The Real Estate Report Card for March 29, 2010

Let's take a look again at our 30 day market snap shot. We're looking at the real estate statistics for homes for sale in the greater Salt Lake City Utah area and all of Salt Lake County.

Total # Actives 7656

Sold last 30 days 665

Sold 365 Days 11275

Listed last 30 days 1971

Total Pending Sales 1816

Pending last 30 days 1144

Expired last 30 days 824

Expired listings 365 Days 12536

Months Supply of Homes 11.5

Let's look at our Short Sales...

Total # Actives 1656

Sold last 30 days 74

Sold 365 days 1253

Listed last 30 days 262

Total Pending Sales 267

Pending last 30 days 156

Expired last 30 days 159

Expired listings 365 Days 2032

Months Supply of Homes 22.3

21.6 % of our active listings are Short Sales...

13.2 % of the homes listed in the last 30 days are Short Sales...

14.7 % of the homes pending are Short sales...

19.2 % of pending homes in the last 30 days are Short Sales...

11.1 % of the total homes sold in the last 30 days were short sales...

Feel free to call me if you have questions about these numbers and what they mean!

It's nice to see a drop in the percentage of Short Sales. I feel like short sales are the bottle neck in the market. If we can keep un-employment low and get rid of more of our short sales, we would see a big improvement in the real estate market. Feel free to call or email anytime. 

Dan Walker - your Salt Lake City real estate and short sale expert!

The Real Estate Report Card for March 8, 2010

Lets take a look at our 30 day snapshot of our Salt Lake County Real Estate Market!
Here are the numbers looking back from 3/8/2010.

ALL SALT LAKE CITY AREA LISTINGS
Total # Actives 7383
Sold last 30 days 572
Sold 365 Days 11139
Listed last 30 days 1876
Total Pending Sales 1572
Pending last 30 days 958
Expired last 30 days 864
Expired listings 365 Days 12806
Months Supply of Homes 12.9

SHORT SALES

Total # Actives 1645
Sold last 30 days 73
Sold 365 days 1249
Listed last 30 days 244
Total Pending Sales 225
Pending last 30 days 115
Expired last 30 days 156
Expired listings 365 Days 2020
Months Supply of Homes 22.5

22.2 % of our active listings are Short Sales...
13.0 % of the homes listed in the last 30 days are Short Sales...
14.3 % of the homes pending are Short sales...
18.0 % of pending homes in the last 30 days are Short Sales...
12.7 % of the total homes sold in the last 30 days were short sales...

Feel free to call me if you have questions about these numbers and what they mean!
I’m always available to help you with your real estate needs!

"Home" shows on TV

There are a myriad of "home" shows on TV but there is one that stands out to me above all of them and that is Holmes on Homes. Mike always comes in to save the day and rescues the home owner from a shoddy job done by a sub-standard or fly-by-night contractor.

Mikes' website is located at http://makeitright.ca/ and he is featured on HGTV, http://www.hgtv.com/holmes-on-homes/show/index.html.

The thing I like about this show is that he really points out the bad things that can happen in a remodel or even a new home. He shows you why something is bad and how to correct it and you will never see a shortcut or hear a "that's good enuff" or a "looks OK from my house" comment. 

Holmes on Homes really shows you the wonderful things that can be done when you have skilled, knowledgeable trade people. Most of these things are things that become invisible after the job is completed but make huge differences in the way a home performs over its lifetime. 

If you subscribe to a Christian faith you would know that there are sins of commission an sins of omission. Well many trades and professions are subject to those same tenants. Many problems on a remodel can be traced to a tradesperson or contractor or who may have not been a fly-by-night type but rather someone who just didn't know and got in over their head.

I find real estate to be plagued by some of the same issues. There are some trades and professions where the bar is so low to gain entry that almost anyone can enter into the business. This makes hiring these people harder because we have a harder time verifying the competency or knowing that someone can perform at least a basic level in their field. Passing a licensing exam does not really count as any kind of a benchmark.

Watch Mike, I'll think you find that he's a genuine guy, I know you will learn something, and if you are thinking about buying a home, you will see how important a good home inspector can become in the process.

As a REALTOR who has shown thousands of properties, I have seen some pretty outrageous things. I always am troubled when I see people throw "good money after bad money" to get something done in a hurray or to take a shortcut.

It will always cost you less money in the long run to do it right the first time. Impatience will often cost you dearly. Don't be afraid to ask questions, get references and check them, and ask for referrals and recommendations.

Updated 02.05.10, The Decline: The Geography of a Recession by LaToya Egwuekwe (OFFICIAL)

The evolution of unemployment. Our unemployment has a direct correlation to every real estate market. Putting people back to work and getting short sales off the market would solve a great deal of our recovery problems, both daunting tasks no matter what your political persuasion is.

