Buying a Home in Salt Lake City, UT

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Inman News 12 month Price Appreciation Chart - Nov 2006 - Nov 2007

Inman News 12 month Price Appreciation Chart - Nov 2006 - Nov 2007

Comments to follow:

Statistical area

12-month change Nov. 2007

Honolulu, Hawaii

17.10%

Salt Lake City, Utah

10.53%

San Antonio, Texas

7.48%

Austin-Round Rock, Texas

7.47%

Raleigh-Cary, N.C.

4.62%

Houston-Sugar Land-Baytown, Texas

4.16%

Dallas-Fort Worth-Arlington, Texas

3.53%

Charlotte-Gastonia-Concord, N.C.-S.C.

2.62%

Portland-Vancouver-Beaverton, Ore.-Wash.

2.01%

Seattle-Tacoma-Bellevue, Wash.

1.23%

New York-White Plains-Wayne, N.Y.-N.J.

-0.51%

Detroit-Warren-Livonia, Mich.

-0.79%

Philadelphia, Pa.

-1.00%

Chicago-Naperville-Joliet, Ill.-Ind.-Wis.

-1.63%

San Francisco-San Mateo-Redwood City, Calif.

-2.06%

Atlanta-Sandy Springs-Marietta, Ga.

-2.59%

New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa.

-3.30%

Denver-Aurora, Colo.

-3.30%

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

-3.93%

St. Louis, Mo.-Ill.

-4.54%

Boston-Quincy, Mass.

-5.11%

Miami-Miami Beach-Kendall, Fla.

-7.23%

Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.

-7.77%

Cleveland-Elyria-Mentor, Ohio

-8.72%

Tampa-St. Petersburg-Clearwater, Fla.

-9.19%

Phoenix-Mesa-Scottsdale, Ariz.

-11.42%

Orlando-Kissimmee, Fla.

-11.49%

Miami-Fort Lauderdale-Miami Beach, Fla.

-12.11%

Oakland-Fremont-Hayward, Calif.

-12.89%

Las Vegas-Paradise, Nev.

-12.96%

Los Angeles-Long Beach-Santa Ana, Calif.

-13.16%

San Diego-Carlsbad-San Marcos, Calif.

-13.16%

Riverside-San Bernardino-Ontario, Calif.

-16.82%

http://www.inman.com/inmanstories.aspx?ID=65908,

Client Christmas Card 2007

In case you missed our Christmas Card this year, here it is:

clark card

Dear Family and Friends,

We have had a pretty busy year this year. Through about August, the Real Estate market was still in its prime and Ben was as busy as ever helping people with their home purchases. Somehow we managed to fit in some family time:

For our 10-Year Wedding Anniversary we went on a cruise to Mexico. Spring enjoyed the cruise because it was a welcome break from her busy routine in the PTA; Ben was able to relax because he didn't have to think about how much everything would cost since the cruise was all-inclusive! (If you haven't figured it out yet - Ben likes to be frugal.) We snorkeled in Catalina and participated in so many events that we were named Mr. & Mrs. Royal Caribbean.

We also went to 2 family reunions this year, one in Preston, Idaho and one in San Diego. In Idaho we got to ride horses, swim, play outdoor games (and indoor games), do crafts and sing karaoke. In San Diego we spent time at the beach, Sea World and a water park. We also got to go wakeboarding/water-tubing in Mission Bay. The kids really enjoyed themselves and a few weeks later Emily kept asking us when we were going to go "home" to the family reunions.

Ben served the first year of a two-year term on the Board of Directors for the National Association of Exclusive Buyer Agents. Because of his specialty in working with Buyers only, Ben was interviewed by two major periodicals this year: TIME Magazine and Money Magazine. The TIME article was dropped, but the Money Magazine story should be seen in the next issue or two. Ben also serves as the Chair of our kids' school's Community Council and continues to serve as an Assistant Scoutmaster for our local Boy Scout Troop. He's been busy this year creating and maintaining a real estate blog (www.activerain.com/eba), gathering subject matter to be used in future marketing materials and getting ready to completely overhaul his websites. In addition to learning the ins and outs of blogging and Search Engine Optimization he is also trying to develop some Photoshop Skills. He likes photography and he stays fit by playing basketball, football and volleyball regularly.

