December 2009 Market Reports

Weber County Real Estate Market Report December 2009

This Report Focuses on Single Family Homes

Dec 2009 ~ 1,977 properties for sale in Weber County

175 properties sold in Weber County in Dec 2009

229 properties sold in Weber County in Dec 2008

The average price for sold properties was $171,186 in Dec 2009

The average price for sold properties was $171,786 in Dec 2008

The average days on the market for sold properties was 84 in Dec 2009

The average days on the market for sold properties was 81 in Dec 2008

 

Davis County Real Estate Market Report December 2009

This Report Focuses on Single Family Homes

Dec 2009 ~ 1,748 properties for sale in Davis County

197 properties sold in Davis County in Dec 2009

213 properties sold in Davis County in Dec 2008

The average price for sold properties was $246,627 in Dec 2009

The average price for sold properties was $239,530 in Dec 2008

The average days on the market for sold properties was 94 in Dec 2009

The average days on the market for sold properties was 78 in Dec 2008

This Ogden Real Estate blog post was provided by Jeremy Summers, Realtor with RE/MAX Community. Jeremy can be reached at jeremysummers@remax.net or by phone at 801-458-2668. Jeremy’s office is conveniently located in South Ogden at 5926 S. Fashion Pt. Dr. #100.  Jeremy works throughout the Greater Ogden area including South Ogden, Washington Terrace, North Ogden, Roy, Layton, West Point, Clinton, West Haven and Syracuse. 

Also, let’s connect on these great social networks

 

October 2009 Market Report

Weber County Real Estate Market Report October 2009

This Report Focuses on Single Family Homes

Oct 2009 ~ 1,894 properties for sale in Weber County

 Oct 2008 ~ 2,180 properties for sale in Weber County

 290 properties sold in Weber County in Oct 2009

 236 properties sold in Weber County in Oct 2008

 The average price for sold properties was $173,600 in Oct 2009

 The average price for sold properties was $186,684 in Oct 2008

 The average days on the market for sold properties was 90 in Oct 2009

 The average days on the market for sold properties was 81 in Oct 2008

To me this report shows that Weber County as a whole is certainly not “free-falling” like months past, but still declining none the less.  We can see a 13% drop in homes for sale (Inventory), yet we still have approximately a 6.5 month inventory of homes.  This is not bad compared to the 9 month inventory we had a year ago.  Most economist will say that a 6 month inventory is an even market between a buyer and a seller.  THIS IS GOOD NEWS FOR SELLERS!!

 Davis County Real Estate Market Report October 2009

This Report Focuses on Single Family Homes

Oct 2009 ~ 1,674 properties for sale in Davis County

Oct 2008 ~ 2,126 properties for sale in Davis County

 324 properties sold in Davis County in Oct 2009

 261 properties sold in Davis County in Oct 2008

 The average price for sold properties was $227,985 in Oct 2009

 The average price for sold properties was $238,407 in Oct 2008

 The average days on the market for sold properties was 77 in Oct 2009

 The average days on the market for sold properties was 82 in Oct 2008

Davis County is looking strong.  Instead of a decline, like the past, we are starting to see signs of improvement.  Inventory is down 21% to a 5.1 month inventory and we saw an increase of 63 more homes sold in October 2009 then in October 2008.  However, our values are still seeing a modest 7% decline from Oct 2008 to Oct 2009.  We’re not out of the wood yet, but I think we are very, very close.

 This Ogden Real Estate blog post was provided by Jeremy Summers, Realtor with RE/MAX Community. Jeremy can be reached at jeremysummers@remax.net or by phone at 801-458-2668. Jeremy’s office is conveniently located in South Ogden at 5926 S. Fashion Pt. Dr. #100.  Jeremy works throughout the Greater Ogden area including South Ogden, Washington Terrace, North Ogden, Roy, Layton, West Point, Clinton, West Haven and Syracuse. 

Also, let’s connect on these great social networks

 

Fannie Mae as “Landlord?”

WOW!!  I’ve seen and heard it all now!  This article sums up how desperate and how deep this recession/depression is getting.  Never in my wildest dreams would I have thought the government would want to become the landlord of thousands, if not millions, of homes.

Check out the Wall Street Journal article.

http://online.wsj.com/article/SB125743289932030933.html?mod=rss_whats_news_us

Make your comments below.  I’d love to hear them.

This Ogden Real Estate blog post was provided by Jeremy Summers, Realtor with RE/MAX Community. Jeremy can be reached at jeremysummers@remax.net or by phone at 801-458-2668. Jeremy’s office is conveniently located in South Ogden at 5926 S. Fashion Pt. Dr. #100.  Jeremy works throughout the Greater Ogden area including South Ogden, Washington Terrace, North Ogden, Roy, Layton, West Point, Clinton, West Haven and Syracuse. 

