In Spite of Low Inventory, Wasatch Front Home Sales are Up

By Berkshire Hathaway HomeServices Utah Properties - Wasatch Front

Mar 04, 2016

While inventory along the Wasatch Front is down... way down, sales are up across all Wasatch Front counties.

Taking a look at Salt Lake County in January of this year, inventory is at 2430 homes across the county. That is down 30.20% from January 2015, yet sales are up 12.89% in the same comparison. In Weber County inventory is down 31.82% in January but sales are up 10.19% and pending sales are up 16.35%. Utah County had similar results in the same period comparison; 12.63% increased sales with 26.44% less inventory. What is amazing is Davis County has a 12.50% increase in sales over January 2015 in the face of a 41.38% drop in inventory!

Berkshire Hathaway HomeServices Utah Properties is doing well along the Wasatch Front. In 2016 to date, Salt Lake Countty has 12.03% Market Share. Century 21 Everest Realty Group is in distant 2nd place with 9.99% Market Share. BHHS agents are listing homes at a higher average price than anyone in our market and closing sales at 98.01% of asking price.

So far, 2016 is shaping up to be a great year for real estate. Median home prices are up across the Wasatch Front and are likely to continue up into the spring. The shortage of home listings is a concern and needs to be addressed as we move into the warmer sales months. For those considering selling, now is the perfect time to capitalize on your investment. There are plenty of buyers and interest rates have dropped in 2016 instead of rising as predicted at the end of 2015.

Tags: salt lake real estate, utah real estate, Real Estate News, Bountiful, ogden, Real Estate Information, wasatch front, Salt Lake City Real Estate
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Explained: The Tax Benefits of Owning a House

By Berkshire Hathaway HomeServices Utah Properties

Dec 30, 2015

If you have recently bought or sold a home, there are a few tax advantages that may be available to you. Generally speaking, real estate broker’s commissions, title insurance, legal fees, advertising costs, administrative costs and inspection fees are considered selling costs and may reduce taxable capital gain by the amount of the selling costs.

However, every year the tax code can change and your situation may be unique. So the following is provided only as a guide. It is highly recommended that you seek a professional tax consultant to be sure.

There are several other key areas where you might benefit:

Mortgage Interest: Within limits, it may be tax-deductible. For example, a married couple filing jointly can deduct interest payments on a maximum of $1 million in mortgage debt secured by a first or second home. Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.

Points: Points or origination fees on a home loan paid during purchase are generally tax-deductible in full, for the year in which they were paid.

Refinanced mortgage points: These may also be deductible, but only over the life of the loan. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.

Improvements: Improvements made to property prior to the sale (or once one moves in) might qualify for an interest deduction on your home-improvement loan. Qualifying capital improvements are those that increase your home’s value, prolong its life, or adapt it to new uses, such as adding a porch or installing energy-efficient windows.

Real Estate Taxes: During a sale, the seller will send the local tax collector’s office a check for real estate taxes prior to the closing. In many circumstances, however, the buyer will pay a pro-rated portion of the taxes for the year at closing. This tax deduction also gets overlooked.

Business Use: For new buyers who work at home: If a room is used exclusively for business purposes, they may be able to deduct home costs related to that portion, such as a percentage of your insurance and repair costs, and depreciation.

Moving Costs: If you have moved because of a new job, moving costs might be deducted. These can include travel or transportation costs, lodging, and fees for storage of your household goods.

In today’s economy, it’s critical that we take advantage of every possible tax break. A home provides a great opportunity to do just that.

Tags: utah real estate, Real Estate Information, taxes, real estate tax information
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Everyone Likes Photos of Pretty Homes

By Berkshire Hathaway HomeServices Utah Properties

Dec 01, 2015

A Picture Can Be Worth a Thousand Words

This is even more true when it comes to selling your home. And let’s face it, you want those words to end with a definitive “sold.”

Homes garner more traffic and buyer interest when presented effectively—which means they sell faster. That’s why it is essential that you showcase your home through images in the best way possible.

According to the National Association of REALTORS,^®nearly 90% of all homebuyers begin shopping for homes online. They click through photos and send a list of those of interest to their real estate agent. In fact, homes with few or no photos are often skipped simply for that reason, even if the home’s description matches a buyer’s ideal listing.

Many agents believe that apart from staging, no other marketing investment is as important as professional photography in marketing a property. So to generate more buyer interest, there has been a dramatic increase in the use of professional real estate photographers. As much as we like to think we take great photos, a professional has an eye for seeing the best composition and lighting, plus better equipment to make the photos bright, clear and sharp.

Tags: utah real estate, Real Estate Information, Real Estate Photography
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Wasatch Front December Market Update

By Berkshire Hathaway HomeServices Utah Properties

Nov 24, 2015

Active listings (inventory) are down 23% from October 2014, but Pendings are actually up by the same margin of 23% in Salt Lake County--this is perhaps the strongest indicator we have of the health of our housing market. Buyer interest has remained strong even in a slightly limited market. The Ogden and Davis County markets are witnessing even more pronounced versions of the same trend.

In terms of pricing, the median price for single family homes in Salt Lake County is $245,000, which represents a downturn from this summer. In July, Salt Lake City hit the peak of its market at $257,000 -- to see that number come down suggests that the market is adjusting based on buyer demands. The market seems to have found its ceiling. Similarly, we are seeing almost the same number of sales from last year, giving professionals reason to believe that our market is healthy and growing at a marginal rate that is advantageous to clients.

