Jones and Associates Realty, LLC Archived Blog

In Salt Lake County the Median home price has risen from a low in the first quarter of 2012 of $176,000 to  $210,000 the first quarter of 2013!   How much has your dream home gone up over the last year?  Now compound that with interest rates going up…. 

This chart represents  the Median home prices for homes sold in Salt Lake county since 1^st quarter of 2008 to fist quarter of 2013 along with total homes sold and listed in the same period.  If you want to know what your neighborhood is doing call, text or email us today!  We also wanted to share todays kcm blog with you since it goes along with the Salt Lake Median home data.

KCM posted this today and it makes perfect sense! 

Link to KCM's post:

Total Increase a Buyer May Pay if They Wait

Posted: 23 May 2013 04:00 AM PDT

Earlier in the Week, we explained that experts have projected that the U.S. home prices will appreciate by approximately 5% in 2013.  We also revealed the Mortgage Bankers Association, Fannie Mae and the National Association of Realtors have all projected that the 30 year mortgage rate will be at least 4% by the end of 2013.  If we assume that prices and interest rates will rise as projected, here is the monthly difference a buyer may pay if they wait a year. 

I was going to post a very positive article from the Wall Street Journal this morning titled: 

 Yes, The US Housing Bust is Over!  

This is a link to the article incase you want to read it:

online.wsj.com - The housing market has turned-at last. The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing.

The key point in the article that caught my attention was:

"A new Wall Street Journal survey of forecasters found 44 believe the housing market has reached its bottom; only three don't. (The full results of the Journal's July survey will be released at 2pm ET)" 

It also read not only has the market bottomed, prices have started going up in many parts of the country.  We have witnessed Home Values increasing in almost all of Salt Lake, Davis and Utah counties this year.   If you are one our seller's now and experiencing appraisal problems you know this because yesterdays comps are not what todays buyers are willing to pay!    Our buyers also know this because they are seeing a very hot market with multiple offer notices and homes selling for more than list price! 

 Right when I was ready to hit post on the computer another article from KCM grabbed my attention.  It was titled:  Home Ownership the American Dream.   This is a link to it:

Homeownership: The American Dream

This article reminded me it doesn't matter if its a good or bad time to buy a home financially!  Unless your one of our investor client's it never has mattered.  The fact is:

 IT IS THE AMERICAN DREAM! 

I would argue it's almost every persons dream on earth to own a home in America!  It always has been and always will be the reason to own a home.  This was from the article:  "Fannie Mae’s quarterly National Home Survey, as far back as we can go, the top four reasons for buying a home are the same. The top four reasons people buy a home are:

1. It means having a good place to raise children and provide them with a good education
2. To have a physical structure where their family feels safe
3. It allows for more space for their family
4. It gives them control over what they do with their living space including renovations and updates."

So why are you waiting?  Call, text or email now to start your home search!

With news stories reinforcing the fragile state of the global economy, mortgage rates again moved into record low territory last week. Highlighting the challenges facing Europe, financial services firm, J.P. Morgan, announced loses totaling over $2.3 billion dollars on complex bets that were intended to protect the firm from exposure to the European debt crisis. Fed Chair Bernanke also spoke last week, with little new insight into the Fed’s future plans or current view of the economy. This week is an extremely busy week of important economic data points. The CPI, Retail Sales, Industrial Production, LEI and others are due. With mounting evidence that the economy is shifting into a lower gear, any data that confirms that prognosis will apply more downward pressure on mortgage rates. Europe may also play a significant role in any movement in mortgage rates this week. With political challenges mounting, and growing evidence of even slower growth in the European bloc, any additional bad news from across the pond could pressure rates even lower.

With this being said, Utah home sales are still very strong and we anticipate them to continue to be strong with Unemployment percents being so low and with new business’s and families moving to Utah because of the demand it is going to continue to be a sellers market for awhile. As we have always been honest and upfront with our clients again we say "It’s never been a better time to buy a home" Lets go shopping!