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. 

We made it through the busiest time of the year!   For the buyer’s that have been looking, offering and been unsuccessful at getting a home under contract:  KEEP LOOKING AND HANG IN THERE!   A small window of opportunity is coming!

Every summer after the spring rush there is a short period of time between the end of June and end of July the real estate market slows down in Salt Lake.  I used to think this slow down was caused by Realtors taking time off to play in the sun.  I have discovered that is only part of the slow down the other part is buyers and sellers taking time off to play in the sun!    

If you are still shopping or on the fence, the summer slow down could be the perfect opportunity for you to find the perfect home!    

Buyer Tips for This Competitive Market like ours:

• Make sure you have an aggressive agent that knows how to work a competitive market 
• Make sure your agent makes you aware of new listings the day they hit the market   
• Schedule to see new listings the day they hit the market
• Have your ducks in a row, and make sure your agent and lender do as well
• When you find the right home don’t delay on making an offer
• Put your best foot forward when you offer remember when you get a home under contract you will think you offered too much and when you don’t get one you think you didn’t pay enough! 

You might have to make more than one offer before you get a home so don't get discouraged.  The following absorption report will explain why!   

 This absorption report is for single family homes sold or under contract in Salt Lake County.

KCM nailed it again today!   Check out the impact a home sale has on our economy!

U.S. Home Sale Has $56,464 Impact on Economy

Posted: 09 May 2013 04:00 AM PDT

Recently the research team at the National Association of Realtors (NAR) looked at studies done by the Bureau of Economic Analysis, the Census Bureau, Macroeconomic Advisors and the Joint Center for Housing Studies at Harvard. After reviewing the data, they determined the total economic impact of a typical home sale in the United States is an astonishing $56,464.

Here is the breakdown of their report:

Economic Contributions are derived from:

• Home construction
• Real estate brokerage
• Mortgage lending
• Title insurance
• Rental and Leasing
• Home appraisal
• Moving truck service
• Other related activities

When a House is Sold in the United States:

$14,958 – Income generated from real estate related industries

$5,647 – Additional expenditure on consumer items such as on furniture, appliances, and paint service

$3,509 – Expenditure on remodeling within 2 years of purchase

It generates an economic multiplier impact. There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be: $11,575

Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the U.S. to be: $20,775

When you add the numbers up it comes to over $56,000!