First Time Homebuyer in American Fork, Forclosures in American Fork UT, Short Sales in American Fork

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Betty Jo McKinlay
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    ABR - Accredited Buyers Representative
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    C-21 MMS - Century 21 Mature Move Specialist

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Century 21 At The Rockies
792 E State Rd
American Fork, Utah
801-756-9559

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National Stats

Market Trends:

  • Ave. Home Sale: $379,000

  • Ave. Days on Market: 69

Posts Tagged ‘home sales’

Home Sales Projected to Rise About 2% Annually for Next 5 Years

Monday, July 26th, 2010

Reprinted from REALTOR® Magazine [June, 2010] with permission of the NATIONAL ASSOCIATION OF REALTORS®. printed in my July Newsletter, by Lawrence Yun, NAR Chief Economist:

“From my viewpoint, both home sales and home prices have reached the point of equilibrium. A slightly more tilt this or that way will naturally be at play always but the tilting will be not that eventful. Over the next five years, expect home sales to rise by about 2 percent annually. This growth rate is higher than the projected population or projected job growth rate. But part of the increase will come from a recovery in the second-home market. As for prices, do not expect any robust gains. At best home price appreciation will beat CPI inflation by one percentage point.

How will this impact the real estate industry? Based on these sales and price projections, the gross industry revenue from residential home sales will rise steadily. The industry revenue for last year is estimated at $49 billion, the lowest in eight years. I project $52 billion in 2010. Further increases are in the cards in the subsequent years with about $70 billion set for 2015. (These estimates are at the national level.) Still, revenue will be far short of the $85 billion generated during the frenzied and unsustainable period in 2005.”

It appears from Lawrence Yun’s housing market predictions, that the housing market should experience a slow, but steady increase in home price sales over the next five years.

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Getting Back to $5.5 Million Annual Existing-Home Sales

Monday, July 26th, 2010

Reprinted from REALTOR® Magazine [June, 2010] with permission of the NATIONAL ASSOCIATION OF REALTORS®. printed in my July Newsletter, by Lawrence Yun, NAR Chief Economist:

“…There are some cautionary signs ahead. A big, albeit temporary, slump is on the way. Contract signings for May and June will be very weak. Do not be at all surprised if the pace of existing-home sales falls to 10-year lows of around 4.5 million annualized units for a couple of months before the housing market tries to get back on its own feet absent any government stimulus. If resales bounce back to a 5.5 million unit annualized pace toward year’s end then the housing market can be said to be fully back on a healthy track. It will be well short of the 7 million unit sales set in 2005, but that was an artificially fired-up figure resulting from terribly lax mortgage underwriting standards and a sizable number of speculative home purchases.

Getting back to 5.5 million annual existing-home sales will correspond to the level of home sales back in 2001. Back then, there were 130 million payroll job holders in the country. Today the worst in the job market appears to have passed. Excluding the artificial Census-related jobs, the private sector still added 495,000 in the first five months of this year and the total employment stands also at 130 million.

One big difference in the housing market now versus then is mortgage rates. The average 30-year fixed rate so far this year has averaged around 5.0 percent, compared to the average 7.0 percent rate in 2001. And while underwriting standards were not very stringent in 2001, they were not necessarily lax either. Provided that mortgage rates remain reasonable favorable for the foreseeable future – that is, remain at or under 6 percent – and if jobs continue to be added to the economy – my forecast is for 1 million new jobs in the second half of the year and another 2 million in 2011 – then home sales should easily be able to churn out a 5.5 million unit annual sales pace. Remember that total sales were 4.9 million in 2008 and 5.2 million in 2009, so settling in at 5.5 million will be a respectable improvement from the past two years.”

The fixed 30 year interest rates are holding under 5% which should help us on our way to the 5.5 million that will be a positive step in the right direction for home sales.

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What National Stats In Home Sales Mean to the Housing Market in American Fork, Utah in Utah County

Thursday, June 17th, 2010

“Figuring out” the figures

Stabilizing home prices are encouraging. This flattening in home prices is something we’ve been seeing in all of the home price measures lately.  The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus. The figures also point to a change in market psychology. The economy is improving; even recent jobs numbers were encouraging. That is helping to return confidence among buyers.

But there are still challenges. The housing market continues to held back from a full-fledged recovery because of mortgage issues. According to findings published in the new 2010 NAR Member Profile, one third of NAR members report that obtaining a mortgage is the most important factor limiting potential clients from purchasing a home. In addition, the REALTORS® Confidence Index (posted online on April 26 2010) reveals that 11 percent of REALTORS® had a contract canceled because an appraisal came in at less than the price negotiated between a buyer and seller. Another 16 percent report a contract had to be renegotiated because of a low appraisal. NAR leaders and staff will continue their discussions with about these other issues with government and industry leaders to insure that housing remains at the forefront of economic policy decisions.

Reprinted from REALTOR® Magazine May 2010 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2010. All rights reserved.

In American Fork, we have seen a drop in listings and sales since the Federal Tax Credit ended.  The median price is American Fork for home sales dropped from $230,000 in the first quarter of 2009 to $187,000 in the first quarter of 2010.  Hopefully, the tax credit will be extended for those buyers who were under contract before April 30, 2010.  The deadline for closing was June 30, 2010; however, many short sales have not given written approval yet or it appears will not before that deadline.   The extension of this deadline will be helpful for those buyers in that situation.

