates doing?
I recently had a conversation with a buyer client who expressed his perspective that our current market hasn’t yet "bottomed" and that there may be another 5% of downward price correction still to occur. After our conversation, I decided to run some numbers (yes, I’m a devout data geek) and see what the correlation … (2 comments)
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real estate: Farmington Real Estate Market Update - April, 2010 - 06/23/10 11:31 PM
With the expiration of the home buyer tax credit, I thought this would be a good time to establish a base line report for reference later in the year in terms of market activity. For the first four months of the year, the activity levels in Farmington have been a mixed bag. Listing activity is in line with the same period last year while sales activity is up significantly over last year (impact of the tax credit).
In spite of the increase in the sales activity, average and median sale prices are down considerably from the same four month period last … (1 comments)
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real estate: Is an improving economy good for real estate? - 10/23/09 04:08 PM
This may seem counter-intuitive, but it is possible for homebuyers to be hurt if the economy improves. Of course, an improving economy has many positives for the housing market as a whole: decreasing unemployment, stabilizing household incomes and increasing consumer confidence levels. However, an improving economy also brings with it the likelihood of higher long-term interest rates.
One of the toughest jobs facing Federal Reserve Chairman Ben Bernanke is how to time any interest rate adjustments as the economy improves. Raise rates too soon and he risks killing the recovery. Wait too long and he risks significant inflationary pressures.
The interest … (0 comments)
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real estate: Why do we buy? - 02/16/09 06:24 PM
Working with buyers in the current market (or any market for that matter), it is always interesting to watch the decision-making process move forward. Lately I have seen a tendency toward wanting to get the "best deal." As a consumer myself, I do like to obtain the best deal however, I'm willing to accept in the vast majority of my purchases a good deal or as I like to say a good value. Value, in my experience, rarely equates to lowest price for a particular product or service.
I find myself currently talking with clients about what it is they are … (0 comments)
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real estate: Supply vs. Demand - Old School or Current Explanation - 02/10/09 08:07 PM
So in the current real estate market place with unemployment increasing, interest rates fluctuating, stimulus packages being debated (and apparently passed in the Senate today), the banking system collapsing, and an overall the "sky is falling" mentality, do simple economic principles still help explain what's going on? In a word: yes.
We've all heard and used the expression supply versus demand. It's interesting in our industry as we embrace the Internet, statistical metrics, buyer & seller behavior patterns, home staging expertise, and any number of other factors to explain what's occurring in our markets when the simplest answer may be the … (0 comments)
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real estate: Who Should Get The Money? - 02/06/09 02:39 PM
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." --Thomas Jefferson
Understanding the concern expressed by Thomas Jefferson nearly 2 centuries ago and its uncanny applicability to our economy today, perhaps the current structure of the stimulus package is misdirected?
One idea I heard recently ( … (0 comments)
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real estate: Davis County & Farmington UT Market Update - 02/02/09 02:56 PM
Clearly, 2008 is going to be noted as a "transitional" year for any number of reasons relating to economics, politics and international actions. Those of you who know me, understand that I am clearly not as qualified as the talking heads on television and radio to discuss the political and international market issues which developed in 2008 (although that doesn’t stop me from trying).
However, I can provide some insight and overview as to the economic implications for our local real estate market. If you would like to see the actual data reports I reference in this article, follow this link … (0 comments)
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real estate: Is there a cost to waiting for the so-called “bottom?” - 01/28/09 02:18 PM
As I’ve worked with buyers over the last six months of the current economic “crisis,” I am regularly asked if the market has reached “bottom?” My response is generally in the form of an observation, that you don't know the bottom of any market (whether it be the real estate market, the stock market, or a commodities market) until prices begin to trend upward. Then you can look back with confidence and say “Oh, that was the bottom.”
Now of course there are, depending on who you talk to, some potential leading indicators as to where market begins to shift. In … (0 comments)
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real estate: Market Snapshot July 2008 - 09/11/08 04:09 PM
What a year it’s been so far in 2008. If you read the papers or watch the news you’d think all of the homes in America stopped selling, and the next great housing depression has begun. Although I exaggerate, it is interesting to see how the national media, in particular, takes national averages and extrapolates that data to reflect the entire country.
The truth is, residential real estate is still a very localized phenomena. There are parts of the country which have been hammered in terms of price points (Las Vegas, California, Phoenix, large sections of Florida, etc) but others have … (0 comments)
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real estate: Farmington Utah Market Snapshot May 2008 - 09/11/08 04:04 PM
It has been an interesting start to the year in terms of the real estate market. As you can imagine, there has been an abundance of reports relative to both the national and local real estate markets. There are as many different opinions as to the condition of the market as there are home styles .
My personal tendency is to simply look at the actual data, compare it year over year and try to avoid unsubstantiated anecdotal information when assessing the market. To that end, there is no denying a slowdown in the local real estate market in terms of … (0 comments)
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Craig Frazer, Davis & Salt Lake County Real Estate, RE/MAX Metro
Farmington,
UT
More about me…
Address: 110 N. Main Street, Bountiful, UT, 84010
Office Phone: (801) 699-6046
Cell Phone: (801) 699-6046
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