Southern Utah Real Estate Market. What happened in March

Sorry I am a little late on this one, I was out of town last week and it kind of put me back a couple of days. Anyway, as always, I want to thank the following for making my March a nice month.

1. TA Quan Holdings (2) transactions {Sold Listings}
2. John and Peggy Andersen (Help from Spencer their son) {Sold Listings}
3. Nina and Ellis Rogers (Purchase)
4. Bill and Caryl Mantey (Purchase)

TA Quan, asked me to help them get some lots sold, which we were able to do; John and Peggy Andersen are currently serving a full-time LDS mission in Sofia, Bulgaria, so we want to thank Spencer, their son, for all he did to make this possible; Nina and Ellis, are purchasing a second home this month for family to live in; and Bill and Caryl got a smoking deal on a place out in Ivins.

I am starting to feel the nudge, I have been very busy since I have come back from my trip and we are currently working with several buyers and sellers right now. All of you that have been sitting on the fence, it is time to jump off. Interest rates are good, prices are low, and we really are starting to see some movement, so if you are waiting, it is time to get into the action. Believe me, this is the first time I have felt comfortable saying this for about two years.

There are some great tax incentives for first time home buyers and for those that are buying new construction that has never been lived in. If you have any questions send me an email and I can get you in touch with the right people.

So this is how it went in March, it went a bit better.

Total Market Activity on Homes in March

Active Listings: 1,773 (Feb 1,585)
New Listings: 334 (Feb 369)
Sold Listings: 154 (Feb 133)
Months of Inventory: 11.51 (11.92)

Homes priced up to $150,000
Active Listings: 232 (Feb 206)
New Listings: 62 (Feb 65)
Sold Listings: 32 (Feb 31)
Months of Inventory: 7.25 (6.65)

Homes priced from $150,001 to $200,000
Active Listings: 315 (Feb 281)
New Listings: 70 (Feb 64)
Sold Listings: 40 (Feb 40)
Months of Inventory: 7.88 (Feb 7.03)

Homes priced from $200,001 to $250,000
Active Listings: 281 (Feb 252)
New Listings: 46 (Feb 58)
Sold Listings: 23 (Feb 26)
Months of Inventory: 12.22 (Feb 9.69)

Homes priced from $250,001 to $300,000
Active Listings: 249 (Feb 223)
New Listings: 37 (Feb 43)
Sold Listings: 19 (Feb 12)
Months of Inventory: 13.11 (Feb 18.58)

Homes priced from $300,001 to $350,000
Active Listings: 159 (Feb 159)
New Listings: 26 (Feb 29)
Sold Listings: 14 (Feb 12)
Months of Inventory: 11.36 (Feb 13.25)

Homes priced from $350,001 to $400,000
Active Listings: 110 (Feb 91)
New Listings: 21 (Feb 25)
Sold Listings: 8 (Feb 4)
Months of Inventory: 13.75 (Feb 22.75)

Homes priced from $400,001 to $450,000
Active Listings: 62 (Feb 53 )
New Listings: 13 (Feb 18)
Sold Listings: 2 (Feb 1)
Months of Inventory: 31.00 (Feb 53.00)

Homes priced from $450,001 to $500,000
Active Listings: 61 (Feb 54)
New Listings: 17 (Feb 13)
old Listings: 5 (Feb 0)
Months of Inventory: 12.00 (No Sales in Feb)

Homes priced from $500,001 to $550,000
Active Listings: 42 (Feb 34)
New Listings: 8 (Feb 8)
Sold Listings: 2 (Feb 1)
Months of Inventory: 21.00 (Feb 34.00)

Homes priced from $550,001 to $600,000
Active Listings: 52 (Feb 47)
New Listings: 12 (Feb 10)
Sold Listings: 3 (Feb 0)
Months of Inventory: 17.33 (No Sales in Feb)

Homes priced from $600,001 to $650,000
Active Listings: 22 (Feb 21)
New Listings: 0 (Feb 6)
Sold Listings: 2 (Feb 1)
Months of Inventory: 11.00 (Feb 21.00)

Homes priced from $650,001 to $700,000
Active Listings: 25 (Feb 21)
New Listings: 5 (Feb 5)
Sold Listings: 0 (Feb 1)
Months of Inventory: No Sales in March (21.00)

Homes priced from $700,001 to $750,000
Active Listings: 17 (Feb 16)
New Listings: 3 (Feb 3)
Sold Listings: 0 (Feb 0)
Months of Inventory: No Sales in Feb (No Sales in March)

Homes priced from $750,001 to $1,000,000
Active Listings: 65 (Feb 59)
New Listings: 8 (Feb 13)
Sold Listings: 1 (Feb 1)
Months of Inventory: 65.00 (Feb 59.00)

Homes priced from $1,000,001 and Up
Active Listings: 84 (Feb 77)
New Listings: 6 (Feb 9)
Sold Listings: 3 (Feb 3)
Months of Inventory: 28.00 (Feb 25.67)

The following information is for building lots in the same general area as the housing data listed above. All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1,264 (Feb 1,085)
New Listings: 108 (Feb 182)
Sold Listings: 8 (Feb 16)
Months of Inventory: 158.00 (Feb 67.81)

Here are the data ranges:

Building lots up to $100,000
Active Listings: 548 (Feb 463)
New Listings: 58 (Feb 97)
Sold Listings: 6 (Feb 12)
Months of Inventory: 91.33 (Feb 38.58)

Building lots from $100,001 to $150,000
Active Listings: 317 (Feb 248)
New Listings: 28 (Feb 50)
Sold Listings: 0 (Feb 2)
Months of Inventory: No Sales in March (Feb 124.00)

Building lots from $150,001 to $200,000
Active Listings: 146 (Feb 136)
New Listings: 12 (Feb 4)
Sold Listings: 0 (Feb 0)
Months of Inventory: No sales in March (No Sales in Feb)

Building lots from $200,001 and up
Active Listings: 253 (Feb 238)
New Listings: 10 (Feb 31)
Sold Listings: 2 (Feb 2)
Months of Inventory: 126.00 (Feb 119.00)

Short sales:
The banks are starting to be fairly decent with these again. They were a bit tight there for a month or two, my guess is thinking that our new commander in chief might have had a way to fix them up, but now that they are seeing that the trillions of dollars is not trickling down to them, they are starting to be reasonable. Though these are by far the most painful of all transactions in terms of the waiting game, my opinion is the ones that work end up in the best deals. So if you have the stomach for it, some of them are big winners.

