prices: Zillow picks Salt Lake City as #1 Hottest Housing Market of 2014 - 12/06/13 02:18 AM
Zillow knows a thing or two about real estate and housing markets. Their Chief Economist and their Director of Mortgages predict that Housing prices will be up 3% nationwide in 2014, with Salt Lake City, Utah as the #1 Hottest Housing Market. Factors in making this prediction included the unemployment rate, population growth and Zillow's home value index.
Other predictions are that home loans will be easier to get as interest rates rise, drying up refinance business and forcing lenders to be more competitive on purchase transactions. 
In any market it is important to make sure the professional you are working … (0 comments)

prices: 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)

prices: Salt Lake Among Healthiest Housing Markets in the United States - 11/22/11 02:57 PM
Builder Magazine ranks Salt Lake City, Utah as having the third healthiest housing market in the U.S.
Good things happening in the Salt Lake City metropolitain area:
Income growth next year is expected to be one of the best in the country. Job growth this year was 2nd best in the country. (Over 35,000 new jobs last year) Population continues to grow. New companies in a variety of sectors keep moving to town. We have some great colleges, universities and tech colleges in the area. Residential building permits are up 16% (Salt Lake REALTOR Magazine, Nov 2011) Residential home prices are … (2 comments)

prices: First Time Buyers - Should You Buy a Home in 2012? - 11/09/11 06:32 AM
Low interest rates and still falling home prices make it tempting to buy a house now, but before purchasing, wise buyers are looking at their big picture.Most of those who will buy homes in 2012 will buy because it makes sense for them to do so. Security (at their current employer and in their current field) has a strong impact on the decision to purchase or not, even more than low interest rates.Interest Rates and Mortgage Insurance
Low interest rates sound good, and are good, but what isn't talked about much is that the cost of mortgage insurance has almost doubled … (0 comments)

prices: Home Prices Up in 6 Salt Lake County Cities - 02/08/11 08:26 AM
This is in no way a suggestion that the market has hit bottom in any of these areas, but in the fourth quarter of 2010 home prices were actually up in 6 Salt Lake County cities. We'll have to wait until we are into the Spring season to see if the trend continues in these areas and if it spreads to other communities in the county.
The 6 cities where values were up were:
Draper (84020) - UP 7% West Jordan (84081) - UP 6% Sandy (84092) - UP 12% Herriman (84096) - UP 10% Salt Lake City (84103) - UP … (0 comments)

prices: 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)

prices: Owning Becomes More Attractive as Rent's Rise, Home Prices and Interest Rates Fall - 04/09/09 06:48 PM
Demand for rental homes and units in many parts of the country is on the rise as many homeowners who are unable to refinance their mortgages to today's lower rates because their property values have declined have sold their homes "short" or left them altogether after foreclosure. Increased restrictions for obtaining mortgage financing (high credit scores and larger down payments) have also reduced the pool of renters who "qualify" for homeownership.
As demand rises for rental units, the cost of renting should rise. As inventory of homes available for purchase grows, and demand shrinks (or is reduced due to a smaller … (1 comments)

prices: Early 2009 May Be the Best Time to Buy a Luxury Home in Salt Lake - 12/06/08 02:36 PM
We all know that the Salt Lake area real estate market (and the economy at large) is doing better than most areas of the country. Still, some things have slowed considerably.
Some things that have slowed the most:
New Construction Permits The Time it Takes to Sell a Home (Days on the Market) The Number of Home Sales for Homes Priced Over $400,000 New Construction
The good news is that less new construction actually will help slow the supply, which will help equalize the market sooner, meaning a healthier housing market.
Days on the Market
Currently, however, inventory (supply) still substantially exceeds the number … (3 comments)

prices: Home Warranty Companies Affected by Slowdown: Adjusting Prices/Coverage - 10/16/08 05:01 PM
It seems that the slowdown in the real estate market has Home Warranty companies that service the Salt Lake City real estate market adjusting their premiums and coverages to keep profits up.
Over the past 45 days prices have gone up by about 18% and deductibles (service fees) are up about 10%.
To be fair, some additional coverages have been added to some warranty companies' offerings, but others have actually lowered their level of coverage by removing items from standard coverage or limiting the extent to which the home warranty company will cover certain claims. The cost of "add-on" coverage (for … (2 comments)

prices: 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)

prices: Home Buyers Beware when Choosing a Utah Home Inspector - 07/15/08 07:05 AM
In Utah, all it takes to be a home inspector is to call yourself one.
See  Get Gephardt – Worst Home-Buying Fiasco Ever! -
Quotes:
"And guess what, home inspectors need absolutely no qualifications whatsoever in Utah."
"...there is no state agency overseeing home inspectors in Utah. And it appears anyone can declare themselves a home inspector: with no training, no license, and no experience."
If you are thinking about buying a home in the Salt Lake area, you will want to have your home inspected by a good home inspector. Begin as soon as possible to research various home inspection … (1 comments)

prices: 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)

prices: Salt Lake Market Update - 1st Quarter 2008 #1 - 03/28/08 04:38 PM
Take a look at this graph that shows Average List Prices and Average SOLD Prices in Salt Lake County over the past 6 months and tell me you don't see the same thing that I do:
Salt Lake appears to have gone through a minor slump during 4th quarter 2007 and the beginning of 1st quarter 2008. Things appear to be almost exactly where they were 6 months ago.
It would appear that the real estate market in Salt Lake County has handled the necessary correction well and will go back to a small but sustainable appreciation rate.
The GOOD part in all of this … (3 comments)

prices: Ummel Case - National Association of Exclusive Buyer Agents Statement - 02/09/08 04:46 PM
Being an Exclusive Buyer's Agent and a member of the National Association of Exclusive Buyer Agents (Disclosure: I'm also on the Board of Directors), I was excited to see the following article on FoxBusiness.com:
Buyer Agent Organization Comments on Ummel Home Buying Case
The Association's position is simply that part of a Buyer's Agent's due diligence is to prepare comparative market analyses on properties being considered for purchase. (Certainly before submitting an offer on a property.)
As stated, all the details of the case are not readily available, but when a consumer hires a Buyer's Agent to help them with their home purchase, they believe … (6 comments)

prices: Why You Shouldn't Wait to Buy A Home in Salt Lake - Simple Analysis - 12/12/07 07:31 PM
If you are considering a home purchase in the Salt Lake City, Utah area, you may be getting mixed signals as to whether you should buy a home now, or wait another year.
A recent article Forbes Magazine stated, "In Salt Lake City, the median home sale price for the third quarter this year rose 14% over the same time in 2006, according to data released today by the National Association of Realtors (NAR). That's the biggest increase of the country's 50 largest metros measured." (November 21, 2007)
I would suggest that since September the appreciation rate has slowed to about … (4 comments)

prices: Utah - Still a Good Deal - A Look at Salt Lake County's "Cycle" - 10/01/07 01:23 PM
Most real estate markets go through what are called "cycles."
When the right market conditions align, home prices appreciate at a higher rate. If allowed to go un-checked, that same market will "bubble" meaning that the going prices have risen above what the rest of the market conditions can bear, and eventually the market will need to slow down and allow the other market conditions to catch up, or the bubble will burst and prices will fall.
The Salt Lake Valley is a huge valley. Home to about 30 cities and towns and over 1 Million inhabitants. When I started my real … (0 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

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Homebuyer Representation, Inc.

Address: PO Box 701481, SLC, UT, 84170-1481

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