UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Market Update –> from Jake Breen’s Eyes

Posted by UtahCribs, Real Estate, Homes on June 18, 2008

Well here we are in mid June with analysts around the nation giving their gloom and doom forecasts or their “it’s not so bad” market updates.  I personally love when they speak of real estate on a national or a global scale.  Sure, the NATIONAL economy is not doing so hot and their are a lot or national and global companies that drive those factors.  HOWEVER, adding my OPINION to the mix; You can’t talk about real estate as a NATIONAL MARKET.

Real Estate is obviously effected by national market trends such as rates, building permits, debt, average incomes ect.  But you LOCAL statistics weigh much heavier on what the market will do than do national stats.  What am I saying?

Utah, Salt Lake City (east side) and Summit and Wasatch counties specifically are still doing okay despite what you hear in the media.  Sure, supply (active homes for sale) is up about 300% from the hot market but not rising much anymore and has been quite stagnant since winter.  If you are talking east side specifically in SLC list prices for active homes have come down on average about 18% making it a great time to buy.  Many of my “BUYER” clientele think this is just the START and are waiting for prices to come down further…….well that proved to be the WRONG thing to do over the past few weeks as interest rates creeped up over a half percent.  A half percent hike in rates on your average priced east side home will cost you MUCH more over the long run than having possibly overpaid at the beginning by $20,000-$30,000.

Another way to look at it is Spencer, Brad and mines specific sales this year in comparison with the last 3 years.  We are down about 25% in quantity and about 30% in total sales PRICE volume.  When you look at the big picture that’s not that big a deal.  We are still selling 4-5 houses a month!

I really track a lot of the numbers specifically and here I am speaking very generally.  You want specifics?  Shoot me an e-mail.  The main point: It goes up, it goes down……..that doesn’t mean you shouldn’t get on the rollercoster.

–Jake Breen

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