Foreclosures:
Some good deals out there. A lot of these are just priced low enough for you to put in your sweat equity and money to bring them up to market standard. There are however a few that really are worth it, and can be bought for a significant discount, but I would say that is probably only about 15-25% of them. The banks have been pretty good about getting back, but expect a few days and maybe even a week’s wait, then their addendum that is much larger than the original contract you signed. All in all, not too bad, if you chase down the right one.

If you want access to real, ready to buy foreclosures, go to www.southernutahforeclosure.com and sign up. I will get them headed your way.

For any other questions, or just to send me a referral, please send me an email.

What happened in February in the Southern Utah Real Estate Market

Hello all, I hope everyone is hunkered down and excited about what is going on in life. The good news is there are some deals out there, and those who are ready are going to do well. Before we go any further, I want to thank the following for making February a nice month:


1. Wes and Talia Vaughan (Sold Listing)
2. YYY LLC (2 Sold Listings)
3. Overlook Green Valley LLC (Sold Listing)
4. Steve and Shirley Leydsman (Purchase)
5. C.A. and Sharon Persch (Purchase)
6. Good LLC {Duff Smith and Jane Rogers} (Sold Listing)
7. Larry and Sharon Brown (Sold Listing)


Special thanks to YYY, Overlook and Good LLCs who are all repeat performers.


I usually like to speak about rates and some of the aspects of the market to do with lending. Some of the things that have perked my attention lately are the $8,000 tax credit for first time buyers and Reverse Mortgages. I am not going to go through the nuts and bolts of each, but if you are interested I can get you to my well qualified colleagues to answer any questions you may have. One of them is even offering a fixed interest 5/1 arm that may make some sense for people just getting in that expect to have increase in income in the next five years. I guess we all expect that.


Without further ado, this is what happened in our market in February:

Total Market Activity on Homes in February
Active Listings: 1,933 (Jan 1,648)
New Listings: 399 (Jan 392)
Sold Listings: 120 (Jan 89)
Months of Inventory: 16.61 (Jan 18.52)

Homes priced up to $150,000
Active Listings: 228 (Jan 190)
New Listings: 60 (Jan 65)
Sold Listings: 30 (Jan 18)
Months of Inventory: 7.60 (Jan 10.56)

Homes priced from $150,001 to $200,000
Active Listings: 350 (Jan 295)
New Listings: 71 (Jan 60)
Sold Listings: 35 (Jan 25)
onths of Inventory: 10.00 (12.83)

Homes priced from $200,001 to $250,000
Active Listings: 325 (Jan 273)
New Listings: 67 (Jan 72)
Sold Listings: 23 (Jan 21.00)
Months of Inventory: 12.50 (Jan 21.00)

Homes priced from $250,001 to $300,000
Active Listings: 293 (Jan 245)
New Listings: 53 (Jan 52)
Sold Listings: 10 (Jan 16)
Months of Inventory: 29.30 (Jan 15.31)

Homes priced from $300,001 to $350,000
Active Listings: 185 (Jan 154)
New Listings: 28 (Jan 47)
Sold Listings: 8 (Jan 9)
Months of Inventory: 23.12 (Jan 17.11)

Homes priced from $350,001 to $400,000
Active Listings: 121 (Jan 100)
New Listings: 27 (Jan 20)
Sold Listings: 4 (Jan 3)
Months of Inventory: 30.25 (Jan 33.33)

Homes priced from $400,001 to $450,000
Active Listings: 65 (Jan 41)
New Listings: 18 (Jan 13)
Sold Listings: 1 (Jan 2)
Months of Inventory: 65.00 (Jan 20.50)

Homes priced from $450,001 to $500,000
Active Listings: 74 (Jan 60)
New Listings: 18 (Jan 13)
Sold Listings: 0 (Jan 2)
Months of Inventory: No Sales in Feb (Jan 30.00)

Homes priced from $500,001 to $550,000
Active Listings: 46 (Jan 38)
New Listings: 8 (Jan 7)
old Listings: 1 (Jan 0)
Months of Inventory: 46.00 (No Sales in Jan)

Homes priced from $550,001 to $600,000
Active Listings: 50 (Jan 37)
New Listings: 10 (Jan 8)
Sold Listings: 0 (Jan 0)
Months of Inventory: No Sales in Feb (No sales in Jan)

Homes priced from $600,001 to $650,000
Active Listings: 27 (Jan 22)
New Listings: 5 (Jan 3)
Sold Listings: 1 (Jan 0)
Months of Inventory: 27.00 (No Sales in Jan)

Homes priced from $650,001 to $700,000
Active Listings: 33 (Jan 24)
New Listings: 5 (Jan 10)
Sold Listings: 1 (Jan 1)
Months of Inventory: 33.00 (Jan 24.00)

Homes priced from $700,001 to $750,000
Active Listings: 18 (Jan 12)
New Listings: 5 (Jan 4)
Sold Listings: 0 (Jan 1)
Months of Inventory: No Sales in Feb (Jan 12.00)

Homes priced from $750,001 to $1,000,000
Active Listings: 81 (Jan 70)
New Listings: 14 (Jan 6)
Sold Listings: 0 (Jan 0)
Months of Inventory: No Sales in Feb (No Sales in Jan)

Homes priced from $1,000,001 and Up
Active Listings: 96 (Jan 87)
New Listings: 9 (Jan 11)
Sold Listings: 3 (Jan 1)
Months of Inventory: 32.00 (Jan 87.00)