Spring has also had a busy year. After working heavily with the PTA during the last school year, she has cut back her PTA activity substantially in order to spend more time volunteering in the kids' classrooms. She still serves as Vice President of Leadership, trains other volunteers and assists with the various programs and events that the PTA sponsors. This year she also helped the Utah Down Syndrome Foundation with their annual "Buddy Walk" fundraising event and served in the Presidency of our church's women's organization. Last, but certainly not least, she has been an excellent wife and the finest mother this year. Somehow she manages to out-do herself year after year! She is due to have a baby in late February and we are all very excited that we will be adding a bit more testosterone to the family. (No offense to our sweet, beautiful daughters.)

Noah is in the 4th Grade and is still very dependable and responsible. He gets up every morning and practices his piano and helps with some housework. He is still very much into reading books and is also into technology. They use laptops in his classroom and he participates in an early morning technology class. He won his school's science fair (for the 3rd Grade level) with a project that examined the breakdown of waste materials in different environments (a dump versus a landfill, etc.). If he is not reading you might see him building models with his legos, teaching and playing games with his sisters, and, of course, teasing them.

Marissa is in 2nd Grade and loves school. She took piano lessons for the first half of the year and will likely start up again in 2008. She loves anything that involves glitter, stickers, glue sticks, markers, crayons, scissors etc. etc. I don't think there is anyone that knows her who hasn't gotten their own handmade "Thank You" or "I Love You" card. She loves to play games and likes to dress up with her sisters and her friends. She is a good helper around the house and spends a lot of time teaching and mothering Emily. She is also very competitive and likes to see if she can do things as good as, or better than, Noah.

Julia is in 1st Grade and likes school. She is reading much better and likes to read stories to Emily. She's our left-handed, creative, "just wanna have fun" girl. She really likes to play! She is very sweet and loves to hug, but she's also very physical if you tease her. She loves to make-believe and likes to sing and dance. She just had a speaking part in a school presentation and she just lost her first tooth naturally. (She had one knocked out by a bungee cord a few years ago). She likes to run, ride bikes and scooters, make crafts and play with friends.

Emily is a handful. She is very sweet and is very exuberant. She gets really excited about the simplest things and she loves to laugh. Just today she was just sitting in the car, practicing her laugh. She has different ways to laugh and she thinks some of them are really funny. Unfortunately she also thinks it is really funny to scream really loud. If there is nothing funny to laugh at, she may just scream for no reason and then start laughing. She is very independent and wants to do everything by herself. She likes to run off while we are shopping (or pretty much anywhere we go). She really likes that mom has a baby in her belly. She will hug and kiss mom's belly and talk to the baby as if it were already born. Emily loves to dance. She puts on her dancing clothes and dances, probably for 30 minutes a day or more. Yes, she has to have the dancing clothes on... She also likes to dance at church or, really, anywhere else she hears music.

I want to thank all my family, friends and past clients who have referred family and friends to me. There is nothing better than helping a friend of a friend. As the Salt Lake real estate market slows back to its more normal rate, I would like your help in spreading the news that homebuyers can be represented by an agent who works on their side of the real estate transaction. Exclusive Buyer's Agents don't list properties or practice "dual agency." We work for the homebuyer only. Just as most other agents work to get the highest price and best terms for the Seller; our goal is to negotiate the lowest price and best terms for the Buyers.
 
As you hear people mention that they might be buying a home soon, don't forget to let them know about Exclusive Buyer's Agents and about me!
 
Thank You, Merry Christmas, Happy Holidays - and may the New Year be prosperous and joyful for each one of you.

Your Friend and Exclusive Buyer's Agent,

signature

Benjamin D. Clark
Homebuyer Representation, Inc.
Salt Lake City, UT
(801) 969-8989 

p.s. The Money Magazine article did come out! See it here: http://tinyurl.com/yto44f

Does Your Agent Really Have YOUR Best Interest At Heart?

dual agency brokerageBroker Bryant's post about agency struck a chord with me when it was pointed out to me by a fellow ActiveRainer (Thanks Fran!) (Here's the Link)

My reply deserves its own post, so here it is:

I agree 100% that there is absolutely NO advantage to either Seller OR Buyer in Dual Agency. It should be abolished and I still wonder why it has not been. I am surprised at how many Sellers sign away their right to full representation at the same moment they hire an agent to list their home. I am surprised at how many Buyers sign away their right to full representation at the same moment they are hiring an agent to help them buy a home.

