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Recent Statistics for Salt Lake City Real Estate

scott — Wed, 20 Apr 2011 20:03:07 +0000

Sales of previously owned homes in Salt Lake County in Februrary decreased 2% compared to February 2010. The median price in Salt Lake County was down 13% compared to February of 2010. BUT year to date in Salt Lake County, we are still up 2% compared to 2010. For more statistics, contact me at scott.robbins@utahhomes.com.

Salt Lake City Market Update, first week of March

scott — Mon, 14 Mar 2011 15:25:05 +0000

Salt Lake City Market Update for 1/17/11

scott — Fri, 21 Jan 2011 20:45:28 +0000

Salt Lake Real Estate Market News for 12/8/2010

scott — Thu, 30 Dec 2010 23:31:39 +0000

Check out my weekly Video for all of the latest Salt Lake City Real Estate News!

Forbes: The Best States For Business And Careers, Kurt Badenhausen

scott — Thu, 28 Oct 2010 15:08:01 +0000

When voters in 37 states select their governors next month, the overriding issue will be, of course, the economy. A recent CBS News poll found that 54% of adults think the economy and jobs are the most important problem the U.S. is facing today. Health care ranked a distant second, with 7% of the tally. Almost every state experienced decreased output, a loss of jobs and budget shortfalls during the economic downturn. Nationwide employment has declined by 7 million jobs over the past two years while gross domestic product growth has been sluggish this year after a 2.6% drop in 2009. No state has emerged unscathed. But some areas are doing better than others, and for many of them, it isn’t an accident. Who’s doing the best job when it comes to fostering growth? Utah, according to our fifth annual look at the Best States for Business. The Beehive State captured the top spot in our rankings for the first time, after a four-year run by Virginia at the head of the list. Slide Show: The Best States For Business Utah’s economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. This is three-and-a-half times faster than the U.S. as a whole. Total employment in the U.S. has shrunk over the past five years, but in Utah it increased 1.5% annually, fourth-best in the nation. Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average. “We have a fiscally conservative government where we are trying to keep government off your backs and out of your wallet. We want the free market do what it does best,” says Utah Gov. Gary Herbert, a Republican running for a full term this year after taking over the job in August 2009, when then Gov. Jon Huntsman was appointed U.S. ambassador to China. Utah lowered its corporate tax rate from 7% to 5% in 2008, to the delight of businesses. The rate is now one of the lowest in the country. The regulatory climate is also pro-business, with the Pacific Research Institute rating Utah second-best in the regulatory component of its U.S. Economic Freedom Index. “We want to make sure we don’t have any nonsensical regulations that inhibit the private sector from expanding and having a profitable bottom line,” says Hebert. Other factors the state have going for it include energy costs 35% below the national average; an educated labor force, with 90% of residents holding a high school diploma (and 29% a college degree); a great quality of life with low poverty rates; a healthy populous; and ample recreational opportunities. Utah boasts a triple-A debt rating from Moody’s, S&P and Fitch. Earlier this year Forbes crowned Utah the country’s most fiscally fit state government. Companies across the country are taking notice. Goldman Sachs keeps expanding its operations in Utah, and its Salt Lake City office is now the company’s second-largest in North America. Adobe announced plans in August to build a new campus in Utah that will create 1,000 new jobs there, building on its $1.8 billion purchase of Orem-based Web analytic firm Omniture last year. Oracle and eBay are both building massive data centers outside Salt Lake City. Our Best States ranking measures six vital categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. We factor in 33 points of data to determine the ranks in the six main areas. Business costs, which include labor, energy and taxes, are weighted the most heavily. We relied on 10 data sources, with research firm Moody’s Economy.com as the most-utilized resource. ——————————————————————————– Our former No. 1-ranked state, Virginia, falls to No. 2 this year. Virginia still boasts a very favorable business climate, with an educated labor supply and solid economic growth. But Virginia’s business costs (namely labor and energy) have crept up, which allowed Utah to leapfrog it. Rounding out the top five are No. 3 North Carolina, No. 4 Colorado and fifth-ranked Washington. The Northeast isn’t dead yet, judging by our rankings, despite high business costs and crippling budget deficits. New York, New Jersey and Massachusetts all rank among the priciest states when it comes to labor, taxes and energy costs. Yet each state moved up the rankings this year, thanks to improving current economic climates and growth prospects relative to the rest of the country, compared with last year. Massachusetts made the biggest move of any state this year, climbing from No. 34 to No. 16. Business costs in the Bay State are highest in the country: 22% above the national average. But venture capital continues to pour into the state, looking to take advantage of the bright minds at elite universities in and around Boston and Cambridge. VCs invested $2.9 billion in Massachusetts companies last year, second only to California. The state enjoys the highest college attainment rate in the country, with 38% of adults possessing a degree. Bringing up the rear this year is Maine, which replaced No. 49 Rhode Island at the bottom of our rankings. Growth prospects in Maine have deteriorated relative to the rest of the country. Job growth is expected to increase 1.3% annually over the next five years–one of the worst forecasts in the country. The state has endured a rash of business closings the past three years as well. Mainers head to the polls next month to choose a new governor. The state’s current chief, democrat John Baldacci, is off the hook though; thanks to term limits, Baldacci cannot seek reelection.