 

Also, let’s connect on these great social networks

 

Tax Credit Proposal Could be Finalized Next Week

The tax credit proposal has been included in the unemployment extension bill. This is a very positive step since it is virtually guaranteed that unemployment benefits are well received. It should be considered by the Senate early next week. The provision would still have to be passed by the House.

Here are the details of the new tax credit program.
· First-time homebuyers will continue at $8,000
· Tax credit for “move up” purchasers will be up to $6,500
     o Must have used previous home as a principal residence for 5 of the 8 previous years.
·  Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers
· Limitation on eligible home prices has been increased to $800,000
· Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
· Anti-fraud measures have been added

Business and Homebuyer Assistance

Homebuyer credit – Under current law, the First-Time Homebuyer Tax Credit is a refundable tax credit available to an individual buying a principal residence for the first time. The credit phases out for individuals with income between $75,000 and $95,000 and for joint filers with income between $150,000 and $170,000. For purchases made on or after January 1, 2009 and before December 1, 2009, the tax credit is equal to the lesser of $8,000 or 10 percent of the purchase price of the residence. Individuals must repay the credit only if the principal residence is disposed of within 36 months of purchase. For purchases made on or after April 9, 2008 and before January 1, 2009, the tax credit is equal to the lesser of $7,500 or 10 percent of the purchase price of the residence. Individuals purchasing homes in 2008 are also required to repay the credit over 15 years. This proposal would extend the availability of a homebuyer credit to homes under a binding contract before April 30, 2010, allowing 60 days to close.

The other modifications are as follows:

1) The credit is phased out for individuals with income above $125,000 and for joint filers with income about $225,000.
2) An $8,000 credit is available to all first-time homebuyers.
3) A $6,500 credit is available to homebuyers who have been in their current residence for the last five years or more.
4) The credit is available only for the purchase of principal residences with a purchase price of $800,000 or less.
5) The proposal incorporates Senator McCaskill’s proposal in the Service Members Home Ownership Tax Act of 2009 to eliminate the recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell as a result of an official extended duty of service and to allow military personnel serving outside the United States for at least 90 days in 2009 or 2010 one additional year to qualify for the credit.
6) The proposal includes anti-fraud language.
7) The proposal also includes math error authority for the IRS.

This proposal is estimated to cost $10.8 billion over 10 years.

This Ogden Real Estate blog post was provided by Jeremy Summers, Realtor with RE/MAX Community. Jeremy can be reached at jeremysummers@remax.net or by phone at 801-458-2668. Jeremy’s office is conveniently located in South Ogden at 5926 S. Fashion Pt. Dr. #100.  Jeremy works throughout the Greater Ogden area including South Ogden, Washington Terrace, North Ogden, Roy, Layton, West Point, Clinton, West Haven and Syracuse. 

 

Also, let’s connect on these great social networks

 

Short Sale Plan Will Help Families

A major joint venture for Short Sales was announced late Tuesday (Oct. 20). RE/MAX International issued this press release:

Real Estate Leaders Unite to Reduce Foreclosures
New Short Sale Strategy Designed to Help Homeowners Avoid Foreclosure

RE/MAX International of Denver, Colorado and HEART Financial Services of Northbrook, Illinois have agreed to work together to help homeowners avoid foreclosure. The real estate franchisor and loan modification leaders have created a unique pre-foreclosure or “Short Sale” strategy that will make it easier for families to sell their homes and avoid the trauma of a foreclosure.

“It’s unfortunate that the Short Sale process has been so difficult to navigate in this marketplace,” says Dave Liniger, Chairman and Co-Founder of RE/MAX International. “We’ve been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start.”

At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure. Lenders that offer loan modifications to their at-risk borrowers will be invited to participate in this new Short Sale program.

Trained customer service representatives will provide detailed Short Sale information to all homeowners who cannot obtain a loan modification or do not wish to retain their property. If a homeowner believes that a Short Sale might be appropriate, they are directed to a secure Internet website where they can obtain more information, and select a real estate agent in their community who has received comprehensive training on the Short Sale process. RE/MAX has designed this unique online database to assist homeowners with Short Sale information and easy agent referrals.

“It’s been our experience that many homeowners aren’t even aware that Short Sales are a reasonable alternative to foreclosure,” says Jerry Alt, President and Chief Executive Officer of HEART Financial Services. “Each month we speak with thousands of homeowners who can’t qualify for or don’t want a loan modification. For the most part, when we refer them back to the servicer for a potential Short Sale, we lose the opportunity to help the borrower while we have them on the phone. Now, we can offer these homeowners some hope and a more efficient process to list and sell their home.”