I have to believe that the consumer does not truly understand what they are doing (or what their alternatives are) when they sign the agreement allowing their agent to become a dual agent or a transaction broker. NAR even said that (what was it?) less than 30% of consumers were being disclosed to. Of those 30%, who really understood what was going on?

Agents, ask yourself: If you were a Buyer or Seller, would you read the terms of that agreement and say "Gee, that sounds like a really good deal... I pay the same (or more!) and you quit giving me full representation! Wow! Where do I sign?"

you don't really represent me?Of course not.

Who in their right mind would agree to that when full representation costs no more and gives the client a better outcome? Can you even imagine a defendant to a lawsuit agreeing to work with the same attorney that works for the plaintiff? That's ridiculous.

Broker Bryant said: "there are too many REALTORS® who by lack of knowledge, ability, financial constraints, or simply, lack of caring are not able or willing to uphold their end of the bargain in a fiduciary relationship."

I mostly agree with his assessment, I disagree with the solution.

I believe new agents should be trained to be true fiduciaries to their clients rather than eliminating fiduciary responsibilities and true agency from the marketplace.

More agents should choose to step up and fulfill the responsibilities of a true fiduciary of their own free will and choice, and not because the Federal Trade Commission or the US Department of Justice or anyone else gets involved.

Agents: What level of representation would you want as a consumer? Provide that same level of representation to your clients.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage servicing Homebuyers in Salt Lake and Surrounding Areas. We do not list any homes. We do not represent Sellers. We work for BUYERS ONLY on the Buying side of the transaction.

We work to get BUYERS the Best Price and Terms when they Buy...

"We're the Real Estate Agents who Represent the Home Buyer" TM

If you are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 30-90 days, call us at (801) 969-8989 or contact us via the link on this page.

Salt Lake Home Prices - To be Lowered?

salt lake tribune banner

In today's Salt Lake Tribune, "Jillinda Bowers, president of Salt Lake Board of Realtors, said that when homes don't sell, 'our next step is to reduce the price. We have a positive and good market, but with the decline in sales right now, there is a need for more stabilization in the pricing.'"

So, will home prices go down?

Or, in other words, will the actual value of homes go down? Or is she just saying that all of the THOUSANDS of overpriced listings currently on the market will need to lower their asking prices?

Are homes not moving solely because they are overpriced, or has the demand for single family housing in Salt Lake simply slowed? Did almost everyone that wanted to buy a house already do it?

From my perspective, Sellers have been overpricing their homes by more than a year's worth of appreciation since late 2006. In the succeeding "frenzy" there were Buyers who would buy those homes anyway. (We were still able in most transactions to get our clients an "at, or below market value" price even in multiple-offer situations during that time.) Homes that were priced at or near market value would get offers, negotiations would take place, and those homes would sell. Homes that were priced well above market value did not sell. My clients and I walked away from many negotiations where Sellers were unwilling to sell their home at market value.

Here are my thoughts:

1. Sellers that do not need to sell will eventually quit listing their home at well-above-market value.

2. Sellers who need to sell are still willing to negotiate their prices down to at-, near-, or below-market value.

3. Builders who have built very expensive homes (where demand has slowed the most) will lower their prices significantly to finally move the inventory.

4. New Housing Starts will slow until the market gets rid of all the excess inventory via the first 3 points above.

5. Appreciation may dip. I believe that the average Sold Price of Homes will dip, not necessarily because the value of every home will truly drop, but because sales of Luxury and High-End homes will drop the most, bringing down the average value overall.*

6. Salt Lake will lull. We will creep back into the 2-5% appreciation rate range where we sat so comfortably for the 10-15 years preceding this latest market "correction" until we are once again behind the national curve and make another rebound.

Only time will tell. I'm interested in seeing what Spring and Summer bring.

Thoughts from Agents?

Thoughts from the Public?

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage servicing Homebuyers in Salt Lake and Surrounding Areas. We do not list any homes. We do not represent Sellers. We work for BUYERS ONLY on the Buying side of the transaction. We work to get BUYERS the Best Price and Terms when they Buy... "We're the Real Estate Agents who Represent the Home Buyer" TM

For more information, call us at (801) 969-8989 or contact us via the link on this page.

*Remind me to look at the total number of homes sold in the following price ranges: under $150,000, $150,000-$250,000, $250,000-$500,000, over $500,000

Salt Lake County - 2007 Total Year Real Estate Sales Report

I ran this report for 4th Quarter 2007 and thought that some of you would be interested in looking at the entire year's statistics.