Utah’s Economy At A Glance…

scott — Wed, 29 Sep 2010 16:27:32 +0000

Utah’s Economy at a glance

Click the above link to see the latest economy statistics for Utah

Winter Home Preparedness

scott — Mon, 20 Sep 2010 19:57:48 +0000

With the fall season upon us, now is the time to do some routine maintenance around your home to prepare for the cooler weather ahead. Taking the time to do some work now may also save on some major expenses later on.

Tip #1: Clean outdoor furniture and store for the winter.

If you have outdoor furniture, make sure to clean all parts of the furniture, including the cushions, prior to putting it away for the winter. If your furniture has metal frames, make sure to check for rust damage and repair it, if necessary, prior to storing. If you have the storage room at your home, put your outdoor furniture away during the winter. If you cover your furniture, allow for airflow to help prevent mold or mildew.

Tip #2: Have your chimney inspected by a professional.

If you have a fireplace, consider having your chimney checked out by a professional chimney cleaner before starting the first fire. All chimneys should be checked out at least once a year prior to use to look for any damage and to have it cleaned. This maintenance will prevent possible chimney fires.

Tip #3: Check your windows and doors for air leaks.

An easy way to check for leaks is to move a lighter around the window or door frame and see if the flame moves with a breeze. If you find a leak, you can caulk it, weatherstrip it or in some cases, you may have to replace the wood frame. For door leaks around the bottom of the door, you can put on a new door sweep. Repairing these leaks can save you money on your energy bill during the cold months.

Tip #4: Check your heating system.

Change or replace filters for your heating system, if needed, and clean the vents. Now may be the time for a professional duct cleaning as well.

Tip #5: Inspect your insulation.

Make sure you have proper insulation in both your attic and basement. Look for any dark, dirty spots which may indicate that you have air leaks coming into your home that need repair.

Tip #6: Stock up on firewood for the cold winter months.

Make sure you have enough kindling and wood for the winter months and store it at least 30 feet away from your home. By storing your firewood away from your home, you’ll reduce your home’s fire load and the chance of attracting termites.

Tip #7: Clean the clothes dryer exhaust duct, damper and space under the dryer.

Poor maintenance allows lint to build up in the exhaust duct which is a fire hazard.

Tip #8: Make sure all electrical holiday decorations have tight connections.

If possible, use 3-prong plugs and cords. The use of 2-prong adapters, which permit 3-prong plugs to be used in 2-prong outlets, doesn’t always provide grounding to protect against shock. Remember to unplug decorations when not in use.

Tip #9: Clean the kitchen exhaust hood and air filter.

Keeping this clean of cooking grease will help keep a stovetop fire from spreading.

Tip #10: Check water hoses on the clothes washer, refrigerator icemaker and dishwasher for cracks and bubbles.

Replace hoses that show signs of leaking to help avoid water leaks and costly repairs later on.

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Foreclosures down for third straight month as lenders manage backlog: RealtyTrac

scott — Thu, 16 Sep 2010 18:50:27 +0000

Foreclosure filings in August fell 5% from a year ago, the third straight month of declines, according to RealtyTrac, an online foreclosure marketplace.

The last time foreclosure filings increased was a 1% uptick in May, when 322,920 properties received either a default notice, scheduled auction or bank repossession. Since then, foreclosures have dropped 6.9% in June, and 10% in July.

In August, 338,836 properties received a foreclosure filing, which is a 4% increase from July but still down 5% from last year. James Saccacio, CEO of RealtyTrac, said default notices and bank repossessions were nearly equal in August, an indication that lenders are carefully managing the clogged foreclosure pipeline.

“On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices,” Saccacio said.

Nevada still holds the highest foreclosure rate in the country. There, one in 84 properties received a filing in August.

Florida notices fell 46% from last year but still held the second highest foreclosure rate in the country. In Arizona, one in 165 properties had a foreclosure filing, the third highest. California foreclosures accounted for 20% of the national total in August with more than 69,000 receiving a foreclosure filing in the month. It’s a 9% drop from last year.

On the metro level, the previous foreclosure hotspots continue to lead the way but are trending down. In Las Vegas, one in every 73 properties received a filing in August, a 25% drop from last year but still the highest in the country.

Modesto, Calif. filings were second. There, one in every 95 properties received a filing. Six other California metro areas were in the top-10.

