In this edition of the Utah Real Estate Podcast, we talked about:
- Five reasons to sell your house now
- Stabilizing house prices
- Inventory glut decline
- Phenomenal interest rates
- Are you above water?
- $275,000 and less means quick potential offers
Press the ‘PLAY’ button to listen to Utah Real Estate #48: $275,000 and Less
YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
COOL VOICE GUY: Information you need, the podcasts you love, this is the PatrickWiscombe.com podcast network. Its real estate news you can you. This is the Utah Real Estate podcast, giving you free expert advice and tips, if you’re looking to buy or sell a house. And now, here are your hosts, Ned Chidester and Patrick Wiscombe.
SPONSOR: The Utah Real Estate Podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in the state of Utah, please call or text Patrick Wiscombe at 801-874-7717.
PATRICK WISCOMBE: It’s the Utah Real Estate podcast. My name is Patrick Wiscombe, thank you as always for tuning us in and taking us along wherever and however you’re accessing the podcast. Coming up on today’s edition of the Utah Real Estate Podcast, we’re going to give you 5 reasons to sell your house right now. Joining me right now for the Podcast, as he does when we decide to record, is Ned Chidester, one of the owners at Weichert Realtors at the Rockies, Real Estate agent, and all around good dude. How are you?
NED CHIDESTER: Good, good Patrick how are you?
PATRICK: Good. Let’s talk about some of the reasons why people should genuinely try and sell their house right now.
NED: The first thing that comes to my mind is home prices are stabilizing, and I would say for the last couple of years we’ve been in a situation where the market has been declining. We’ve seen home prices falling. What we’re starting to see now, the new trend is that prices are starting to stabilize. In fact, in some markets right here in UT, home prices are starting to increase and go the other direction. So we’re starting to see prices go up which is a good sign that we’re headed towards a more healthy market.
PATRICK: Because of all the bad home economic news, or property economic news, I would say that the general perception still, as of today April 18, 2013, is that the housing market is really depressed; that that’s just simply not the case.
NED: Well you’re exactly right! In fact, if anything, what we’re seeing is we have many more people who want to buy houses right now; which would be another reason why it’s a good time to sell, but we have a lot more people who are showing interest in purchasing homes; either their first home or investors or what have you, than we have homes to sell. So we’re starting to see that trend, which is also forcing prices to a stabilized level, or moving towards increasing.
PATRICK: Why now? Is it post-election?
NED: I think it’s probably a little bit of that. I also believe that we had, at one point, a lot of inventory on the market, and we’re starting to see a decline in that inventory. We’re down as much as 40% from this time last year, as far as the number of homes on the market. So with limited inventory but an increase….you know whether it’s interest rates, whether it’s post-election, whether its people are just ready to buy as opposed to rent, I don’t know what that is. But we’re low on inventory, which is another reason.
PATRICK: Well that’s another reason that we’re in the real estate business, and we’re going to encourage people to find out what their house will sell for. A few seconds ago you brought up that mortgage rates are phenomenal still. I mean they’ve been creeping up but they are still phenomenal none the less.
NED: Oh absolutely! Patrick, when I got into this business of selling houses, interest rates were nearly 9 percent, and that wasn’t very long ago. That was 15 years ago! To have rates be between 3 and 4 percent now is incredible! To be less than half where it was then is phenomenal.
PATRICK: If you’ve thought about selling your house find out how much you’re going to sell for. Now here’s a genuine concern, the home prices are stabilizing and starting to increase. That doesn’t necessarily mean you’re going to be above water. Now is a decent time to, at least, take a look at it.
NED: Absolutely! You know I encourage people, if moving is in your future at all, give me a call. Let’s get together. Let’s take a look at your house. Let’s figure out what it might sell for in this market, and we might be able to put something together to get it sold for you. Your house might be worth more than you thought. Worst case scenario, we don’t charge anything for the service of providing a market analysis. We can at least give you an idea where you’d be in today’s market.
PATRICK: Absolutely! It’s been my experience, it’s been your experience, that most homes are going at $250,000 and less if you’re trying to sell it, you’re going to sell it pretty fast.
NED: Most statistics that I’ve seen, Patrick, with that regard, average days on market is 45 days or less. People are getting between 97 and 100 percent of their listed price!
PATRICK: Someone will list with you, a house that is about $275000 or less? Would that be fair?
NED: Yeah absolutely.
PATRICK: Ok, so $275,000 and less, and you’re going to start getting offers. You’re certainly going to get calls within just a few days. Really, within a day or two, and you might have an offer on your house, I’d say within a week.
NED: Yeah not unreasonable, to have at least several showings. If you don’t have an offer and you do have several showings, well then we’ve got something else to talk about. But I would say that that’s absolutely possible.
PATRICK: Alright, we’ll go ahead and wrap up today’s edition of the Utah Real Estate Podcast. We’ve been talking about how home prices are starting to stabilize, and actually going up. We’ll continue our conversation tomorrow, right here on the Utah Real Estate Podcast. In the meantime if you are even considering buying or selling a house within the state of Utah, contact Ned Chidester at 801-420-7653. You can also get a hold of him here at Weichert Realtors at the Rockies at 801-756-9559. So for Ned Chidester, I’m Patrick Wiscombe. Thanks for listening; we’ll talk to you tomorrow.
COOL VOICE GUY: Helping you buy or sell a house, this has been the Utah Real Estate podcast with your host Ned Chidester and Patrick Wiscombe, sponsored by Weichert Realtors at the Rockies.