Salt Lake County Sales Activity Trend Report
Report Date: Tuesday, January 22, 2008
Time Period: January 1, 2007 through December 31, 2007
Area(s): Salt Lake County
Single Family Home Sales
Price ClassTotal
$0 - $49,99964
$50,000 - $74,99924
$75,000 - $99,99952
$100,000 - $119,999119
$120,000 - $139,999355
$140,000 - $159,999623
$160,000 - $179,999991
$180,000 - $199,9991,145
$200,000 - $219,9991,010
$220,000 - $239,9991,053
$240,000 - $259,999871
$260,000 - $279,999793
$280,000 - $299,999700
$300,000 - $349,9991,235
$350,000 - $399,999760
$400,000 - $449,999512
$450,000 - $499,999321
$500,000 - $749,999692
$750,000 or Over298
Total Units11,618
Average Price$296,009

Report Generated from the Wasatch Front Regional Multiple Listing Service

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for BUYERS ONLY on the Buying side of the transaction, to get the BUYER the Best Price and Terms... "We're the Real Estate Agents who Represent the Home Buyer" TM

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Salt Lake County 4th Quarter Comparisons 2004-2007

Looking at the Fourth Quarter of 2007 for the Salt Lake County Market reveals some interesting facts.

Keep in mind that this information is not necessarily comprehensive as it only takes into account data from the Wasatch Front Multiple Listing Service, but most homes in Salt Lake County sell by Multiple Listing and this data is probably pretty representative of the market at large.

Look at the data and we will analyze it below.

4th Quarter Comparisons 2004, 2005, 2006, 2007

Salt Lake County

2004

 

2005

% Change

 

2006

% Change

 

2007

% Change

 

 

 

 

DOM

59

 

37

-37.29%

 

33

-10.81%

 

44

33.33%

Single # Sold

3180

 

3735

17.45%

 

3550

-4.95%

 

2140

-39.72%

Single Avg Sales Price

 $198,394 

 

 $238,012 

19.97%

 

 $284,993 

19.74%

 

 $286,336 

0.47%

Condo # Sold

624

 

806

29.17%

 

707

-12.28%

 

534

-24.47%

Condo Avg Sales Price

 $149,304

 

 $149,042

-0.18%

 

 $175,503

17.75%

 

 $191,175

8.93%

 

 

 

 

New Listings

5529

 

5249

-5.06%

 

6333

20.65%

 

7365

16.30%

Avg % of New Listings Sold

68.80%

 

86.51%

25.74%

 

67.22%

-22.30%

 

36.31%

-45.99%

New Avg Asking Price

 $212,349 

 

 $256,020 

20.57%

 

 $335,203 

30.93%

 

 $363,209 

8.35%

This report was generated automatically by the Wasatch Front Regional MLS at exactly 05:00:17 pm 01/22/2008

© 2005 Wasatch Front Regional MLS All Rights Reserved

First, DOM - Days On Market increased. In the 4th Quarter of 2006 homes that were priced near enough to market value to sell were selling in 33 days. In the 4th Quarter of 2007 homes sold in 44 days after listing.

The average SOLD price. This is where things really get interesting. It would appear that the Salt Lake Market is correcting itself. Compared with 4th Quarter 2006, homes that Sold in 4th quarter 2007 were selling for an average sales price of only $1343 more than the year before. Keep in mind that we are dealing with the sub-prime credit crisis just like everyone else. Also, when a market slows, the homes that suffer most are the higher priced homes. So, this statistic will need to be revisited for different price ranges to see how much of an affect the market changes are skewing this statistic. Regardless, the Salt Lake Market isn't "sizzling" but is likely "simmering" or "stewing." You can also see that Sellers are beginning to be a bit more reasonable in their asking prices than they had been previously.

There were more new listings in 4th quarter 2007 than in 2006.

Fewer % of New Listings Sold. Look at the trend from 2004-2006: 69%-87%-67% and 36% in 2007.

It will be important to look at the entire year comparison from year to year since this only compares 4th quarter 2006 to 4th quarter 2007,

In order to see the "trending" we will need to plot out changes from a quarter to quarter perspective.

Homebuyer Representation, Inc. represents home buyers in Salt Lake City, Utah and surrounding areas.  Getting the BUYER the best price and terms possible on the best home available is our goal.