The number of homeowners who could rely upon a Short Sale may be in the millions. According to realtytrac.com, July, August and September had the highest foreclosure numbers on record and some analysts say there is a “shadow” inventory of foreclosed properties as high as 7 million, which could start hitting the market in a few months. Out of all the applications reviewed for a loan modification, less than 50% are successful. And a high percentage of successful loan modifications eventually re-default.

“We have been talking to numerous industry leaders, legislators and Administration officials trying to draw attention to the Short Sale situation,” says Liniger. “It’s just not possible for the housing market to recover fully until the inventory of foreclosed properties is significantly reduced, and Short Sales offers one practical way to help do this.”

There are over 11,000 real estate agents in the United States who have received the Certified Distressed Property Expert (CDPE) professional designation. Over 60% of those are affiliated with RE/MAX. In addition, the National Association of REALTORS also offers a similar Short Sale, Foreclosure and REO (SFR) designation. Agents who have received special Short Sale training like these designations could be selected to participate in this new Short Sale program.

Short Sales can occur when a lender agrees to accept a sales price for a home that is lower than what the homeowner owes on the mortgage. The Short Sale transaction is more complicated than the average real estate sale and consumers are urged to deal with agents who have specific training in the process.

HEART Financial Services will begin offering the newly developed Short Sale process to the loan modification applicants of their clients within the next few weeks.

September 2009 Market Report

Weber County Real Estate Market Report September 2009
This Report Focuses on Single Family Homes

September 2009 ~ 1,903 properties for sale in Weber County

September 2008 ~ 2,188 properties for sale in Weber County

231 properties sold in Weber County in September 2009

267 properties sold in Weber County in September 2008

The average price for sold properties was $171,723 in September 2009

The average price for sold properties was $183,071 in September 2008

The average days on the market for sold properties was 95 in September 2009

The average days on the market for sold properties was 81 in Sept 2008

Davis County Real Estate Market Report September 2009
This Report Focuses on Single Family Homes

September 2009 ~ 1,690 properties for sale in Davis County

September 2008 ~ 2,124 properties for sale in Davis County

314 properties sold in Davis County in September 2009

273 properties sold in Davis County in September 2008

The average price for sold properties was $225,309 in September 2009

The average price for sold properties was $226,820 in September 2008

The average days on the market for sold properties was 80 in September 2009

The average days on the market for sold properties was 69 in September 2008

This Ogden Real Estate blog post was provided by Jeremy Summers, Realtor with RE/MAX Community. Jeremy can be reached at jeremysummers@remax.net or by phone at 801-458-2668. Jeremy’s office is conveniently located in South Ogden at 5926 S. Fashion Pt. Dr. #100.  Jeremy works throughout the Greater Ogden area including South Ogden, Washington Terrace, North Ogden, Roy, Layton, West Point, Clinton, West Haven and Syracuse. 

 

Also, let’s connect on these great social networks

 

Are You Ready to Move?!?

There are many professionals that tout buying over renting and just as many professionals touting renting is the prefered mode of housing due to the current market conditions.

 

Hey I’ll be the first to admit that I don’t know if the market is going to get better or worse.  If we follow the national trend, it’s starting to level off.  The question I have is;

 

When has Utah ever followed the national trend?!?!

 

When parts of the country were seeing 10%, 20% even 60% increase in home values, I think Weber and Davis Counties were at a modest 8%.  New Construction was fueling our housing.  When I got into the business in 2000, it was cheaper to build then it was to buy.  Residential resale had to compensate down to compete with the building boom that was going on.  Now some economist are predicting an over abundance of building lots for 2010.  This will drive the lot prices to a level not seen since 2001.  Can you say -It’s cheaper to build then to buy.

 

The whole point of this blog is to point out some obvious money strategies:

 

If you pay. . .

$650 a month rent   -   then your total purchasing power would be *$104,143.97

$850 a month rent   -  then your total purchasing power would be *$136,188.27

$1,000 a month rent  -   then your total purchasing power would be *$160,221.49

$1,500 a month rent  -   then your total purchasing power would be *$240,332.24

*Figures based on FHA financing of 3.5% down payment at a rate of 5.0% for 30 years.  Seller paid closing costs.  PITI.  Amounts may vary slightly due to Taxes & Insurance

 

YOU DECIDE!

 

This Ogden Real Estate blog post was provided by Jeremy Summers, Realtor with RE/MAX Community. Jeremy can be reached at jeremysummers@remax.net or by phone at 801-458-2668. Jeremy’s office is conveniently located in South Ogden at 5926 S. Fashion Pt. Dr. #100.  Jeremy works throughout the Greater Ogden area including South Ogden, Washington Terrace, North Ogden, Roy, Layton, West Point, Clinton, West Haven and Syracuse. 

 

Also, let’s connect on these great social networks