Southern Utah Real Estate Market

The real estate market in southern Utah is still abounding with great deals in certain price ranges.  Unfortunately most of them are the bank owned properties.  There are still a lot of short sale properties on the market.  Most buyers are side stepping the short sales because they have learned that most of them take forever to get responses and even longer to actually try and close one.  Many offers that we made on short sales have to be renegotiated because the value of the property has fallen to even less than what the original offer was.  I was listening to a conversation between a couple of people and one had done a short sale and was so discouraged about the time that it took to do it, but actually bought the property for $30,000 less than his original offer.  So if you are willing to go the short sale route pay attention to values, especially if you made your offer over three months ago.  The value of the property may be less than what you offered.

If you are looking for a great home in the $300,000 to $400,000.00 you will need to be patient and realize that they are hard to find.  There are however still opportunities that come along.  If you want to take advantage of those great buys you need to have cash or your financing in place.  If you don’t have a pre-approval letter, not a pre-qualification letter, you probably won’t have a shot at purchasing the home.  If you have to sell your current home and are trying to get one of those great deals it won’t happen unless you have the ability to do a bridge loan or have enough income to qualify for two mortgages. Getting a loan for a second home is difficult to do and requires a considerable down payment.

I have noticed that the homes in the $200,000 and under price range go very quickly and are difficult to find if you aren’t willing to deal with short sales.  The pressure will increase for these homes for the next couple of weeks as people try to purchase a home before the first time home buyer tax credit goes away.  Also remember the credit for moving up in a home purchase will also go away in mid April.  If you want to take advantage of the free government money you need to do it in the next week or two or you will miss the boat.  If you would like more information on the current market conditions please feel free to contact me.

9 Responses to “Southern Utah Real Estate Market”

  1. Great news with loads of great content, continue the great effort. I will retain the site and keep for later reference.

  2. I REALLY liked your post and blog! It took me a tiny bit to locate your site…but I bookmarked it. Would you mind if I placed a link back to your post? I have a land Information site of my own at Wyoming Land. Regards!   I liked reading your work!

  3. What haps with homeowner’s associations when condominiums foreclose? Are the people who still dwell there imagined to pick up the slack? Or would whoever finally buys it owe money for preceding due habitation owners association fees? If either is the case, it seems like a condos in townspeoples with a lot of foreclosures would be nigh impossible to sell, and it seems like it would be a problem for the other peoples who aren’t foreclosing on their condominiums.

  4. Good stuff! I’m doing an article about a similar topic right now. I will be using this as a reference on mine as well.

  5. Rex Ryan says:

    I do not even know how I ended up here, but I thought this post was good. I don’t know who you are but certainly you’re going to a famous blogger if you aren’t already 😉 Cheers!

  6. Good point. Short sales are the way to go right now. We are Luxury Short Sale specialists and are getting many of them closed. Fortunately lenders are finally starting to get better at them.

  7. I’m bookmarking your blog for future use, I definitely agree with you 100%. The market is a mess right now and good useful information is a consumers best tool for survival.

  8. I’m doing an article about a similar topic right now. I will be using this as a reference on mine as well. good stuff!

  9. admin says:

    Harriette,
    You are welcome to put a link to my site on yours if you would like.

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