The following information is for building lots in the same general area as the housing data listed above. All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1,197 (Jan 1,099)
New Listings: 176 (Jan 96)
Sold Listings: 15 (Jan 12)
Months of Inventory: 79.80 (Jan 91.58)

Here are the data ranges:

Building lots up to $100,000
Active Listings: 533 (Jan 486)
New Listings: 95 (Jan 45)
Sold Listings: 12 (Jan 11)
Months of Inventory: 44.42 (Jan 44.18)

Building lots from $100,001 to $150,000
Active Listings: 264 (Jan 252)
New Listings: 43 (Jan 22)
Sold Listings: 1 (Jan 0)
Months of Inventory: 264.0 (No Sales in Jan)

Building lots from $150,001 to $200,000
Active Listings: 144 (Jan 135)
New Listings: 6 (Jan 10)
Sold Listings: 0 (Jan 1)
Months of Inventory: No sales in Feb (Jan 135.00)

Building lots from $200,001 and up
Active Listings: 256 (Jan 226)
New Listings: 32 (Jan 19)
Sold Listings: 2 (Jan 0)
Months of Inventory: 128.00 (No sales in Jan)

Short Sells:
Some are going, but they are a little tougher. I have four short sells offers in right now and none of them are going to swift. I hope the clouds will soon part and make some of my clients happy. They do work, but I would venture to guess that at least 40-50% of the foreclosed listings out there were once short sell listings that did not work. All that being said, you really do end up getting the best deals on short sells if you have the time, patience, and ability to wait for a long time, jump through a lot of hoops and are willing to not have much say in the matter.

Foreclosures:
They are a big deal right now. A few of them are excellently priced and are a great deal, as in you buy, and you have equity, right now. One agent particularly seems to work magic with the bank and when I see his listings I take special note. Some are just good deals, that means if you are handy, you end up saving 5-7% off retail. Most of them are that 3-10% below the market that it is going to take to get them up to speed. A few, and I have one right now, are just lousy deals. They are not going to sell, and I am going to get fired by the bank.
As always, if you want to take a look at my current listings http://www.joelangston.com/
If you want a free list of foreclosed homes in our area that are actually available for sale. http://www.southernutahforeclosure.com/

Southern Utah Real Estate Market in January

Thank you all for all you have done for me this past year. It is definitely time for us to move on with life and calm down on all the late year well-wishing and go to work, but I have to tell you, I was blessed WITH YOUR HELP to assist 37 individuals and families either buy or sell, a house, building lot or some other kind of real estate. Granted, that is only half of what I was doing earlier this decade, but I wanted to thank this group, because by 2008 standards, that is not too shabby. As I track the sourcing of each transaction, it looks like 75-80% of them came from you. Friends and past clients. I could not do it without you. Thanks so much!

That being said, I did not have any closings in January, but I have a few lined up for February, three of which have already happened and we are looking at at least two or three more, so I am not too far off pace of having one each week this year.

In terms of highlighting another blog or business this month, I would like to mention something my wife and I have been doing for the past several months. We have been using essential oils to either supplement, or in my case take the place of either prescription or over the counter drugs and medicines. We have seen no miracles, but our children have been very well this winter and a lot of people in our neighborhood have noticed and become involved. I have been sick twice since my wife has been doing this with the kids, maybe it would have been prevented if I would have been taking them more faithfully, instead of taking medicine I used the essential oils. It still took a few days but I was able to do it more naturally and with none of the groggy haze that comes with most of the medicines out there. Anyway, if you would like more information, here is a link you can go to.

Need to borrow money for a house? Remember, if you have credit and job history, you can still get a 5% down conventional loan OAC, or a 3.5% down FHA loan OAC (contact me if you need specifics, I can refer you to the right people). That being said, I think if you see a good deal, it is time to buy. Many segments of our market are now to the point where they "pencil" as rentals, and they can not be built for the prices they are going for. It is at that point in the real estate cycle when things start to smooth out. I am not predicting we are at the bottom, nor am I predicting that there will not be some more movement, because I think there will. What I am saying, if you see something that is a good deal now, it will likely be a good deal, or at least a fair deal whenever we reach the bottom. I think it is time to buy if you are ready. Any way, this is how it all turned out in January.

Total Market Activity on Homes in January
Active Listings: 1,915 (Dec 1,643)
New Listings: 407 (Dec 299)
Sold Listings: 82 (Dec 121)
Months of Inventory: 23.35 (Dec 13.58)

Homes priced up to $150,000
Active Listings: 194 (Dec 166)
New Listings: 57 (Dec 40)
Sold Listings: 15 (Dec 21)
Months of Inventory: 12.93 (Dec 7.90)

Homes priced from $150,001 to $200,000
Active Listings: 346 (Dec 312)
New Listings: 72 (Dec 63)
Sold Listings: 21 (Dec 32)
Months of Inventory: 16.48 (Dec 9.75)

Homes priced from $200,001 to $250,000
Active Listings: 316 (Dec 262)
New Listings: 68 (Dec 57)
Sold Listings: 13 (Dec 20)
Months of Inventory: 24.31 (Dec 13.05)

Homes priced from $250,001 to $300,000
Active Listings: 273 (Dec 242)
New Listings: 51 (Dec 36)
Sold Listings: 14 (Dec 17)
Months of Inventory: 19.50 (Dec 14.24)

Homes priced from $300,001 to $350,000
Active Listings: 180 (Dec 143)
New Listings: 49 (Dec 29)
Sold Listings: 9 (Dec 9)
Months of Inventory: 20.00 (Dec 15.89)

Homes priced from $350,001 to $400,000
Active Listings: 132 (Dec 116)
New Listings: 32 (Dec 14)
Sold Listings: 4 (Dec 11)
Months of Inventory: 33.00 (Dec 10.55)

