Luis Espinoza Gold Key Realty, Inc 135 South Main Street or 1525 N. 400 W. # 104 Logan, UT 84321 ph: 435-755-3032 cell: 435-764-3032 fax: 435-755-3009 email me!
HAPPY NEW YEAR!!!
Welcome to Cache County Living!
Thanks for stopping by! This site is designed to provide you with as much information as possible about beautiful Cache Valley! Take some time and browse around. If you are in the market for buying or selling a home, you've come to the right place. Our Realtors have vast experience in assisting both sellers and buyers.
So…What’s happening to CacheValley’s Real Estate Market?
Happy New Year! It's January 2008! Wow...2007 just flew by, didn't it?! We're still seeing a slow down of the market. It’s been a gradual slowing, not an abrupt slam on the brakes type of event… which is still good overall for sellers and buyers. September showed for the first time…since February that there were less than 100 single family homes sold in the County in a one month period. Last year there were 126 homes sold in the month of September versus 96 this year. That shows a decrease of nearly 25%. So, even though we have a decrease in purchases, we have a great supply of inventory!
Inventory of available homes for sale is on the rise. As of January 1, 2008 there are 491 single family homes listed in the MLS on the market in the county. The demand for houses available for rent continues to be very high which makes purchasing a good investment for the non owner occupied purchaser.
Overall, the market has changing. It’s a bit tougher now… In part it’s due to the changes in the mortgage industry, now it’s much harder to obtain sub prime and stated income loans and as result we can attribute some of the slow down we see do to this...
It’s my opinion that the time of rapidly increasing home prices has come to an abrupt end. Real Estate trends will lean towards a buyers market for this new year. There is a large amount of inventory and much more coming on line soon. An example is the Bridgerland Meadows Luxury townhome subdivision with a large inventory available and to date they have another 100 plus homes to complete that will come online for sale in the next few months.
We are seeing Sellers starting to provide incentives for buyers. Many sellers are offering the payment of closing costs, prepaids or even buydowns. If sellers want their homes sold they will have to be willing to negotiate and accept a little less than in previous months. Home sales traditionally slow down in the winter months, so for the buyer, it’s getting to be the ideal time to purchase.
The last quarter of 2007, CacheValley home prices increased. This was great news if you owned a home, not so great if you were waiting to buy. But now…it’s the buyer’s turn!! Many of those homes that were priced according to the value hikes are still not sold and are being marketed for a 2-3 percent lower price.
Perhaps most annoying for the home buyers, is that the average price of homes on the market right now is at an all time high of $226,114. It is very hard to find anything in great condition for less than $150,000 and is almost impossible to find a home in decent condition that is a single family home for less than $100,000.00!!! unless it’s a modified dog house!!!
Interest rates are still at unexpected lows, and if anything, this should help potential purchasers get most out of their buying dollar.
With home prices continuing to increase at higher than average rates throughout the state, Cache County Real Estate is still a very affordable place to buy…really!! Just be happy you’re not purchasing in Los Angeles or New York…Where our amazing average of $226,114 would probably purchase you a very nice…out house!! So be cheerful about looking and living in Happy ValleyUSA!!!
Til next month.
Lou
this site is owned and operated by Luis Espinoza and Associates, P.C. dba Redhorse Publishing. 2006
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Luis Espinoza
