It looks like spring has arrived in full swing and with that the First Quarter sales statistics for Salt Lake County are out. They provide an interesting perspective on what we have been seeing anecdotally. Here are the numbers: 1. Individual home sales are up 18% over 1st quarter 2011 and the highest in 5 years. 2. Median home prices are down 5% over 1st quarter 2011 and down 26% versus the peak in 2007. 3. Building permits for single family homes are up 22% over 1st quarter 2011 and the highest in 3 years. 4. Foreclosure sales activity fell by almost 49% versus 1st quarter 2011 but .. 5. Almost half of the homes on the market are considered "distressed" properties. 6. Rents are up around 8%. What does all this mean? People are out looking for homes but mostly in the lower price ranges and distressed properties are still driving down prices. The recovering economy in Utah and especially Salt Lake County are driving up demand for housing which is being seen in the increased demand for rental housing and rent rates. The inventory of homes currently in the market is very low compared to the demand but that is not necessarily translating into driving prices up overall. In high demand areas and price ranges homes are selling very quickly with in many cases multiple offers. In other areas and price ranges, homes are still sitting on the market for 5-6 months until the price reaches market level. Here is my summary of the current situation. If you are interested in selling your home it is very important to do a realistic market analysis and price your home correctly as well as present it to the target market. If you are looking to buy it is not the buyer's market of the past few years. There is limited inventory and when desirable house do come on the market at a fair price they go very quickly. If you are an investor this is an amazing market. The ability for average home buyers to obtain a loan is still very challenging. They still need housing and many are rightly turning to renting as a substitute. With low interest rates and lower home prices this has led to many opportunities for investors with the spread between mortgage payments and rents received. Please feel free to contact to find out more information on your specific situation.
ZIP Code: 84043 Approximate Location Boundaries: Lehi, Saratoga Springs
Whether you are looking to buy or sell real estate, you understand that it is a major financial decision. When you are looking for a real estate professional to assist you in these transactions, whether a first time buyer or a seasoned investor, you are interested in finding someone who has the knowledge and experience to assist you in finding the property that suites you. This means someone who is focused on your needs and not just on “making the sale.”
Steve has a varied background that includes not only 6 years of experience as a Realtor in the Salt Lake area, but also 13 years in the U.S. Air Force flying F-16s, 2 years marketing experience with Lockheed Martin and 14 years as an airline pilot with Delta Air Lines. He has a B.S. in Mechanical Engineering from Colorado State University and an MBA from Embry-Riddle Aeronautical University. Having moved seven times while in the Air Force, he understands the stresses involved with relocating. As an airline pilot, he knows the importance of customer service and of staying current and highly skilled in one's area of expertise. He has a strong work ethic and unique perspective of the world which he brings to his real estate business. He enjoys researching the market and being a source of knowledge and information for his clients. His number one goal is to help his clients feel informed, safe, comfortable and ultimately happy with their real estate purchase or sale. In his six years of experience, he has been involved in over $22 million worth of real estate transactions. He specializes in Commercial and Investment property, as well as Residential sales throughout the Salt Lake Valley including the Park City area.
Steve's assistant and wife, Pam, is also a licensed agent who joined the business in 2008. She also has a varied background which includes a B.S. with High Distinction in Microbiology from Colorado State University and 13 years experience as a licensed Medical Technologist working in hospitals and clinics in the U.S. and overseas. She took several years off to raise their three children and now enjoys helping families find their dream home. Her medical experience fostered several skills which she brings to the business: attention to detail with contracts and deadlines, good communication skills, and compassion, empathy and confidentiality. She specializes in Residential real estate at the south end of the Salt Lake Valley and Park City.
In addition, the Bojack's believe that sales professionals must be involved first-hand in what they are selling. Therefore, they have invested in multiple residential properties around the Salt Lake area. They strongly believe in the real estate market here and want to be a part of it.
Steve and Pam also believe that those promoting the local area should be an integral part of it. Both are involved in the local community in a number of ways. Steve coaches youth sports, volunteers in support of the elderly, and is a past member of the school board at St John the Baptist Schools. Pam is an adult advisor for the high school youth group at their church. She has also volunteered many hours at the Skaggs Catholic Center in their religious education program and Home and School Association. She is a Huntsman Hometown Hero who enjoys combining her love for running with raising funds for cancer research. As a family, they love to ski, backpack, hike and travel abroad.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