Homes priced from $400,001 to $450,000
Active Listings: 72 (Dec 66)
New Listings: 10 (Dec 12)
Sold Listings: 2 (Dec 4)
Months of Inventory: 36.00 (Dec 16.50)

Homes priced from $450,001 to $500,000
Active Listings: 64 (Dec 53)
New Listings: 16 (Dec 9)
Sold Listings: 2 (Dec 0)
Months of Inventory: 32.00 (No Sales in Dec)

Homes priced from $500,001 to $550,000
Active Listings: 47 (Dec 42)
New Listings: 8 (Dec 6)
Sold Listings: 0 (Dec 3)
Months of Inventory: No Sales in Jan (Dec 14.00)

Homes priced from $550,001 to $600,000
Active Listings: 43 (Dec 36)
New Listings: 11 (Dec 4)
Sold Listings: 0 (Dec 1)
Months of Inventory: No Sales in Jan (Dec 36.00)

Homes priced from $600,001 to $650,000
Active Listings: 31 (Dec 29)
New Listings: 4 (Dec 4)
Sold Listings: 0 (Dec 0)
Months of Inventory: No sales in Jan (No Sales in Dec)

Homes priced from $650,001 to $700,000
Active Listings: 32 (Dec 29)
New Listings: 7 (Dec 3)
Sold Listings: 1 (Dec 0)
Months of Inventory: 32.00 (No Sales in Dec)

Homes priced from $700,001 to $750,000
Active Listings: 18 (Dec 16)
New Listings: 7 (Dec 3)
Sold Listings: 0 (Dec 1)
Months of Inventory: No Sales in Jan (Dec 16.00)

Homes priced from $750,001 to $1,000,000
Active Listings: 83 (Dec 75)
New Listings: 6 (Dec 9)
Sold Listings: 0 (Dec 1)
Months of Inventory: No Sales in Jan (Dec 75.00)

Homes priced from $1,000,001 and Up
Active Listings: 95 (Dec 81)
New Listings: 11 (Dec 13)
Sold Listings: 1 (Dec 1)
Months of Inventory: 95.00 (Dec 81.00)

The following information is for building lots in the same general area as the housing data listed above. All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1,233 (Dec 1,162)
New Listings: 100 (Dec 133)
Sold Listings: 11 (Dec 14)
Months of Inventory: 112.09 (Dec 83.00)

Here are the data ranges:

Building lots up to $100,000
Active Listings: 518 (Dec 492)
New Listings: 45 (Dec 67)
Sold Listings: 11 (Dec 9)
Months of Inventory: 47.09 (Dec 54.67)

Building lots from $100,001 to $150,000
Active Listings: 297 (Dec 278)
New Listings: 27 (Dec 28)
Sold Listings: 0 (Dec 0)
Months of Inventory: No Sales in Jan (No Sales in Dec)

Building lots from $150,001 to $200,000
Active Listings: 166 (Dec 156)
New Listings: 9 (Dec 19)
Sold Listings: 0 (Dec 1)
Months of Inventory: No sales in Jan (Dec 59.00)

Building lots from $200,001 and up
Active Listings: 252 (Dec 236)
New Listings: 19 (Dec 19)
Sold Listings: 0 (Dec 4)
Months of Inventory: No Sales in Jan (Dec 59.00)

Shorts Sells:

After long last, I was able to close a short sell I have been working on for a few months. They do work, and when they do, they probably are the best deals, but if you are in a hurry, forget it. They usually take from 2-8 months to work out, and it usually goes from no communication to doing everything you can and must in a matter of days, and with very little if any say in the matter if you want the property. A recent national statistic said only about 30-35% of short sells are successful. Bottom line, a lot of waiting for something that may work. If it does, you usually do well, but be prepared for some waiting time and red tape.

One of the tips and tricks that I like to use is, if you see short sells that you like, since you DO NOT TO PUT DOWN EARNEST MONEY, and it has no relevance until the lien holder agrees to it, make offers on several, and see which one gets back to you first. If you get one to say "yes" rescind the rest and move forward. In the end you are doing everyone a favor of getting things moving, because the bank usually will not speak to the listing agent until he or she has a contract in hand.

Foreclosures:

We are seeing a lot of them. They are good deals, but the best way I can describe them is a house that usually needs a little work, and if you are handy and are willing to jump in, you can usually buy them for about a 10% discount, but they probably need about 3-5% of that back to bring them up to speed. I have not worked the numbers on this, all I am saying is in most cases they are a good deal and you can gain some sweat equity, but they certainly are not the deal on TV you see at midnight that says you can buy houses for $1.86 and a bag of chips. If that were the case, and they really were that great of a deal, don't you think that I would get a few partners and buy them? That being said, I have helped a few clients get some great deals this past quarter or two.

If you want a free list of all of the foreclosures on the MLS for sale, go ahead and log onto:
www.southernutahforeclosure.com, and fill out the form and I can get you set up.

Thanks for your patience, and I appreciate your support. If you need me, send me an email, I will get back to you.

Happy New Year everyone! I hope every one has taken off the feed bag and is ready to go to work. I know when my wife is ready for the holidays to be over, because she collects all of the fun foods in the house and throws them all away, whether I am finished or not.

I would like to Thanks the following for helping me with my family and Merry Christmas and getting me started on a new year...

1. Bill Rawson and Jon Crockett (purchase and sale)

2. Eric and Heather Jensen (purchase)

3. Len and Erin Pickens (purchase)

4. Terry Ryerson from Prudential Realty (sale transformed to purchase)

Bill and Jon are both past clients and Bill bought a building lot from Jon. Eric and Heather Jensen are first time buyers and we were able to find them a great home to get started in. Len and Erin Pickens were referred to me by Terry Kelvington, a Sphere of Influence member and they bought one of the premiere golf course view lots on Sky Mountain Golf course. It is absolutely gorgeous. Terry Ryerson is a competing agent who had a buyer for one of my listings, when it foreclosed. The bank no longer needed my services, but he kept me in the deal and shared his commission with me. Never have I seen such a great sacrifice and sense of fair play from a competing agent. My hat is off to him.

