Jared Blank

Well,

Here we are again! Our County just reached the 15 month inventory level (based on the last 30 days sales) which indicates that our prices are beginning to fall, and man have they fallen!!

Today I am kicking myself in the rear for not keeping the proceeds of my investment property sales last year and instead of consuming the gains holding and re-investing. It is now possible in Salt Lake County to purchase a 5 bedroom 2 bath home that rents out for $1200-1300/mo. for $150,000 or less!

I personally haven't seen these low of prices since deciding to sell in the business 5 yrs ago!

What an incredible market for investors we are in!!!!!

Also, as far as I am concerned, there should be no reason that a family with good credit and a min 3.5% down payment shouldn't be buying a home in Salt Lake County right now!! Yesterday I saw that a 30yr mortgage interest rate dropped to 5%!!!

With our rents rising each month in Salt Lake County, renters who meet the above requirements absolutely should be buying this month!!

Rumors have it that interest rates generally go up after a President is elected, so out team is trying to get as many fence sitter buyers locked into their loans and homes before Jan. as we can!

One last thing, we recently added Nitaya Nuusila as a full time negotiator with our bank properties! She does a phenominal job of getting banks to settle on pre-foreclosure for our clients who are upside down. Now we are re-structuring our team to include this new area of business!

This week active inventory increased again by 142 homes, although the pending (under contract) listings only increased by 12 homes vs. 22 homes last week. Investment property (multifamily) inventory only increased by 2 properties, pendings went up by 6 properties and sales compared to last week were down by 9 properties!

Week #2

This week active inventory increased again by 46 homes, however the pending (under contract) listing also increased by 125 homes vs. 18 homes last week. This should be a positive indicator that we will finally break the 1000 sales in a 1 month period this year...it's about time!! Investment property (multifamily) inventory increased by 11 properties, pendings went down by 4 properties and sales compared to last week were down by 4 properties, indicating that this market with its 16 month supply of inventory is still flat!

Week #1.

First Blog post with Salt Lake County Real Estate market statistics (even though we update them each Monday, since today is my first day on AR I thought I would put them up anyway).

At the Jared Blank Real Estate Team, we believe that knowing the market is absolutely essential for assisting our clients in selling, buying, or investing in Salt Lake County!! For this reason, we study market conditions on a daily basis. With our help, our clients are able to identify the key times to sell and purchase property in Salt Lake County. In addition, for those clients who must sell or purchase at a given time, our market knowledge allows them to get top dollar when selling, or purchase the greatest home for their price range!

Please take a moment and peruse our website and feel free to let us know how we can go to work for you!

Each Monday (assuming it isn't a national holiday or someone isn't sick) we do a thorough analysis of the Salt Lake County Real Estate Market using a 30 day window to evaluate by zip code, MLS area, and price range what is happening in Salt Lake County. We use 30 day snapshots because it gives us the most accurate view of what trends are happening. Once completed, we post these results to our website for the whole world to enjoy!! Using NAR's market definitions, we also classify by specific MLS areas and zip codes whether it is a sellers market, a normal market, or a buyers market. Come see how fun Real Estate Market Statistics can be! :)