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Robert W. Bowen

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What Is Happening In The Real Estate Market? A Look at Local Conditions

08-30-08
Robert W. Bowen

Some of you have probably seen the news or heard that the real estate market is experiencing some problems. OK, all of you have I’m sure. So, what’s the real story?

The news is correct when they say there are some problems in the real estate and mortgage industry. The reality is that these problems are only in a few areas of the country. Real estate always has been and always will be a local business.

Here in Cache Valley the market is still good and will continue to be for several reasons. Here are just a few:

1. Logan boasts a great job market with below 2% unemployment.

2. There is continuing growth of existing companies and new ones relocating here.

3. Home prices have appreciated gradually over time rather than sudden bursts like has been seen in other markets.

Yet even with these facts local residents still are leery to invest in real estate. Yes, the market has slowed down this past year. If you look at the statistics we are still doing as much business as we were three to four years ago.

Now is a great time to invest in real estate. Sellers are more willing to negotiate on price than they were a year ago, interest rates are still low, and there are a lot of properties to choose from.

If you have a home to sell before you can buy another, realize that you may have to sell for less than you would like, but at the same time you will get a better deal on the home you’re moving up to.

If you would like more information on real estate in the Valley give me a call at 435-770-1352, email me, or visit my website at www.RobertWBowen.com.

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What's Going On In Cache Valley?

01-15-08
Robert W. Bowen
If you've watched the news, read the newspaper, listened to the radio, or even had casual talk at the water cooler you've probably heard there are some significant problems Nationwide with home sales. Yes, this is true. Although, how true is this regarding our local market in Cache Valley and what is really going on?

As a local REALTOR®, I've recently been flooded with inquiries about the status of our local Real Estate market. While it is true nationally a problem exists, someone forgot to tell the local Real Estate agents.

Here are some stats for you to consider from the Wasatch Front Multiple Listing Service. During the fourth quarter of 2007 the average days on the market for a home listing was 60 days. During the same time period of 2006 the average DOM was 67. Also, the average sales price of a home was $193,078 as opposed to $186,478 in 2006.

As I have told this news to people they are shocked. "How can that be", they say, "all the news talks about is how bad it is."

Cache Valley has a strong market. The market in Cache Valley has remained a steady market over the years. The prices are not dropping because they didn't rise that much to begin with. Many of the areas in the country that are having trouble saw unrealistic appreciation in home prices over the past years. These unrealistic prices could not be sustained, hence they are now dropping.

Utah in general has a market that is being watched nationally.

"With more people moving into the area, thanks in part to a percolating job market, demand for affordable existing homes is still healthy," reported Forbes.com's Deborah Orr in her Nov. 8, 2007 article Ten Rising-In-Value Real Estate Markets.

The other crisis that is contributing largely to the concerns people have is the news of all of the mortgage problems and foreclosures. Almost nightly for the past six months the news programs have featured doom and gloom. If you have good credit, don't worry about this. The mortgages that are having problems are part of the subprime market. Yes, it is much harder to qualify for a loan if you have shaky credit, can't verify your income, or have a short employment history.

Basically, if you are looking to buy a home that you really can afford to finance you can do it. In talking with the valley's mortgage lenders, they tell me people are still able to get loans. And to justify it, my clients are still getting preapproved.

If you are considering buying a home, now is a great time to do it. Interest rates are at a close to all time low and seller's are in general more willing to negotiate on prices than in the past few years.

Does this mean people should wait to sell their homes? No, if you have needs to sell your home now is still a good time. The key to selling is pricing your home properly. Overpriced homes always take longer to sell. Keep in mind that if you are willing to lower the sale price of your home, now is a great time to find another home and get a good deal on it.
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