Housing Inventories Rise for Eighth Straight Month

scott — Thu, 09 Sep 2010 17:08:03 +0000

Housing inventories rose in many U.S. cities for the eighth straight month in August in a sign of the continued headwinds facing a soft housing market. The number of available homes for sale in 26 major metropolitan areas at the end of August increased 0.4% from one month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. The figures include all single-family homes, condominiums and townhouses listed on local multiple-listing services in markets where the firm operates. (See the full data). Inventories traditionally rise modestly in August. Zelman & Associates, a research firm, says listings have typically risen by 2% in August over the past 28 years. The less-than-average gain in inventories is troubling, nonetheless, because demand has fallen sharply since a tax credit to spur sales expired earlier this year. At the current pace, it would take 12.5 months to clear the backlog of unsold homes, according to the National Association of Realtors. A healthy market typically a six-month supply of homes. Inventories nationally remain at their highest levels since November 2008, according to Zelman data. The August inventory in the 26 markets tracked by ZipRealty showed a 10.6% year-over-year increase in the number of unsold homes listed for sale. A number of cities, including Houston, Philadelphia, and Orange County, Calif., remain at 18 month highs. “It’s across the country where you’re seeing really big inventory levels,” says Pat Lashinsky, chief executive of ZipRealty. The biggest gains in inventory continue to come from overheated Western markets where bidding wars on foreclosures pushed the housing supply down to very low levels one year ago. Las Vegas saw inventory rise by 9.3% from July, while listings were up by 4.6% in Phoenix and 3.8% in San Diego. Compared to one year ago, inventories are up by 59% in San Diego, 43% in Orange County, Calif., and 25% in Los Angeles. One big problem facing the market are the number of home sellers who can’t lower their prices any further without selling their home for less than they owe. Those sellers are often unwilling to reduce prices. Buyers, meanwhile, think prices are going to drop and interest rates aren’t going to rise soon, leaving them little incentive to make a deal now. Sellers and buyers “are waiting for the other one to make a move, and neither one is,” says Mr. Lashinsky. One of the biggest misconceptions about the market right now, he adds, is that there’s no interest in housing. There are plenty of buyers waiting the buy, he says, but not at current prices. On a monthly basis, inventories fell in half of all markets, led by Austin, Texas, which was down 3.8%, followed by Charlotte, N.C., (down 3%) and Boston (down 2%). For the year, inventories are down in Miami (8.6%), Chicago (2.2%) and Orlando, Fla., (2.2%). Inventories are falling in more markets in part because sellers are just taking their homes off the market. “Sellers have realized, ‘I just can’t get the price I want. Instead, I’m going to stay here,’” says Mr. Lashinsky. While that may work for buyers who just can’t lower their prices any further, he says, “if you think you can put it back on nine months later for 10% more, that’s not a very wise strategy.”

More home listings seeing price reductions in August

scott — Wed, 08 Sep 2010 20:30:33 +0000

Nearly half of the houses for sale in the U.S. are listed for less than what the seller originally asked for, with the average list price declining 7.1% in 26 U.S. markets, according to a survey released by ZipRealty.

The Emeryville, Calif.-based Internet real estate brokerage said that in August, 47% of houses for sale had a least one listing price reduction since first going on the market, up 3.26% from July’s level. ZipRealty tracks data in 26 major housing markets. On average, home sellers are reducing prices twice to garner enough interest from prospective buyers.

The average price reduction was $19,092, ZipRealty said, adding the national median list price dropped 2.1% to $249,631 in August. Less than 1% of the houses listed for sale were new listings in August, indicating that fewer sellers are entering the post-homebuyer tax credit market, said ZipRealty Vice President Leslie Tyler.

“It appears that homebuyers are taking their time as they don’t feel a sense of urgency to make an offer, unless the price is right, and sellers are having to aggressively cut their prices to stay competitive in this market,” Tyler said. “We typically find if a buyer hasn’t walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn’t had an offer in six months, it’s time to rethink the sale.”

The chart below shows the markets with the largest median price reduction in absolute dollars (click to expand):

The markets with the smallest median reduction in absolute dollars were Dallas and Houston, which each experienced a $10,000 reduction in August.

Jacksonville, Fla., had the highest percentage of price-reduced homes; with 55% house listings having at least one price reduction. Other markets where more than half of sellers reduced asking price include Austin, Texas; Chicago; Minneapolis, Minn.; Orlando, Fla.; Phoenix and Tucson, Ariz.

The Denver market had the lowest rate of price-reduced listings, at 33.2% in August, followed by Los Angeles (41.4%) and the Miami/Ft. Lauderdale/Palm Beach market (42.3%)

Florida markets took the top three spots in the rate of price reduction, led by Miami, with a 12.32% reduction, Orlando (11.49%) and Jacksonville (11.24%).

The data is based on real estate listing and price reduction data from the Multiple Listing Services (MLS) in 26 of the 35 housing markets where the real estate brokerage operates as of Sept. 1. ZipRealty noted in its report that the research it provides is intended to indicate general market conditions and trends, not the company’s operational performance. As a publicly traded entity, it referred questions on its own performance to its public disclosures with the Securities and Exchange Commission (SEC)