To all of you that think there is not money out there, I still have a couple of lenders that I work with very closely that can do FHA and 5% down conventional home loans if you can show income and credit. I know, it doesn't seem fair to require history of actually paying bills and the income to do so, but those are the new rules and we will all have to get used to them. The point is, qualified folks that have income and credit can and are buying homes so don't let the haze of the doom and gloom media scare you too bad.

This is what happened in December, you an compare it with November in the (...).

Total Market Activity on Homes in December

Active Listings: 2,011 (Nov 1,775)

New Listings: 305 (Nov 306)

Sold Listings: 115 (Nov 127)

Months of Inventory: 17.49 (Nov 13.98)

Homes priced up to $150,000

Active Listings: 196 (Nov 162)

New Listings: 42 (Nov 45)

Sold Listings: 19 (Nov 27)

Months of Inventory: 10.32 (Nov 6.00)

Homes priced from $150,001 to $200,000

Active Listings: 343 (Nov 301)

New Listings: 65 (Nov 56)

Sold Listings: 32 (Nov 28)

Months of Inventory: 10.72 (Nov 10.75)

Homes priced from $200,001 to $250,000

Active Listings: 331 (Nov 281)

New Listings: 57 (Nov 55)

Sold Listings: 20 (Nov 27)

Months of Inventory: 16.55 (10.41)

Homes priced from $250,001 to $300,000

Active Listings: 287 (Nov 259)

New Listings: 34 (Nov 47)

Sold Listings: 16 (Nov 16)

Months of Inventory: 17.94 (Nov 16.19)

Homes priced from $300,001 to $350,000

Active Listings: 180 (Nov 159)

New Listings: 29 (Nov 25)

Sold Listings: 9 (Nov 6)

Months of Inventory: 20.00 (Nov 26.50)

Homes priced from $350,001 to $400,000

Active Listings: 138 (Nov 131)

New Listings: 14 (Nov 20)

Sold Listings: 11 (Nov 8)

Months of Inventory: 12.55 (Nov 16.38)

Homes priced from $400,001 to $450,000

Active Listings: 85 (Nov 77)

New Listings: 8 (Nov 11)

Sold Listings: 3 (Nov 4)

Months of Inventory: 28.33 (Nov 19.25)

Homes priced from $450,001 to $500,000

Active Listings: 79 (Nov 72)

New Listings: 12 (Nov 7)

Sold Listings: 0 (Nov 3)

Months of Inventory: No Sales in Dec (Nov 24.00)

Homes priced from $500,001 to $550,000

Active Listings: 53 (Nov 50)

New Listings: 4 (Nov 7)

Sold Listings: 2 (Nov 0)

Months of Inventory: 26.50 (No sales in Nov)

Homes priced from $550,001 to $600,000

Active Listings: 46 (Nov 43)

New Listings: 6 (Nov 0)

Sold Listings: 1 (Nov 3)

Months of Inventory: 46.00 (Nov 14.33)

Homes priced from $600,001 to $650,000

Active Listings: 28 (Nov 24)

New Listings: 4 (Nov 1)

Sold Listings: 0(Nov 2)

Months of Inventory: No sales in Dec (Nov 12.00)

Homes priced from $650,001 to $700,000

Active Listings: 35 (Nov 29)

New Listings: 0 (Nov 1)

Sold Listings: 0 (Nov 1)

Months of Inventory: No Sales in Dec (Nov 29.00)

Homes priced from $700,001 to $750,000

Active Listings: 22 (Nov 19)

New Listings: 1 (Nov 3)

Sold Listings: 1 (Nov 0)

Months of Inventory: 22.00 (No Sales in Nov)

Homes priced from $750,001 to $1,000,000

Active Listings: 94 (Nov 84)

New Listings: 9 (Nov 14)

Sold Listings: 0 (Nov 1)

Months of Inventory: No Sales in Dec (Nov 84.00)

Homes priced from $1,000,001 and Up

Active Listings: 94 (Nov 84)

New Listings: 15(Nov 12)

Sold Listings: 1(Nov 1)

Months of Inventory: 94.00 (Nov 84.00)

The following information is for building lots in the same general area as the housing data listed above.

All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1,257 (Nov 1,123)

New Listings: 137 (Nov 66)

Sold Listings: 14 (Nov 40)

Months of Inventory: 89.79 (Nov 28.07)

Building lots up to $100,000

Active Listings: 521 (Nov 449)

New Listings: 69 (Nov 37)

Sold Listings: 9 (Nov 14)

Months of Inventory: 57.89 (Nov 32.07)

Building lots from $100,001 to $150,000

Active Listings: 332 (Nov 300)

New Listings: 31 (Nov 7)

Sold Listings: 0 (Nov 1)

Months of Inventory: No Sales in Dec (Nov 300.00)

Building lots from $150,001 to $200,000

Active Listings: 158 (Nov 144)

New Listings: 18 (Nov 8)

Sold Listings: 1 (Nov 2)

Months of Inventory: 158.00 (Nov 72.00)

Building lots from $200,001 and up

Active Listings: 246 (Nov 230)

New Listings: 19 (Nov 14)

Sold Listings: 4(Nov 23)

Months of Inventory: 61.50 (Nov 10.00)

Short Sales

Still happening. Not the easiest way to make it go away, but if you have the following criteria, you have a fair shot at it.

1. Loss of job

2. Divorce

3. Major medical emergency

If you are solvent, have other assets, or if it is a spec or second home, you can expect a deficiency notice, and an unsecured promissory note to the lender. The good news is it is often for a diminished amount and the interest and payment are often negotiable. Needless to say all cases are different, and people could cite several examples to the contrary, but these generalities seem to prevail. Before making this kind of decision, it is very wise to speak to your accountant or attorney to decide what is best for you if you are considering selling your home short.

