I don't know about other states, but in Utah our real estate market is still pretty stong and has been.  I see short sales popping up and have one qauestion on my mind.  Why, if someone bought a home one, two, three, or more years ago, and now they can not make the house payments for whatever reason, is the home worth less money.  I have had two people come to me and said they were behind on their mortgage payments and wanted to sell their house.  We put the house on the market, sold it, and paid off the mortgage company and put money in the seller's pocket.  The only reason I can think that someone would do a short sale is if the house was over priced  when they bought it or they are in an area where prices have dropped way down.  Since this isn't the case in Utah, I just can't understand short sales. 

2nd question:  If the seller wants to do a short sale and they have submitted the correct package to their lender for approval of the short sale, why do all the short sales say, "Subject to price approval of a third party"?   I've done two short sales, and both time I had the seller submit the required documents to the mortgage company, they sent out an appraiser, gave us a price to list the house at and we sold them both within 15 days of getting the price approval from the mortgage company.  We have one house in Syracuse that has been sitting on the market for over a year and they had a full price offer on it because I wrote it for one of my clients, but we didn't get the home, and it is still active on the MLS. 

I just seem to have a problem with both of these questions and wonder what is going on.

My complete team just underwent training to get the Military Markets Specialist designation.  It was a great class and the members of my team learned a lot about the military way of life and culture.  They learned how military members are to be addressed in all types of communications and what the various ranks are and where to go on the Internet to get information about a members pay, housing allowance, cost of living allowance and a lot more.  They also learned about the effect moving so many times has on a military family, and sometime it's the hardest on the children.  To assist the military members coming and leaving Hill AFB, UT we put a website up at www.pcstohill.com.  This site gives the military member all the information they could ever want or need to make their move to Hill as smooth as possible.  If you are PCSing to or from Hill AFB, Utah then you need to visit this site. 

There are as of 1 October 2008, 136 active homes on the market with another 12 homes under contract for a total of 148.  By calculating what percentage of the total the 12 homes under contract are you know if Farmington is a buyers or a sellers market.

12 divided by 148 = 8%.

If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

So Farmington, UT is currently experiencing a buyer's market.

To find out more about market conditions in Utah just give me a call at 801-540-3825.

There are as of 1 October 2008, 65 active homes on the market with another 24 homes under contract for a total of 89.  By calculating what percentage of the total the 24 homes under contract are you know if Centerville is a buyers or a sellers market.

24 divided by 89 = 35%.

If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

So Centerville, UT is currently experiencing a seller's market.

To find out more about market conditions in Utah just give me a call at 801-540-3825.

There are as of 1 October 2008, 32 active homes on the market with another 2 homes under contract for a total of 34.  By calculating what percentage of the total the 2 homes under contract are you know if Fruit Heights is a buyers or a sellers market.

2 divided by 34 = 6%.

If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

So Fruit Heights, UT is currently experiencing a buyer's market.

To find out more about market conditions in Utah just give me a call at 801-540-3825.

There are as of 1 October 2008, 203 active homes on the market with another 24 homes under contract for a total of 227.  By calculating what percentage of the total the 24 homes under contract are you know if Kaysville is a buyers or a sellers market.

 24 divided by 227 = 11%.

 If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

 So Kaysville, UT is currently experiencing a buyer's market.

 To find out more about market conditions in Utah just give me a call at 801-540-3825.

There are as of 1 October 2008, 26 active homes on the market with another 8 homes under contract for a total of 34.  By calculating what percentage of the total the 8 homes under contract are you know if Sunset is a buyers or a sellers market.

 8 divided by 34 = 24%.

 If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

 So Sunset, UT is currently experiencing a buyer's market.

 To find out more about market conditions in Utah just give me a call at 801-540-3825.

There are as of 1 October 2008, 283 active homes on the market with another 39 homes under contract for a total of 322.  By calculating what percentage of the total the 39 homes under contract are you know if Syracuse is a buyers or a sellers market.

 39 divided by 322 = 12%.

 If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

 So Syracuse, UT is currently experiencing a buyer's market.

 To find out more about market conditions in Utah just give me a call at 801-540-3825.

There are as of 1 October 2008, 173 active homes on the market with another 29 homes under contract for a total of 202.  By calculating what percentage of the total the 29 homes under contract are you know if Clearfield is a buyers or a sellers market.

 29 divided by 202 = 14%.

 If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market.

 So Clearfield, UT is currently experiencing a buyer's market.

 To find out more about market conditions in Utah just give me a call at 801-540-3825.