Photos from Tony Fantis, Realtor , ABR, Associate Broker - Salt Lake City
View from my office, looking toward the University of Utah, Parley's Canyon and Emigration Canyon from Sugar HouseLocated in: Salt Lake City, UT
You can play the housing market just like the stock market. But do you really want to?
There's one sure-fire way to know when the market has hit bottom. It works every time, and it is the method that most people use. It has always been this way and always will be. Are you ready?
Wait for the market to go back up. That's right, most people wait for prices to go up before they buy. It's the only way to know that a recovery has begun.
Smart investors don't wait for the graph to begin to rise. Their goal is to get in while the prices are still low. They use many, many methods but the bottom line is they don't wait until it's too late to get into the game.
Of course, if you're buying for a long term investment, just about any time is a good time to buy. There has never been a 10 year period in which real estate was worth less than someone had paid for it.
If you're looking to buy real estate in Salt Lake City, Utah...now is an excellent time to jump in. As you can see in this graph from "The Fantis Report," inventory is high and sales are low. It is a great opportunity for bargain shopping, in most cases. Every market is different. Remember, there are markets within markets. Be sure to consult with your local real estate expert before jumping in.
Last year, more than 400,000 Realtors didn't sell a single home. That's a lot. And in my home state of Utah surrounding Salt Lake City, the average Realtor sold 1.3 homes. What is going on?
Put simply, there are too many Realtors. It's too easy to get a license. It takes less time to get a real estate license than to be licensed to cut hair. Both are important jobs. One is under-regulated.
So if the states won't make adequate licensing requirements for agents, then it falls on the Realtor organization. Now I'll likely get some hate mail for this, but let me be the first to say I'd pay triple my Realtor dues in order to flush out non-producing agents.
It is NOT a benefit to consumers to have 400,000 Realtors roaming around with no experience. Sure, there will always be new people involved. But for now we're diluting a product and devaluing our profession.
By increasing our dues, we can provide better training to Realtors and more value to consumers. People who cannot afford it will have to drop out. Survival of the fittest...just like any other business.
I volunteer to pay triple my dues for 2009. Anyone else wanna pony up? Any other solutions or suggestions?
Now we've done it.
The number of listings in Salt Lake County for the 1st quarter of 2008 was the highest we've seen in the last ten years. Generally speaking, that means LOTS of people are selling, or at least trying to sell.
Are you sitting down?
The number of sales for the same time period was at a 10 year low. That's right, we've had the fewest number of buyers we've had in a long, long time.
What does this mean?
It is perhaps too soon to tell, but the disparity in the numbers has never been greater for as long as we've been tracking them electronically with the MLS for Salt Lake County. But unless buyers come out in droves this spring, it will be a clear buyer's market. Will there be price slashes beyond belief? Doubtful. Few sellers in Salt Lake County truly have to sell. Many just want to sell.
The fire hose effect.
With the youngest population of any state, excellent job growth, low unemployment, and record setting in-migration...Utah is poised to lead the country in growth for what has been estimated by many to be the next 15-20 years. Imagine a virtual fire hose of new buyers flooding the market at all times. Now imagine that hose getting partially clogged. Pretty soon that hose begins to bulge (remember the cartoon images?) until it is ready to burst. It will happen. It's just a matter of time.
Brace for impact.
Thinking of selling? You may want to get it on the market NOW. With growing inventory and record low buyer numbers, prices are going to slide down considerably this spring if the trend continues. If you have no immediate need to sell, hang on to your property. It's value will return soon enough!
Fannie Mae changes its loan-buying rules, while FHA steps up to the plate.
Historically, many people have avoided FHA loans due to two big factors: a 1.5% up front funding fee, and (for most people) monthly mortgage insurance for at least two years. But now, other factors are involved that can make FHA loans look quite attractive.
Fannie Mae, the kinda sorta government/private company that buys loans just announce they're not going to buy loans with credit scores under 580. They've also just announced their fees for a person with a score between 660 and 680 will be 1.5%, double that of a person with a score of 720 or above. Couple that with the extra interest rate they're charging for that credit score difference and suddenly FHA looks pretty competitive.
And don't forget the luxury market. In Salt Lake City, Utah the FHA loan limits recently increased from $363,000 to $729,000! Holy moly! Now luxury buyers can buy with only 3% down! Who else is offering that?
I'm not saying that all this is good in the long run. But maybe it is. If our economy is truly teetering, maybe a little intervention will keep it from going over the edge.
So here's my prediction. Government insured FHA loans will become a significant player in the home loan market this spring. Before you knock it, try it. I've got a personal home loan at 5.375% I just secured a coulpe months ago. And yes, it is FHA <GASP>!
High on the hill with the celebrity types in Arlington Hills
High above the University of Utah next to the Avenues and Upper Avenues lies Arlington Hills, a luxury neighborhood with a few celebrities. Arlington Hills offers a variety of home styles, while prices range from roughly $500,000 to $1.5M, with the occasional modern mansion or spanish villa selling for 2, 4, or even 6 million dollars.
Many homes in Arlington Hills have paroramic views of the valley from downtown Salt Lake City to the beautiful Wasatch Mountains. It is a stabil neighborhood of residents who usually settle there for many years.
Up here it's high enough to rise above the smog and get some clean air, some clean living, and some perfectly manicured yards. And yes, you might even see an old Mercedes or Volvo heading down the street, along with some new ones!