For a buyer, first and foremost if you make an offer on a short sell that does not have an approved price, plan on waiting a minimum of about a month and as long as six to get an answer from the bank (lien holder). Bottom line, if you are in a hurry, probably not for you. You must be very patient, and kind of go to sleep while you are waiting. If you find an "approved" short sell, that means some other poor unfortunate soul has done your dirty work of waiting and their loan fell through or they just got tired of waiting and opted out of the deal. This works great for you, because you can slide in there, and it works a lot more like a normal deal at this point, except for you have to meet all of their demands and timing to get it to work.

One more thing to remember, since you will be getting a house for a great deal, expect some risk. There may be times when you spend money on appraisals and inspections, then the seller's bank makes an unrealistic demand at the closing table that blows up the deal. Unfortunately, you are out your money; keep in mind the seller usually has no money, that is why they are selling short, and the entire deal is subject to third party approval.

Patience is the key with short sales. Sadly, depending on who the listing agent is, and how well they have done their home work and submitted their package to the bank will make a huge difference in the success of the transaction closing. Most often, that is something you can not control.

Foreclosures

I just did a quick search and found that almost 7.5% of the listed RESIDENCES, not building lots, mobile homes or park models, but actual single family homes, Condos and townhomes are currently bank owned. That does not include short sales! Short sales account for an additional 17.1%, and they are the ones that marked it correctly, I would venture to guess that shorts sales are at least 20% of the active listings.

The point is, there is better than, and I mean a lot better than a 25% chance you will be dealing with a short sale or a foreclosure if you are looking to buy a home in this market. Contrary to common belief, you can not steal these houses, and the late night shows that tell you can buy places for $1000 and a bag of chips, might work in Detroit or Flint, Michigan, but it sure does not work here. A foreclosure usually will take within 2% of the asking price in the first 30 days of the listing. After the first 30 days they become a lot more eager to deal with realistic, qualified buyers provided you can show good down payment and qualification. Even if you offer is verbally accepted within the first 24-72 hours of making it, plan on the banks addendum with in two weeks, which is usually a regurgitation of your offer on their forms so they don't have to mess with our contract. Again, patience is the key.

We live in different real estate world. Until the market corrects it self and this inventory is absorbed, we can count on dealing with these two types of listings very regularly. You probably will not hit a grand slam home run, and get a short sales or foreclosure for pennies on the dollar, but like some of my clients have, you can get a deal that puts you in an equity position, and allows you to do some fixing and updating without pricing yourself out of the market.

As always, if I can do anything for you or anyone you know, send me an email.

If you or anyone you know would like to have foreclosures sent to your inbox at no cost or obligation to you, please sign up at www.southernutahforeclosure.com and click on buyers.

Merry Christmas and Thank you!

I have done a little reflecting over the course of this last week. It is 2008, and though my real estate business may not be as lofty as it was in 2004-06, I want you all to know how grateful I am for all of you. I have had a good year. Not a 2005 year, but a good year. I took a look at the source of my business and I found that out of the 38 transactions I was able to close this year, 31 were because of you. When I say you, I mean, past clients, or people I know that cared enough to refer me to others that were interested in buying or selling in our market. I cannot tell you how grateful I am for your help and support. I could not have done it without you! You have kept me in business.

There is a lot of negative talk out there right now. Maybe some of you have lost your jobs, or your pay has been cut. I think it is time for all of us to focus on the positive and go to work. Sometimes I think it pays to put the blinders on a little and not believe what the main street media has to say all of the time. No matter what business we are all in, there are still people out there that want to do business. Sure it may take a lot more effort on our parts, and we may have to do the jobs we could have rejected a few years ago, but the point is, opportunities are out there if we will look and if we will believe it. Let’s keep our goals in mind, a prayer in our heart, a positive attitude and Go to work!

Lastly I want to get something else off my chest. MERRY CHRISTMAS!!! Yes, Christmas, not holidays, or winter break or winter solstice, but Christmas as in the day we celebrate the birth of the Lord Jesus Christ. I am a member of the Church of Jesus Christ of Latter-day Saints. As the name shouts, I am a Christian, and I have accepted the Lord Jesus Christ as my personal Savior. I know he lives, and I know through him and his atoning sacrifice we can return to live with our Father in Heaven some day. What a privilege to live in a land where I can celebrate this most wonderful of days, and to share these feelings with colleagues and friends without fear of retribution.

So, no matter what race, creed, religion or of what national origin you belong or what you or yours celebrate, and how you do it, I applaud you and am deeply thankful that you that right to celebrate and worship whomever or whatever your conscience dictates. I pray that you may do so with peace, love and without fear of retribution too, EVEN IF IT IS DIFFERENT FROM WHAT I BELIEVE.

May the love of the Lord be with all of us, and may we experience the love and peace that this season offers! Make it a great New Year, and thanks for letting me break away from being so P.C.

The Southern Utah Real Estate Market in November

The market has been interesting, and here is the good news, with interest rates dropping we expect a lot of good things to happen in the up coming months. I think we are going to see a noticeable increase in sales over the next couple of months. That of course, is exciting to me, as it should be to you, especially if your house is on the market. Remember, I have reputable lender contacts that still have some great 5% down programs if you have good credit, so getting money still is possible. Before we get too far into that, there are some special people I would like to thank for their business this past month.

1. Nathan and Brittany Fielding (Purchase)
2. Larry and Diana Haggerty (Purchase)
3. Doug Brough and Cal Carman (Purchase)
4. Boyer Green Valley LC (Listing sold)

As you can see the market is still moving a bit, I would like to thank Rhea Racker for the referral of the Haggertys. They were great to work with, and frankly, I can not do it without all of your help.

I have a new website that you might be interested in. www.southernutahforeclosure.com From this website you can receive CURRENT lists of ACTUAL FORECLOSED inventory that is available for sale on the Washington County Board of Realtors MLS. This only works for properties in and around Washington County. No default lists, or pre-foreclosures, we are talking real foreclosures waiting for real buyers. If you want to sign up, please do so, and let anyone else know who may be interested too.

