Jones and Associates Realty, LLC Archived Blog

Want to share another great post by KCM.  The Wasatch Front real Estate Market is smoking hot and for sure helping to drive our economy.   I showed 23 homes this weekend from Salt Lake, Bluffdale, Draper,  Riverton, Herriman, Sandy, Cottonwood Heights,  West Jordan and West Valley over half the homes I saw were listed in the last 7 days and many of them had multiple buyers with their agents looking while we were there!   If you have been thinking about selling now is a great time to get your home on the market!  Call or email us today to find out what your home is worth you may be surprised!

The Economy’s Impact on Housing

With the economic recovery sluggish at best, many ask what impact this has on housing. Over the last several years, most economists believed that housing would not recover until the overall economy recovered. However, it now seems that the housing sector may be a driving influence in the recovery.

Here are four reports released in the last 30 days affirming this point:

Morgan Stanley

“In terms of its contribution to real GDP, residential fixed investment has been a positive – albeit modest – force over the most recent four quarters, marking its longest span of back-to-back positive results since 2005.”

Deutsche Bank

“The [overall] resumption in residential activity cannot be understated as the long awaited housing recovery should help buoy consumer confidence and provide a mild lift to second half economic output after what was likely a disappointing first half of the year.”

Fannie Mae

“The data from the past month collectively point to decelerating economic growth, but growth nonetheless…However, despite signs of deteriorating momentum for economic activity, housing continues to be a bright spot as news from the housing market has been relatively upbeat, presenting a rare upside boost to the economy.”

Goldman Sachs

“As we look back at previous major housing recoveries, 1975 and 1991 began with negative jobs growth…In each case, the home sales recovery was fueled by home price improvement, driving new job growth and those jobs creating a fresh wave of demand that supported a multi-year recovery in housing.”

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!

This is another positive article Utah ranks 2nd in 'Top States for Business' | ksl.com Link to article:

http://soc.li/qpkcRfZ
 

The Beehive State has taken a giant leap toward the nation's business elite, according to a CNBC report released Tuesday.posted by ksl from CNBC's Annual "Americas's Top States for Business" 

SALT LAKE CITY — The Beehive State has taken a giant leap toward the nation's business elite, according to a CNBC report released Tuesday.

Utah moved up six slots from eighth place last year to rank No. 2 in CNBC's annual "America's Top States for Business" study. Texas topped the list.

The 2012 study lauds Utah's strong workforce, effective transportation and low cost of doing business.

According to the survey, Utah ranked in the top 10 for cost of living, economy, infrastructure and transportation, workforce, quality of life and business friendliness. Additionally, the state was in the top 15 for cost of doing business and access to capital.

"This is no surprise to Utah, again confirming that reasonable regulation, low taxes and an unparalleled workforce are the best components to promote economic growth," Gov. Gary Herbert said. 

Utah ranked among the top 10 in six of 10 categories in the report, including workforce, qualify of life, infrastructure and transportation, economy, business friendliness and cost of living.

Despite all the positive attributes, Utah did suffer from one of the worst education rankings in the country, finishing 45th.

The report cited large class sizes, low spending and mediocre test scores as issues of concern.

Meanwhile, the state's low unemployment at 6 percent, low individual and corporate tax rates of 5 percent, along with a relatively low sales tax at 4.7 percent, were touted as additional attributes.

The announcement adds to Utah's list of recent accolades, including being Forbes' top state for business, the No. 1 state for economic outlook according to the American Legislative Exchange Council and the best-managed state according to The Pew Center on the States.

Yesterday the Wall Street Journal reported rental vacancies fell to 4.77%.  This is the lowest vacancy level since the end of 2001.  Rental vacancies rates were at 4.9% the first part of this year and up as high as 8% in 2009.   With the vacancy rate being so low it gives landlords the opportunity to push rents up.   This is a link to the entire article:

http://online.wsj.com/article/SB10001424052702303933404577505260835025948.html?mod=WSJ_qtoverview_wsjlatest

As the cost of rents rise owning a home becomes more and more attractive! 

Think about what your rent was 5 or 10 years ago...

Think about what your rent will be 5 or 10 years from now...   

Think about if you your rent was the same today as it was 5 or 10 years ago!

Guess what unless your landlord refinanced their payment stayed the same!

Stop making your landlord rich!  Call the Jones Team today to find your perfect home and lock your monthly payment in.