As Exclusive Buyer's Agents, we don't represent Sellers. We work for Home Buyers ONLY! If you are thinking about Buying a Home in the Salt Lake area in the next 3-6 months, call us at (801) 969-8989 or contact us via the link on this page.

Salt Lake County 4th Quarter 2007 Days on Market Report

This graph shows how long homes took to sell in the 4th quarter of 2007.

This is only for SOLD homes. As you can see, for homes that DID sell, the average time on the market was 44 days.

The percentage of homes selling in 30 days or less was 43.7%.

The percentage of homes selling in 60 days or less was 72.3%.

The percentage of homes selling in 90 days or less was 88%.

The percentage of homes selling in more than 90 days was 12%.

Days on Market
1 - 301,141
31 - 60748
61 - 90408
91 - 120173
121 or Over141
Average44
Days on Market is calculated by counting the days between the Listing Date and the Contract Date (the date the home goes under contract).

This sounds good if you are a Seller. However, remember, this is only the time on the market for homes that SOLD. In the Fourth Quarter 2007, only 36.31% of all new listings SOLD. That means that over 63% of the homes listed DID NOT sell. This number is down slightly from the 3rd Quarter of 2007 which means that the market is doing slightly better. I'll break down some other statistics in a future post.

Homebuyer Representation, Inc. serves Salt Lake City, Utah and surrounding areas.  We work for Home Buyers ONLY - to get the BUYER the best price and terms possible on the best home available!

As Exclusive Buyer's Agents, We do not list homes and we don't represent Sellers. If you are thinking about Buying a Home in the Salt Lake area in the next 3-6 months, call us at (801) 969-8989 or contact us via the link on this page.

Salt Lake County 4th Quarter 2007 Sales Activity Trend Report

Here are some numbers from 4th Quarter 2007. I'll only use the final number in other calculations but I thought some people might be interested in seeing it broken down by Price Range as seen in the table below. (This data is for SOLD homes.)

Salt Lake County Sales Activity Trend Report
Report Date: Tuesday, January 22, 2008
Time Period: October 1, 2007 - December 31, 2007
Area(s): Salt Lake County
Single Family Home Sales
Price ClassTotal
$0 - $49,99915
$50,000 - $74,9996
$75,000 - $99,99913
$100,000 - $119,99923
$120,000 - $139,99963
$140,000 - $159,999150
$160,000 - $179,999202
$180,000 - $199,999190
$200,000 - $219,999212
$220,000 - $239,999199
$240,000 - $259,999168
$260,000 - $279,999142
$280,000 - $299,999120
$300,000 - $349,999206
$350,000 - $399,999139
$400,000 - $449,99971
$450,000 - $499,99952
$500,000 - $749,999119
$750,000 or Over50
Total Units2,140
Average Price$286,336

Data from Wasatch Front Regional Multiple Listing Service

Homebuyer Representation, Inc. services home buyers in Salt Lake City, Utah and surrounding counties.  We work for Home Buyers ONLY - to get the BUYER the best price and terms possible on the best home available!

Exclusive Buyer's Agents do not list homes and don't represent Sellers. If you are thinking about Buying a Home in the Salt Lake area in the next 3-6 months, call an Exclusive Buyer's Agent at (801) 969-8989 or contact one via the link on this page.

Salt Lake County Mayor's State of the County Address

Mayor Peter Corroon's State of the County Address gives a glimpse into what makes living in the Salt Lake Area so great.

It gives a brief analysis of each of the following priorities:

  1. Government
  2. Economic Development
  3. Natural Environment
  4. Quality of Life
  5. Public Safety
  6. Education

My favorite part of the speech is the following:

"Salt Lake County is still the most populous county in the state, with an estimated population of more than 1 million. Our county is expected to grow to nearly 1.4 million by the year 2030. And Utah ranks No. 3 in the U.S. for life span with an average of 78.7 years, meaning most of us should still be alive and kicking for years to come. Today's news also reports we are No. 5 in lustfulness in Salt Lake City.
    Why are these numbers important?
    Because Salt Lake County's young population, coupled with our long life expectancy and population growth, means that when we make decisions we are not planning for the next year or two - we're laying the foundation for lifetimes. "

I have seen the long-term thinking involved in the planning of communities, developments, transportation and many other projects by the local governments in the Salt Lake County Area.