This is how the market went this past month…

Total Market Activity on Homes in November

Active Listings: 2,334 (Oct 2,374)
New Listings: 341 (Oct 480)
Sold Listings: 116 (Oct 138)
Months of Inventory: 20.12 (Oct 17.20)

Homes priced up to $150,000
Active Listings: 208 (Oct 221)
New Listings: 50 (Oct 50)
Sold Listings: 26 (Oct 20)
Months of Inventory: 8 (Oct 11.05)

Homes priced from $150,001 to $200,000
Active Listings: 369 (Oct 368)
New Listings: 65 (Oct 86)
Sold Listings: 25 (Oct 37)
Months of Inventory: 14.76 (Oct 9.95)

Homes priced from $200,001 to $250,000
Active Listings: 371 (Oct 401)
New Listings: 58 (Oct 74)
Sold Listings: 24 (Oct 29)
Months of Inventory: 15.46 (Oct 13.83)

Homes priced from $250,001 to $300,000
Active Listings: 337 (Oct 324)
New Listings: 53 (Oct 74)
Sold Listings: 12 (Oct 24)
Months of Inventory: 28.08 (Oct 13.50)

Homes priced from $300,001 to $350,000
Active Listings: 222 (Oct 221)
New Listings: 27 (Oct 44)
Sold Listings: 6 (Oct 14)
Months of Inventory: 37 (Oct 15.79)

Homes priced from $350,001 to $400,000
Active Listings: 165 (Oct 164)
New Listings: 21 (Oct 26)
Sold Listings: 7 (Oct 6)
Months of Inventory: 23.57 (Oct 27.33)

Homes priced from $400,001 to $450,000
Active Listings: 105 (Oct 114)
New Listings: 10 (Oct 21)
Sold Listings: 4 (Oct 3)
Months of Inventory: 26.25 (Oct 38)

Homes priced from $450,001 to $500,000
Active Listings: 110 (Oct 116)
New Listings: 10 (Oct 20)
Sold Listings: 3 (Oct 1)
Months of Inventory: 36.67 (Oct 116)

Homes priced from $500,001 to $550,000
Active Listings: 67 (Oct 64)
New Listings: 10 (Oct 9)
Sold Listings: 0 (Oct 0)
Months of Inventory: No Sales in Nov (No sales in Oct)

Homes priced from $550,001 to $600,000
Active Listings: 59 (Oct 63)
New Listings: 1 (Oct 14)
Sold Listings: 4 (Oct 1)
Months of Inventory: 14.75 (Oct 63)

Homes priced from $600,001 to $650,000
Active Listings: 30 (Oct 31)
New Listings: 0 (Oct 8)
Sold Listings: 2 (Oct 1)
Months of Inventory: 15 (Oct 31)

Homes priced from $650,001 to $700,000
Active Listings: 50 (Oct 51)
New Listings: 5 (Oct 9)
Sold Listings: 1 (Oct 1)
Months of Inventory: 50 Oct 51)

Homes priced from $700,001 to $750,000
Active Listings: 21 (Oct 20)
New Listings: 3 (Oct 4)
Sold Listings: 0 (Oct 0)
Months of Inventory: No Sales in Nov (No Sales in Oct)

Homes priced from $750,001 to $1,000,000
Active Listings: 105 (Oct 99)
New Listings: 14 (Oct 21)
Sold Listings: 1 (Oct 0)
Months of Inventory: 105 (No Sales in Oct)

Homes priced from $1,000,001 and Up
Active Listings: 115 (Oct 117)
New Listings: 14 (Oct 20)
Sold Listings: 1 (Oct 1)
Months of Inventory: 115 (Oct 117)

The following information is for building lots in the same general area as the housing data listed above. All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1,403 (Oct 1,490)
New Listings: 69 (Oct 151)
Sold Listings: 38 (Oct 16)
Months of Inventory: 36.92 (Oct 93.12)

Here are the data ranges:

Building lots up to $100,000
Active Listings: 946 (Oct 990)
New Listings: 51 (Oct 121)
Sold Listings: 15 (Oct 10)
Months of Inventory: 63.07 (Oct 99)

Building lots from $100,001 to $150,000
Active Listings: 387 (Oct 405)
New Listings: 10 (Oct 33)
Sold Listings: 1 (Oct 0)
Months of Inventory: 387 (No Sales in Oct)

Building lots from $150,001 to $200,000
Active Listings: 177 (Oct 197)
New Listings: 6 (Oct 13)
Sold Listings: 1 (Oct 2)
Months of Inventory: 177 (Oct 98.50)

Building lots from $200,001 and up
Active Listings: 280 (Oct 303)
New Listings: 12 (Oct 17)
Sold Listings: 22 (Oct 4)
Months of Inventory: 12.73 (Oct 75.75)

Short Sales and Foreclosures

I am only working with a couple of short sell listings right now, and a couple of buyers. The banks seem to be a little more stingy and less fun to work with. I am certainly not going to say that they can not be done, I am just saying they are a heck of a lot of work, and the national averages say about 1/3 of them will get done. Bottom line, don't get your heart set on it, but nothing ventured, nothing gained.

Foreclosures have been pretty solid lately and they do offer some good deals. When I say good deals, I am speaking about the end user. I am not saying there are a lot of opportunities for investors or to fix and flip, what I am seeing is there are some solid deals for people to go in with a willingness to put up some elbow grease and come out in an equity position. It will be interesting to watch that trend as the interest rates fall, and the barriers to entry diminish.

Happy holidays everyone, and as always, if I can help in any way, don't hesitate to send me a quick email.

joe@joelangston.com

Status of The Southern Utah Real Estate Market for October

Well folks, October 2008 is in the books. I hope you are already for Thanksgiving and getting ready for the turkey. In the spirit of Thanksgiving, I would like to thank those who we were able to close this month. We know you have a lot of choices and we are always flattered you have chosen us.

