Jones and Associates Realty, LLC Archived Blog

Following are Absorption reports for homes in Salt Lake County.  The data is comprised of single family homes that are not short sales.  These reports clearly show why buyers in Salt Lake County are facing multiple offer situations and why prices are going up.   The low inventory levels make it crucial for a buyer to use a knowledgeable realtor to maximize the buyer’s chances of getting a home with multiple offers and seller's risk leaving money on the table unless they hire an agent that understands the market and were values are the day they list.    

When looking at the reports remember a healthy market has between 5 and 7 months of inventory available, a buyers market is over 7 months of inventory and a sellers market is under 5 months of inventory available.

If you want market data on your area please call, text or email the Jones Team anytime.

Homes under $100,000 that are not short sales Salt Lake County absorption rates:

Homes from $100,000 to $200,000 that are not short sales Salt Lake County absorption rates:

Homes from $200,000 to $300,000 that ar not short sales Salt Lake County Absorption rates:

Homes from $300,000 to $400,000 that are not short sales Salt Lake County Absorption rates:

Homes from $400,000 to $500,000 that are not short sales Salt Lake County Absorption rates:

Homes from $500,000 to $600,000 that are not short sales Salt Lake County Absorption rates:

Homes from $600,000 and Up that are not short sales in Salt Lake County Absorption rates:

The Jones team has helped many clients both buy and sell short sales. We know the different banks and how they work short sales, the different stages of the process and pros and cons of the process.

With so many short sales available we hear this question posed to us over and over again:   

Are Short Sales worth the hassle?

Our answer is YES!  

The fact is short sales don't have to be a hassle to a buyer or seller if the agent representing you understands them and explains the process!  To a seller they can be a blessing as most banks will allow the seller to short sale the property and agree to not go after a deficiency judgment.   Also most sellers get to stay in the house and not pay a mortgage payments while the short sale is being negotiated.  To the banks short sales are also a blessing as the bank is not responsible for maintaining and securing a vacant property.   To buyer's the third party or bank will typically take 88% of the appraised value.  Since most banks are slow at giving approvals the Appraised value could be from months ago and in a rebounding market like Salt Lakes this can be a huge savings to a buyers!

If you ever have a short sale question call, text or email Mark or Monte you might be surprised how simple they can be when you work with a professional that understands them!

This is huge for our buyer's and seller's in the effected areas!  Please see this notice received from Josh Mettle at City Wide Home Loans and feel free to contact us with any questions or how this change will effect you!

There is a proposed change in eligible area boundaries that if approved, will go into effect October 1, 2012. The most likely areas that will be removed from eligibility are Eagle Mountain, Saratoga Springs, Tooele City, and Cedar City.

For those who are considering purchasing an existing home or building a home in one of these areas, please keep in mind the following items:

• Should be under contract no later than 8/31/12 and in our office by 9/1/12.  The loan must be completely underwritten prior to submission to Rural Development.

• The fully underwritten and approved loan package must reach USDA office no later than September 15th to be guaranteed that a conditional commitment will be issued prior to September 30th. (Loans may be submitted after this date but will be done on a first come, first serve basis.)

• The USDA must  issue commitment prior to September 30th, 2012 and must close by 12/31/2012.

You do not need to close the loan prior to September 30th. The conditional commitment is good for 90 days. Conditional Commitments can be issued on appraisals that are subject to completion for new construction.

Please be aware that if the loan does not close within 90 days of issuing the conditional Commitment, USDA will not issue a loan note guarantee.

Also,  you should know about the revised the Up-Front Guarantee Fee and Annual Fee structure for Rural Development.

Changes to Guarantee and Annual Fee

Effective on October 1, 2012, the start of Fiscal Year (FY) 2013, Rural Development will revise the Up-Front Guarantee Fee and Annual Fee structure as follows:

The FY 2013 fee structure is applicable to all Conditional Commitments (Form RD 1980-18, “Conditional Commitment for Single Family Housing Loan Guarantee”) issued by Rural Development on or after October 1, 2012. 

The FY 2013 fee structure is only applicable to Conditional Commitments issued on or after October 1, 2012, Conditional Commitments issued by Rural Development prior to this date are not subject to the new fee structure.

If you have any questions about the new fees or deadlines, please give me a call at 801-747-1210.