The vacant New Homes article in the Tooele Transcript last week, got my attention. It was no surprise to me that over 100 newly constructed single family homes were sitting vacant in Tooele County at the end of September, 2007.( as opposed to only 18 at the end of 2006).
What did surprise me was the quote by Eric Allen, director of Metrostudy's Utah/Idaho Region, that 104 unsold New Homes in Tooele County, were "a little more than a two months supply of New Homes". In other words, it is being reported that 50 new homes are sold every month in Tooele County. Actually in Tooele, Stansbury Park, and Grantsville, because those 3 areas make up over 95% of houses sold in the county, and at least that percentage of current new construction.
I don't believe those numbers to be true, but lets say they are, and that there are over 100 new homes sitting on lots looking to be one of the 50 new houses sold this month. The assumption of the article then is that every one of these homes will be sold in 60 days. Further, the builders in the Silver Fox subdivision that currently represent the majority of the 49 homes in grantsville waiting to be purchased, have nothing to worry about except a couple months interest carry.
The reason I care, is that incorrect information is worse than no information at all. In Real Estate, as in most things, the best Information is the most truthful available. The more important the question, the more important a truthful answer.
So, before you make any decisions based on the report (like fire your agent, pay the asking price for a new home, or decide to wait until Tooele County builders feel the crunch) let us get to the bottom of things. We've already put the word out and should be able to report next week.
In the mean time, have a happy Thanksgiving, enjoy the time off, your family and this great Country.
If you need to talk to someone about whats really happening in Real Estate around the Tooele Valley, give us a call @ 435-840-5029. For more re-sources to help you buy or sell a home stop by our website @ Tooele Homes and have fun browsing.
Good Luck, Thanks for being here and Happy Thanksgiving
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