If you are attracted to laying a foundation for your lifetime in the Salt Lake City Area, make sure you find out how Exclusive Buyer's Agents work to protect you and save you money when you buy a home.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for Home Buyers ONLY - to get the BUYER the best price and terms possible on the best home available!

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

More Home Inventory Slows Rental "Appreciation"

As home inventory grows, typically rental rates don't rise as much. This is because people can just as easily buy than rent.

A recent article at Forbes.com suggests that even though Salt Lake's inventory of available homes for sale is growing, rental rates are still rising because job growth is the highest in the nation and is bringing in a "steady stream" of people into the state.

"Job growth also affects renters. Salt Lake City has one of the fastest rates of new construction, but it isn't fast enough to keep up with job growth. A 3.1% uptick in jobs is the highest of any city measured, and the result has been a steady stream of new citizens moving to the city. More jobs, more people and higher wages have lifted prices in both the rental market and sales market there. "

If you will be relocating to the Salt Lake City area in the next 3-6 months, find out why you should hire an Exclusive Buyer's Agent to represent your best interest when looking for and buying a home.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for Home Buyers ONLY - to get the BUYER the best price and terms possible on the best home available!

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Ski Free in Park City!

Park City is offering a free lift ticket in exchange for your same-day boarding pass to Salt Lake Airport. Unfortunately, it seems you must not be a Utah resident to take advantage of this offer.

So, those of you who are visiting Salt Lake from another State (Including clients of mine who are relocating here!) don't forget to click on the link below and read the full terms of the program.

http://www.parkcityinfo.com/quickstart/

Ski Free then Buy a Home with Me!

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for Home Buyers ONLY - to get the BUYER the best price and terms possible on the best home available!

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

 

National Retailers taking notice of Salt Lake - Opening shop

Utah a fertile ground for branching out

In 2007 Salt Lake saw big names such as IKEA, Cheesecake Factory, Urban Outfitters and American Apparel come to town.

According to the Salt Lake Tribune, "The list of retailers with a presence in Utah is set to grow even larger this year." [2008]

It later goes on to say:

"Retailers have been attracted to the state in recent years due to the state's strong job and population growth. The population of the four main Wasatch Front counties - Salt Lake, Utah, Davis and Weber - has reached the 2 million mark, which makes many national chains take notice. "

Salt Lake currently has one of the best economies in the country.

If you will be relocating to Salt Lake in the next 3 to 6 months, find out why hiring an Exclusive Buyer's Agent is the smartest way to buy a home.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for BUYERS ONLY on the Buying side of the transaction, to get the BUYER the Best Price and Terms... "We're the Real Estate Agents who Represent the Home Buyer" TM

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Salt Lake City - Best City For Jobs in 2008

In an article titled Best Cities For Jobs In 2008 by Forbes Magazine, Salt Lake ranked #1.

http://www.forbes.com/leadership/2008/01/10/jobs-economy-growth-lead-careers-cx_mk_0110cities.html

"Salt Lake City, in all its tech-job abundance, looks like it will remain No. 1 since Forbes.com's most recent ranking ( see last year's story). "

If you will be relocating to the Salt Lake City area in the next 3 to 6 months, call Homebuyer Representation to find out how we protect your best interests when you buy a home.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Utah's economy - the strongest in the nation

"Utah's economy is the strongest in the nation," Governor Huntsman said. "In 2007, we've experienced several record highs. Our state population is growing at record levels. Utah had the nation's highest job growth rate. We have one of the nation's lowest unemployment rates. We are well positioned for our future."

Real Estate prices are still rising and mortgage rates are at the lowest levels in years.

If you are thinking about buying a home in the next 3-6 months, call an Exclusive Buyers Agent to make sure your best interests are being protected!

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Mortgage rates fall to two-year low

A tribune article this week pointed out that mortgage rates have fallen to a two-year low!

Salt Lake is still one of the best markets to buy a home in and low interest rates just make things even better!

Mortgage rates fall to two-year low

The Salt Lake Tribune Article

Last Updated: 01/09/2008 04:23:27 PM MST

http://www.sltrib.com/business/ci_7923058

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

What We Do For Salt Lake City Area Home Buyers

Will you be Buying a Home in Utah in the next 3 to 6 months?