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How American Fork, UT Home Sales Compare to Metroplitan Area Home Prices

Thursday, June 17th, 2010

Courtesy of ARA, my Newsletter, June 2010

The latest figures on metropolitan area home prices have been released by NAR and they show that a growing number of metropolitan areas are experiencing price gains from a year ago. At the same time, most states posted healthy gains in home sales from the first quarter of 2009.

In the first quarter of 2010, 91 out of 152 metropolitan statistical areas showed year-over-year increases in the median sales price of existing single-family homes. Twenty-nine of those metros registered double-digit increases. In the fourth quarter 67 areas reported gains. On a national basis, the median existing single-family home price was fairly flat at $166,100, down 0.7 percent from the first quarter 2009. Distressed homes, which typically are discounted by 15 percent relative to traditional homes, accounted for 36 percent of first quarter sales.

As far as American Fork in Utah County goes (taken from the Wasatch Front Regional Multiple Listing Service stats) comparing 2009 1st quarter to 2010 1st quarter – homes in American Fork:

Cumulative Days on the Market  in 2009, 127 days; in 2010 83 days.  All number sold in 2009, 42 compared to 50 in 2010.  All median sold price in 2009, $227,500 compared to $191,450 in 2010.  New listings in 2009 were 134 compared to 160 in 2010.  The new median asking price in 2009 was $230,000 compared to $$187,000 in 2010.  Homes sold faster in American Fork the 1st Quarter in 2009, but more homes were listed in 2010 and the median asking price dropped considerably.  Most of these stats for home sales are apparent due to the Federal Tax Credit.

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Good News for Single-Family Home Sales in Salt Lake City, UT

Thursday, April 29th, 2010

The following was released from the UAR, Utah Association of Realtors, UAR E-News, Volume 7, Issue 1, April 29, 2010:  “Sales of Salt Lake single-family homes climbed 15.3 percent in this year’s first quarter, according to a report released Tuesday from the Salt Lake Board of REALTORS®. There were 1,716 homes sold in Salt Lake County from Jan. 1 through March 31 compared to 1,489 home sales in the same three-month period a year earlier. Sales of condominiums in the first quarter in Salt Lake County were up 26.8 percent.

The median price of single-family homes sold in the first quarter in Salt Lake County dropped to $217,000, down 8.8 percent compared to a median price of $238,000 in the first quarter of 2009. Condo prices increased to $162,000, up 1.3 percent compared to $160,000 a year earlier.

Single-family home sales were also up 17.1 percent in Utah County, 13.5 percent in Tooele County, 4.5 percent in Davis County and 0.7 percent in Weber County. The complete report is available at http://www.slrealtors.com/stats/.

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Will More Jobs Help the Housing Market Rebound?

Wednesday, April 28th, 2010

A statistic given by RISMEDIA was that new homes sales increased 26.9% in March.  Many speculate that the federal tax incentives were the impetus.  However, there are those who think that job creation is essential for the housing momentum to be sustained.

The following was reported in RISMEDIA, Posted By susanne On April 27, 2010.

“It shows that the tax credit still has some punch, and we will probably see some better sales numbers for April,” said Mark Zandi, chief economist for Moody’s Economy.com. (more…)

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March Home Sales Up, American Fork, Utah

Thursday, April 22nd, 2010

The news has been reporting that home sales were up in March to a high of 6.3% exceeding expectations.  Perhaps, the sales exceeded expectations because some predictions were based on cold weather in the winter months of January and February.  Since January 1st, my sales have increased – the majority being in$200,000 and under.  Many buyers have been looking to purchase before the April 30th under contract deadline for the Federal $8,000 tax credit back program.  If you are looking for a home in American Fork, Utah area or in Utah County, contact me – one great week left!

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January Home Sales

Monday, March 1st, 2010

The following report was given by the National Association of Realtors concerning January, 2010 home sales:

Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

A parallel NAR practitioner survey4 shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.

Existing-home sales in the West declined 5.2 percent to an annual rate of 1.28 million in January but are 7.6 percent higher than January 2009. The median price in the West was $203,400, down 5.8 percent from a year ago.

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American Fork Real Estate: Tax Credit Helps Spur Pending Home Sales

Saturday, September 19th, 2009

According to RisMedia, http://rismedia.com/2009-09-09/tax-credit-helps-spur-pending-home-sales/: [1]RISMEDIA, September 10, 2009—(MCT)—A gauge of future U.S. home sales rose more than expected in July 2009 to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall. The National Association of Realtors recently said its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2% to 97.6. It was the sixth straight increase, and 12% higher than the same month last year. The index of pending home sales could indicate how sales completed this month and next will turn out.

A 12% jump in sales contracts in the West and a 3% increase in the South drove July’s overall increase. Low home prices combined with the Nov. 30 expiration date of the $8,000 tax credit for first-time home buyers contribute to a spur in sales.

The NAR projects that about 2 million first-time buyers will take advantage of the credit this year and says it is spurring 350,000 additional sales that wouldn’t have happened otherwise.

Many real-estate professional are urging the federal government to extend the first-time home buyer tax incentive. Coy said there are even efforts to increase the credit to $15,000 and make it available to all home buyers.

Short sales, foreclosures, bank owned properties, lower interest rates, the Home Run 2 Grant in Utah and the $8,000 tax credit are strong motivators for buying now, says Betty Jo McKinlay, Century 21 At  The Rockies in American Fork, UT.   Now is a great time to buy a home! (more…)

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Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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