Tags: utah real estate, Real Estate Information, ogden real estate, Salt Lake City Real Estate
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2014 Park City Market Overview

By Berkshire Hathaway HomeServices Utah Properties

Jan 28, 2015

The Park City real estate market in 2014 proved healthy but measured. Generally, our market maintained its gradual course of improvement with certain sectors of our segmented marketplace seeing substantial growth. Growth remains steady and shows no sign of slumping or unstable bubbles.

2013 was a record-breaking year, and it seemed unlikely that we would see the same gains in 2014; however, pended sales were slightly up over 2013, and total sales volume was just slightly under over last year. Here are some trends we witnessed in 2014:

-There was a slight 1.5% increase in pended sales over 2013 and a 22% increase over 2012

-October brought more pended sales than any single month since 2006…there may be a correlation between this increase in transactions and the announcement of Vail Resorts’ purchase of Park City Mountain Resort, but it is impossible to determine this with certainty

-We had a robust 4th Quarter with sales up 28% over 2013 and up 40% over 2012: specifically condo sales increased by an astounding 11%

-Absorption rate has been under 6 months for the entire 4th quarter suggesting that inventory is low and our market favors sellers

-Distressed sales are at pre-recession levels

-Several areas experienced significantly increased interest and sales: Jeremy Ranch (+33%) and Sun Peak/Pinebrook/Silver Springs (+33%), both commuter areas saw a huge influx of buyers. This may possible be a result of Salt Lake’s ever growing economy

2014 Prices in Park City Proper

Average Condominium Sale Price: $931,210

Median Condominium Sale Price: $542,450

Average Single Family Sale Price: $1,869,048

Median Single Family Sale Price: $1,300,000

2014 Prices in Snyderville Basin

Average Condominium Sale Price: $395,224

Median Condominium Sale Price: $360,975

Average Single Family Sale Price: $1,121, 922

Median Single Family Sale Price: $775,000

2014 Prices in the Heber Valley

Average Condominium Sale Price: $199,312

Median Condominium Sale Price: $177,150

Average Single Family Sale Price: $470,498

Median Single Family Sale Price: $345,000

Tags: BHHSUtah.com, utah, park city, real estate, market report, Real Estate Information, stats
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Housing Forecast-Buy Now

By Berkshire Hathaway HomeServices Utah Properties

Nov 24, 2014

Now is a good time to look for a home.

The holidays are upon us and good tidings and family gatherings lie before us. Here in Utah, we are coming into the time of the year when our mountains are blanketed by our legendary snow and visitors from around the world come to enjoy. It is also a good time to buy a home...Prices and mortgage rate trends all indicate that there is no benefit to waiting. Here are some reasons why you should think about upgrading your roost now:

Prices are going up...and only up.

According to the latest Home Price Expectation Survey poll, home values are going to appreciate between 11.2% (most conservative estimation) and 27.8% (most idealistic estimation). The market bottomed out over a year ago and will continue to rise. As home values are sure to continue increasing, there is no reason to postpone a home purchase and several reasons to purchase now.

Mortgage Interest Rates are on the Rise

The Mortgage Bankers Association has predicted that, "the average rate on a 30-year, fixed rate mortgage will rise slowly to 5.1 percent by the end of 2015 -- a full percentage point higher than where it is currently." While mortgage rates are projected rise in the very near future, they are very soft at present, meaning...now is better than later for financing a home purchase.

Utah is on the Rise

Utah's economy is booming. We crunch the numbers. We are confident in saying--Utah is one of the most attractive places to purchase investment real estate. The state was, for the fourth time, named "The Best State for Business" by Forbes Magazine. With our low unemployment rate, exploding tech industry, and strong pro-business regulations, major companies like eBay, Adobe, Oracle, Goldman Sachs, etc... and skilled employees have been flocking to northern Utah. Utah's robust economy makes any piece of property in our state an investment property.

Tags: utah real estate, utah, park city, ogden, Real Estate Information, salt lake city, mortgage rates, buy now, realtor
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July Market Update

By Berkshire Hathaway HomeServices Utah Properties

Jul 23, 2014

The market remains highly segmented and complex
The median price of single family homes has continued to gradually increase and is up 4%
The median price of condominiums remains constant
There has been tremendous interest in vacant land, and lot sales have increased by as much as 78% in some marketplaces when compared to second quarter of last year
There has been a 5% increase in inventory when compared to last year
We have experienced a 9% increase in total sales volume when compared to second quarter of last year
Average sales price is also up 9% from last year

Distressed Sales: We are recovered.

Distressed sales represent a small 2% of our market. We are back to '06 levels. While we still have some hurdles to cross, our market has recovered and remains stable.

Area Spotlight: Promontory

Victory for vacant land.

Promontory has seen tremendous activity this past quarter, particularly with regards to vacant land. 32 lots sold: a 78% increase from second quarter of last year.

Area Spotlight: Empire Pass

In demand.

Empire Pass has seen an 118% increase in units sold and an 143% increase in volume sold when compared to last year. With these latest statistics, Empire Pass has proved to be one of Park City's most robust sub-markets.

Utah's Marketplace: Only good news.

According to the National Association of Realtors, the Utah state government and business community have propelled Utah onto the world economic stage. As a result, Utah’s exports tripled between 2005 and 2012 to $16.1 billion and the state grabbed a nice share of foreign direct investment flowing into the U.S. For four years running (2010–2013), Forbes has crowned Utah the best state in the nation for business.

Tags: park city real estate, market report, Real Estate Information, Real Estate Market
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