Randy and Beth Wyatt (Sold Listing)
Bob and Brenda Crow (Sold Listing)
Toni Thompson (Purchase)

I would also like to thank Dustin and Traquel Dayley for referring the Wyatts, and Gerald and Cortney Brewer for referring the Crows. I was able to find Toni when I spoke to her mother Colleen Simkins about a listing I had in the neighborhood.

So this is what happened in the Greater St. George and Hurricane during the course of this last month. Once again, remember, this only includes homes and lots that have conveyed on the MLS, I have no way of being accurate on non-MLS sales.

Total Market Activity on Homes in October
Active Listings: 2,083 (Sept 1,733)
New Listings: 413 (Sept 385)
Sold Listings: 133 (Sept 144)
Months of Inventory: 15.66 (Sept 12.03)

Homes priced up to $150,000
Active Listings: 178 (Sept 156)
New Listings: 43 (Sept 34)
Sold Listings: 20 (Sept 24)
Months of Inventory: 8.90 (Sept 6.50)

Homes priced from $150,001 to $200,000
Active Listings: 305 (Sept 254)
New Listings: 61 (Sept 65)
Sold Listings: 35 (Sept 28)
Months of Inventory: 8.71 (Sept 907)

Homes priced from $200,001 to $250,000
Active Listings: 349 (Sept 279)
New Listings: 67 (Sept 82)
Sold Listings: 29 (Sept 30)
Months of Inventory: 12.03 (Sept 9.30)

Homes priced from $250,001 to $300,000
Active Listings: 289 (Sept 248)
New Listings: 60 (Sept 48)
Sold Listings: 22 (Sept 18)
Months of Inventory: 13.14 (Sept 13.78)

Homes priced from $300,001 to $350,000
Active Listings: 195 (Sept 162)
New Listings: 40 (Sept 33)
Sold Listings: 14 (Sept 13)
Months of Inventory: 13.93 (12.46)


Homes priced from $350,001 to $400,000
Active Listings: 145 (Sept 125)
New Listings: 25 (Sept 28)
Sold Listings: 6 (Sept 13)
Months of Inventory: 24.17 (Aug 9.62)

Homes priced from $400,001 to $450,000
Active Listings: 99 (Sept 83)
New Listings: 22 (Sept 18)
Sold Listings: 3 (Sept 6)
Months of Inventory: 33.00 (Sept 13.83)

Homes priced from $450,001 to $500,000
Active Listings: 99 (Sept 80)
New Listings: 17 (Sept 16)
Sold Listings: 1 (Sept 1)
Months of Inventory: 99.00 (Sept 80.00)

Homes priced from $500,001 to $550,000
Active Listings: 65 (Sept 52)
New Listings: 7 (Sept 10)
Sold Listings: 0 (Sept 1)
Months of Inventory: No Sales in October (Sept 52.00)

Homes priced from $550,001 to $600,000
Active Listings: 54 (Sept 42)
New Listings: 14 (Sept 12)
Sold Listings: 1 (Sept 2)
Months of Inventory: 54.80 (Sept 21.00)

Homes priced from $600,001 to $650,000
Active Listings: 31 (Sept 28)
New Listings: 4 (Sept 5)
Sold Listings: 1(Sept 2)
Months of Inventory: 31.00 (Sept 14.00)

Homes priced from $650,001 to $700,000
Active Listings: 51 (Sept 43)
New Listings: 12 (Sept 6)Sold Listings: 0 (Sept 0)
Months of Inventory: No Sales in October or Sept


Homes priced from $700,001 to $750,000
Active Listings: 16 (Sept 11)
New Listings: 4 (Sept 3)
Sold Listings: 0 (Sept 1)
Months of Inventory: No Sales in October (Sept 11.00)

Homes priced from $750,001 to $1,000,000
Active Listings: 96 (Sept 76)
New Listings: 18 (Sept 13)
Sold Listings: 0 (Sept 4)
Months of Inventory: No Sales in October (Sept 19.00)

Homes priced from $1,000,001 and Up
Active Listings: 110 (Sept 91)
New Listings: 19 (Sept 14)
Sold Listings: 0 (Sept 0)
Months of Inventory: (No Sales in October or September)

The following information is for building lots in the same general area as the housing data listed above. All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1393 (Sept 1227)
New Listings: 143 (Sept 145)
Sold Listings: 14 (Sept 21)
Months of Inventory: 99.50 (Sept 58.43)

Here are the data ranges:

Building lots up to $100,000
Active Listings: 537 (Sept 463)
New Listings: 82 (Sept 57)
Sold Listings: 9 (Sept 13)
Months of Inventory: 59.67 (Sept 35.62)

Building lots from $100,001 to $150,000
Active Listings: 382 (Sept 334)
New Listings: 31 (Sept 37)
Sold Listings: 0 (Sept 1)
Months of Inventory: No Sales in October (Sept 334.00)


Building lots from $150,001 to $200,000
Active Listings: 199 (Aug 198)
New Listings: 11 (Aug 7)
Sold Listings: 2 (Aug 2)
Months of Inventory: 99.50 (Aug 99.00)

Building lots from $200,001 and up
Active Listings: 289 (Sept 262)
New Listings: 16 (Sept 39)
Sold Listings: 3 (Sept 4)
Months of Inventory: 96.00 (Sept 65.00)

Foreclosures and Short Sells

The foreclosure market is really ramping up. I am in the process of revamping my foreclosure website so that it will give everyone full access to any foreclosed listing on the MLS. No bull, just listings you can actually buy. The site is www.southernutahforeclosure.com. Check it out. It should be up in the next few days. I am excited about it, and I think it will help.

Short sells. Starting to see fewer of them, a lot of them, of course are turning into foreclosures.

Good deals are abounding. I am seeing more and more of them everyday. It is a great time to buy.

As always, please let me know what I can do to help you and yours with any and all of your real estate needs.