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Get my performance guarantee. The average local Realtor sells 1.3 homes each year. I sell nearly 20, with 85% of my business coming directly from past clients and referrals. Are you ready to win?
In 1990 I moved to Salt Lake City from Cleveland, Ohio. I came here for the skiing, the good schools, and the "western lifestyle." I thought I'd just ski a few years and then move somewhere else. I stayed. Salt Lake is insanely affordable to fly in and out of. Traveling to San Diego, San Francisco, Ireland or the U.K. are some of my favorites. I've even made some international friends that have come to Utah to visit some of our National Parks, see Las Vegas, and even drive up to Yellowstone.
When I'm not working at REMAX, some of my other interests include snow skiing, golf, piano, wine tasting, dining out, wake boarding and reading about outer space or world history. Oh, and I read technical manuals. (I'm a detail oriented guy.)
I'm dedicated to moving Salt Lake City real estate forward through excellent service and outstanding results. I believe in working hard and tending to the details. Too many times, I see people end up in situations they could have avoided with some qualified, experienced help. My hope is to help reach out to those people before it's too late.
When it comes to Salt Lake City homes for sale, you can count on us! More than 85% of my business involves repeat clients and referrals. It seems I always meet new Salt Lake home buyers and sellers through the internet, too.
Take a moment to visit Saltyhomes.com - Salt Lake Homes for Sale. I think you'll find it very helpful, and the best home search site for Salt Lake City. It's very user-friendy, and offers features none of the other top sites in town are currently offering.
I specialize in helping buyers and sellers in existing homes for sale on the east side of the Salt Lake Valley, with a special focus on areas from Holladay to Sugarhouse (Sugar House) and Harvard Yale to the Avenues, the University of Utah, and downtown Salt Lake real estate. My typical clients are educated, have interests in the arts and outdoors, and want to live in an area that has easy access to all of those things. Many are relocating from other states into unknown territory. Another characteristic of many of my clients is the desire to experience the diversity that Salt Lake has to offer.
My team of REMAX agents is qualified and experienced in Salt Lake, Utah, and Davis counties. Each year I publish a report (30,000 copies) about the Salt Lake County real estate market and trends. You can view that report on my website www.fantisgroup.com.
Laura Polacheck (Avenues)- “I felt like I was Tony’s only real estate client because of the amount of time he spent and care he showed about finding the right house for me in Salt Lake City. There was no question that he had my best interests at heart. It was like looking for a house with your best friend.”
Scott Helferty (Capitol Hill)- "Tony has a skillful and personal way of finding people the home they want in downtown Salt Lake City."
Ross Raaberg (Avenues)- "What makes Tony so good is his ability to listen and understand his client's needs combined with a thorough understanding of the market and neighborhoods. For me, this resulted in finding the perfect home in a very short amount of time. Tony's Salt Lake City real estate expertise exceeded all my expectations and proved to be invaluable."
Bill Battersby (Sugarhouse)- "I first met Tony at a PSIA ski clinic. I mentioned that sometime in the summer I'd be looking for a house in Salt Lake City for my kids to live in while attending the U of U. I told Tony to stay in touch. Well, amazingly he did. Summer came and he called. Tony worked his tail off to find a place that fit my requirements The Utah real estate market was unbelievably hot and things were selling before the signs were in the ground. Tony was very persistent and found that perfect house that fit my purpose within 2 weeks. He was knowledgeable, reliable, and prompt. I would definitely recommend him...and I have."
Wendy Billings (West Valley)- "Thank you so much for taking the time with me to find my perfect Utah home. Seemed as if you knew my wants and needs almost immediately. I am so thankful that I had you as my buyer's agent and Realtor. I felt at ease with the whole process, start to finish. There were no hidden 'anythings' and I understood the whole process on my first home purchase. Thank you Tony for all that you did for me. I could not be happier."
John Kippen (Sugar House)- "Tony really listened to my wants and needs, then helped me get the home I really wanted for a very good price. He was an excellent communicator, and was available when I needed him. I have already recommended him to several friends. I am very happy!"
Larry Penman (San Diego / Salt Lake City) - "About four years ago my partner and I wanted to buy investment property in Salt Lake City. We conversed with Tony over the phone and set a date to visit. He had a number of places for us to view, and by the end of the day we had made a selection, and we faxed him an offer the next day. We were able to close the deal from out of town. Since then we have purchased and sold another property with the help of Tony. If you have ever tried purchasing or selling a property from afar your would understand the value of a good agent like Tony."
Drs. Bob Mazzola and Kristin Dascomb (Salt Lake City) - "Simply the best! We were lucky enough to be introduced to Tony through one of our professors at LSU New Orleans, who has been friends with Tony for years. We must admit the thought of moving across country from New Orleans to Salt Lake City was quite intimidating. We had to find a house quickly, with limited time during our visits. Tony made this process effortless! He shows you homes you want to see, unlike other Realtors who just want to make a sale. In addition, if he sees something wrong with a house, he lets you know rather than mask problems. Once we purchased our home, he had us set up with landscapers, locksmiths, etc. who had the house move-in ready as we pulled up to it in our U-haul! As I said, effortless! Tony is perfectionist who makes you and your concerns priority one and is not satisfied unless you are… period. We have referred 2 friends at the U to him already who had the same experience. Richard Jones (Radiology) had to sell his condo quickly, Tony had it sold in two days. Michael & Jessica Karge (Anesthesia) also worked with him and had an excellent, professional experience. If you want worry free, comprehensive service from a relocation specialist, there is no substitute for Tony Fantis.
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