Here's what an Exclusive Buyer's Agent can do for YOU:

  • We can help you find the right home
  • We help you with the paperwork
  • We tell you what comparable homes are selling for
  • We keep you informed
  • We protect YOUR best interest at all times - NOT the Seller's
  • We Negotiate on your behalf
  • We help you determine how much house you can afford
  • We can help you find and arrange financing
  • We can evaluate your financing options to help you make the best decision
  • We don't list homes - we ALWAYS represent the best interest of our clients - No Conflict of Interest

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times. Most Agents work to get the best price and terms for the Seller - Our job is to get the best price and terms for the Buyer!

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Thank You for the Referrals!

I want to thank all my family, friends and past clients who have referred family and friends to me. There is nothing better than helping a friend of a friend. As the Salt Lake real estate market slows back to its more normal rate, I would like your help in spreading the news that homebuyers can be represented by an agent who works on their side of the real estate transaction. Exclusive Buyer's Agents don't list properties or practice "dual agency." We work for the homebuyer only. Just as most other agents work to get the highest price and best terms for the Seller; our goal is to negotiate the lowest price and best terms for the Buyers.
 
As you hear people mention that they might be buying a home soon, don't forget to let them know about Exclusive Buyer's Agents and about me!

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Hot markets - can you trust the national media?

Graph supposedly showing current appreciation rates - but it is using data almost 6 months oldOK. Don't get me wrong. The real estate market in Salt Lake is doing better than most places in the country.

I just want to point out to the person who isn't involved in real estate on a daily basis (i.e. the consumer) that the actual truth about the market is often slightly different than what you hear in the media.

In an age of instant messaging, blogs and fiber-optic data transmission, you would expect to be able to keep a pulse on something so large as the housing market.

In a recent Money Magazine article, Real Estate: Last of the red-hot markets printed on December 2 2007: 10:21 AM EST the consumer sees the graph to the right. 

NOTICE that in the bottom of the graphic in light grey print you see the following disclaimer "Prices are for the year ended June 2007 except for Wilmington's, which is a September 2007 average."

So here you have an article that is going to print discussing "where the housing market still sizzles" using information that is almost six months old. They should have sought more recent data to give a more accurate picture of the current state of the housing market, or they should have titled the graph "Where the housing market was still sizzling six months ago."

I cannot speak for the rest of the markets mentioned, but what I can tell you is this: Prices in the Salt Lake Market Area are still rising, but appreciation rates surely have slowed to about 7-10% (in my estimation). I also expect the appreciation rate to continue to slow in 2008 to about 3-5%.

There are enough compensating factors in our local economy that could keep the appreciation rate from dropping to that level in 2008, but only time will tell as the Buyers begin to come out of hibernation this Spring.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for Home Buyers on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

 

(Now it's time for MY disclaimer: even though the data is old, those markets could still have been the best markets in the country in December, but it would have been nice to have data to support that the information was still correct.)

Historical Salt Lake Market Statistics with Graph 3Q 2003 - 3Q 2007

Yes, this is old news but it shows the historical data and trends for the Salt Lake County Market.

The next official reports (which we are all waiting for) will be posted on January 20th, 2008. While we wait I will also look at the monthly data for October and November and the data I can extract myself for December and we can see if we can estimate whether the trends are still following the course they were on at the end of September.

Average Home Sales per Quarter
Salt Lake County
Last Updated: October 20 2007 02:09:13
Source: WFRMLS Statistics


Salt Lake County Home Sales Graph

Graph Legend 

Brief Summary:

Average Sold Price is still Trending UP
Total # of Homes Sold per Quarter is Trending DOWN
Total # of Homes Listed per Quarter is Trending UP

The Salt Lake Market is a BUYERS Market

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.

Positive Blog Entry collection about Salt Lake

I keep an eye on blogs that mention Salt Lake City whether they are related to real estate or not.

I read this post today written by someone who visited here over the holidays and wanted to share it.

I've decided that when I run across posts like this in the future, I'll come back to this post and add the blog entries to the list.

Bear in mind that I will only be posting positive links here, not pointing to blogs that say how terrible Salt Lake is... (Do those exist?)

Anyway, Here is link #1:

http://jawharah.wordpress.com/2008/01/03/back/

I do not know these people. They are not clients of mine. These are just people who mention Salt Lake in their blog entries and Google sends me a heads-up.

If I have linked to your blog post and you would like me to remove the link, just let me know.

Thanks!

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.

For more information, just call us at (801) 969-8989 or contact us via the link on this page.