inventory: 2012 Salt Lake Housing Forecast Report - 01/18/12 07:34 AM

I attended the 2012 Salt Lake Housing Forecast Meeting this morning. The two presenters this year were Eric Belsky, Managing Director of the Joint Center for Housing Studies at Harvard University and James Wood, director of the University of Utah’s Bureau of Economic and Business Research. While Mr. Wood's remarks were pointedly local, Mr. Belsky's report covered the state of the housing market nationally, with concluding remarks to show where Utah stacks up among the states.
The expectations? Cautiously and realistically optimistic. Realistically meaning that while there were no bold statements of certain recovery, the outlook is that things are … (0 comments)

inventory: Home Prices Down 6% in Salt Lake County - 02/08/11 08:12 AM
As an Exclusive Buyer's Agent I'm constantly exposed to the inventory on the market in the Salt Lake area.
There are still a ton of overpriced listings on the market, but that's improving.
1. Inventory is actually falling. My gut feeling is that the majority of homes coming off the market are from sellers who mistakenly thought their house was different from the others and that somehow it could commmand pre-bust pricing. Which leads us to point #2:
2. Fewer sellers are putting their homes on the market at ridiculous prices. Homes are finally being discounted to reasonable prices.
Here … (0 comments)

inventory: Glut of Overpriced Homes Hurts Everyone - 06/28/09 06:39 PM
People who don't really need to sell their home should not put them on the market at ridiculously high prices.
Prices don't go up 20% just because Sellers LIST their homes at 120% or more of market value. In order for prices to stabilize and/or improve, inventory levels need to shrink or the number of Buyers needs to increase significantly, and quickly.
It doesn't help anyone if more than 63% of the inventory on the market is significantly overpriced.
I work with Buyers Only. We see LOTS of homes. Many of my clients write offers on multiple homes before we … (2 comments)

inventory: Why fewer housing starts in Salt Lake is a good thing. - 08/19/08 02:44 PM
I know you know this, and I know this, but the media doesn't seem to get this...
Fewer housing starts are a good thing!
(Well, at least for now.)
Remember how builders overbuilt and there was a glut of inventory on the marketplace?
Remember how builders were offering the craziest incentives rather than lower their asking prices?
Remember how appreciation all but ceased as thousands of overpriced homes sat on the market?
Well, it would appear that the excess inventory in the Salt Lake Real Estate marketplace is shrinking. Both existing and new construction.
The fact that builders have slowed production … (1 comments)

inventory: Salt Lake Real Estate Update: Number of Sales Down - Prices Slightly Up - 05/02/08 07:07 PM
First Quarter 2008 showed only small improvement in home prices and the number of SOLD homes was also down.
Fourth Quarters and First Quarters are historically low, while Second Quarters and Third Quarters are historically higher with regards to the number of SOLD homes reported.
There has been increased activity over the past few months, with Buyers who held off purchasing in the Fall and Winter, joining those who would normally be purchasing at this time of year.
Still, there is a surplus of inventory, but recent reports show that new construction has slowed and new construction surplus inventory is shrinking.
(1 comments)

inventory: Salt Lake Real Estate over the past year (April 2007-April 2008) - 04/16/08 05:08 AM

A year ago Salt Lake was seeing appreciation rates in the 15-20% range. Today, appreciation is somewhere between 0 and +3% (My best guess - Official Data won't be out until the 20th).
There was a 6 month stretch with fewer home sales, making it harder to find comparable sales for new contracts and appraisals.
Many Buyers went into hiding while at the same time many owners decided to put their homes on the market. This is also true of Builders. Historically builders would list one or two homes with the intent of bringing buyers into their office. Then they would … (0 comments)

inventory: More Home Inventory Slows Rental "Appreciation" - 01/12/08 05:23 PM
As home inventory grows, typically rental rates don't rise as much. This is because people can just as easily buy than rent.
A recent article at Forbes.com suggests that even though Salt Lake's inventory of available homes for sale is growing, rental rates are still rising because job growth is the highest in the nation and is bringing in a "steady stream" of people into the state.
"Job growth also affects renters. Salt Lake City has one of the fastest rates of new construction, but it isn't fast enough to keep up with job growth. A 3.1% uptick in jobs is the highest of any city … (0 comments)

inventory: What Factors are Affecting Salt Lake's Market? - 10/09/07 09:43 AM
There is surely a lot of inventory available. Buyers have more choices. They are not forced to deal with unreasonable Sellers. In most cases they can find another suitable home where the Seller is more reasonable.
Let's compare 3rd Quarter Numbers.  (See Salt Lake County 3rd Quarter Statistics)
Last year, there were 8458 new listings in the 3rd Quarter. This year, there were 10489 new listings. That is 2031 MORE HOMES available, while at the same time the average increase in SOLD price of homes dropped from 23.85% to only 9.56%. (Still, VERY respectable.)
The average percentage of new listings that sell is also … (2 comments)

inventory: Salt Lake - 2/3 of New Listings OVERPRICED - Still a good time to Buy - Here's How - 10/09/07 09:31 AM
BUYER BEWARE: There is a lot of inventory and about 2/3 of it is overpriced. (See third quarter market statistics) These are new listings that do not sell during their listing period.
It is not good enough to get a free plasma screen TV or backyard landscaping or granite countertops "thrown into" the deal for "free" if you are overpaying for the home by tens of thousands of dollars.
DON'T BUY A HOME IN THE SALT LAKE AREA TODAY WITHOUT AN AGENT WORKING EXCLUSIVELY FOR YOU!
It can still be a good time to buy IF you have an agent who represents YOU and NOT … (2 comments)

 
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Benjamin Clark

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Salt Lake City, UT

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