The Real Estate Report Card for March 1, 2010

Lets take a look at our 30 day snapshot of our Salt Lake County Real Estate Market!
Here are the numbers looking back from 3/1/2010.

All listings for Salt Lake County
Total # Actives 7237
Sold last 30 days 475
Sold 365 Days 11060
Listed last 30 days 1865
Total Pending Sales 1566
Pending last 30 days 944
Expired last 30 days 920
Expired listings 365 Days 12916
Months Supply of Homes 15.2
Short Sale listings for Salt Lake County
Total # Actives 1632
Sold last 30 days 65
Sold 365 days 1247
Listed last 30 days 249
Total Pending Sales 217
Pending last 30 days 104
Expired last 30 days 171
Expired listings 365 Days 2022
Months Supply of Homes 25.1

22.5 % of our active listings are Short Sales...

13.3 % of the homes listed in the last 30 days are Short Sales...

13.8 % of the homes pending are Short sales...

18.5 % of pending homes in the last 30 days are Short Sales...

13.6 % of the total homes sold in the last 30 days were short sales...

Feel free to call me if you have questions about these numbers and what they mean!
I’m always available to help you with your real estate needs!
Your referrals are the lifeblood of my business and allow me to concentrate on my clients!

Dan Walker-

Buying a home - Much is the same and much is different!

Buying a home - Much is the same and much is different!

Buying a home - Much is the same and much is different! - What do I mean by that?

As REALTORS, we are bound by a national unifying code of ethics, and as REALTORS we are obligated, rather, required to belong to our National Association of REALTORS as well as our state and local associations. We are also required to complete specific education requirements and have very specific state laws that we have to abide by that are real estate specific.

Given all that, it is still how amazing how different the "experience" can be for buyers (and sellers).

Here in Utah, the seller is required to fill out a six page "sellers property disclosure" where they disclose pertinent facts about the property they are selling. If the seller has not occupied the property, they disclose that and use a "non-occupant" addendum to release them from liability.

We typically write an offer to purchase here and in the offer we specify a deadline that the seller is required to provide those disclosures by. Our offer is subject to approval of those disclosures within our due diligence period.

In a conversation I had last night with my national mastermind group I discovered that many of their states required those disclosures to be posted at time of listing if I understood it correctly and that many of their MLS's had a place for the disclosures to be included with the listing. - What a great idea!

I have been aware that in some states we close with title companies, and in others we close with attorneys. Some agents even deal with both depending on whether the areas they serve cross county or state lines. Not both in the same transaction, but both types of close of escrow.

Yes, much is the same, and at times I'm very surprised by what is different. What have you noticed that is different?

Earnest Money! How much? Why?

Earnest Money! How much? Why?

It's surprising to hear all the different answers regarding earnest money, especially the answers that I hear have been given from other REALTORS and agents. So, lets ask the probverbial question....How much earnest money is required to buy a house?

Well, are you ready? Hold on to your checkbook because the answer is....Zero! Zip, Zilch, Nothing, Nada! There is now law or nothing in the real estate purchase contract that stipulates earnest money is required (at least in Utah).

So what is earnest money? Earnest money is your 'skin in the game'. It is a measurement of your intent, level of committment, sincerity, or desire to purchase the property. It is also what you could potentially lose if you fail to perform or default in the contract.
A higher amount of earnest money demonstrates a higher level of intent because of what you could potentially lose.

Can you buy a house or propertry without earnest money? Maybe. If the seller has great faith in you to perform, or there are other terms in your offer to make it attractive a seller may consider your offer with no earnest money. It is not likley though. Every agent and REALTOR will most likley ask you to refuse an offer without earnest money. I know I would. Or, at the very least counter it.

When you go through the trouble of selling your home and preparing to move, it's a no brainer that you are looking for a 'strong' buyer. Pre-approved, serious, able to perform in a timley manner. These are the things I expect for my sellers and these are the things I convey to sellers about my buyers.

Again, there are no laws or regulations that determine the amount. A seller can request a minmum amount as a requirement for purchase. No harm in that except you may actually disqualify a few well qualified buyers because of their unwillingness to pledge the required amount.

1% is generally considered to be an acceptable amount for earnest money. Especially in properties priced 300K and higher. 1K - 2K will usually work for properties priced between 200K and 300K. And for properties that priced below 200K, 1K is what we like to see but 500 to 1K will work most of the time.

Will you get all your earnest money back if you don't buy the property? Depends. If you have followed the contract and are canceling according to the provisions of the contract, you are entitled to get all your money back!

If you cancel but have violated some provision of the contract you most likley will lose your earnest money in full, but may be able to negotiate for part of it.Keep in mind all things real estate are negotiable.

Don't be afraid to ask your agent/REALTOR questions and be sure to always read the contract for yourself.