According to the Wasatch Front Regional Multiple Listing Service (Utah Realtors Data) the highest priced homes sold in the past seven months in Springville, Mapleton and Spanish Fork were sold by Team Teasdale.  Buyers paid cash for two of the three homes.  Cash means no loan or appraisal.  This makes selling for us Realtors much easier.   




The highest priced home sold in Mapleton in the last 7 months was MLS# 688248.  This home sold for $588,900 on 10/22/2007.  It was previously listed by a discount brokerage that did absolutely nothing.  In fact, my seller demanded a $400 refund from the listing agent after they were fired.  Team Teasdale listed this Mapleton home and found the buyer.  However, the buyer had to quickly sell his Lindon home for $425k.  We listed his home and sold it fast.  The buyer then signed on the sale of his Lindon home and his new Mapleton home on the same day.  We loved working with this family and appreciated the thank you card we received after they moved into the home.  This is the kinda stuff that makes me love my job.  This is how you get it done in a difficult market.  You can't rely on other Realtors.  You've gotta work hard and smart to make sales.

The highest priced home sold in Spanish Fork in the last 7 months was MLS #778942.  This home sold for $675,000 on 5/7/2008.  Team Teasdale listed this home for one of the local credit unions.  Team Teasdale is their exclusive foreclosure specialist.  We are greatful for the opportunity to represent one of the local credit unions.  This is the 24th home Team Teasdale has sold since the new year (01/01/08 to 05/09/08).  Our virtual tours are very detailed.  This virtual tour helped sell this home with about 100 photos:  see the tour



The highest priced home sold in Springville in the last 7 months was MLS #720011.  This home sold for $830,000 on 3/21/2008.  Team Teasdale listed this home for a local builder.  This 8200 sq/ft home is gorgeous inside.  If you would like help selling a high priced home in a difficult market hire someone who is really selling high-end homes.   Fill out our FREE CMA request and let's get started.

        

Yes, Utah County home sales have flatlined.  If you notice the graph below "sales as a percentage of homes sold" provided by the Utah County Association of Realtors.  The percentage of homes from September 2007 to March 2008 has been around 7%.  This means that about 7% of the current inventory is selling every month.  We have a 14 month saturation rate in the market (100/7=14).  Compare this to the summer of 2006 of a 5 month saturation rate. 

I don't believe the saturation rate will dip below the 7% range.  Nor do I believe we will see a 25% saturation rate for several years.  One can view the market as continuing to collapse or see the market as a buying opportunity.  I think it is a great time to buy in many sectors of the market.  Buyers are able to negotiate some awesome prices especially in the higher end homes.  I love some of the bank repo deals I see out their right now.

In fact, Team Teasdale has sold $6.7 million in Real Estate since the new year (01/01/08 to 05/08/08).  This equals 24 homes sold.  Why do people think nothing is selling???  Homes are selling that are priced correctly.

I have been selling for 13 years in Utah County and I considered the 1st quarter extremely busy.  It may be due to many part time and flaky Realtors quiting the business and getting real jobs.  This may have created excess work for those remaining in the business.  We have been busy with many buyers.  About half of the buyers were from out-of-state that have been buying homes.  Many of our listings priced between $500-$1million have been purchased with cash.  This is due to the jumbo loan problem and some rich Californians. 

If you have any comments about the market direction add to our blog.

        

Real Estate companies around the country are afraid of the market changes.  In fact, many are afraid they will lose Realtors.  Losing Realtors means losing revenue for their companies.  Remax International has been very agressive in trying to encourage their agents.  Retention is key.  Here is part of an email I just recieved from Remax International:


Dear RE/MAX Associate:

I need just a moment of your time to talk about the particular challenges we all face in today's real estate market. There's an old saying that "things are never as good as they seem, and things are never as bad as they seem," and that certainly applies to today's market. We at RE/MAX International hear on a daily basis from agents who are succeeding despite the slow market, while others struggle to maintain production numbers.

The fear is felt through all Real Estate companies.  Remax and other large brokerages won't lose top producers.  Remax and other Real Estate companies may lose beginners and medium size producers over the next two years.  I appreciate Remax Internationals aggressive attempt to train and retain Remax agents.  I have been with Remax for about 11 years and love working with this company.  This is the cycle of Real Estate.  I welcome the change and the newer more challenging market.  
                                   

        

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I am shocked by the amount of Realtors quitting the business.  Utah County has 2,500 Realtors the average Realtor closes 4 transactions.  Only 900 of the 2,500 Realtors have actually been in the business for more than 4 years.  An experienced Realtor makes a huge difference when selling a home.

Utah County has seen a robust selling period that has lined the pocket for many Realtors.  However, the market has significantly changed and Realtors are now stuck working hard for the almightly dollar.  The days of the easy money is over for many flies.  What does this mean for many Utah County Realtors?  This means they must either work hard or quit the business.  Unfortunately working hard does not compute from many Realtors.  They want to push in a sign put the home on the MLS and collect a check.  HA! those days are over.  A Realtor has to husstle to make it happen in this market.

Many Realtors don't like the new more difficult market.  Every week I hear of more Realtors exiting the business.  I have recently heard a few Realtors quit the business to do the following:

1)  Open a coffee shop -- I know it is hard to believe a coffee shop in Utah County but true.
2)  Starting a new job (not calling) for the LDS church.
3)  Starting a new job for a local title company.
4)  Returning to a constuction business.
5)  Undecided - going back to school full time or looking for a real job.
6)  Car salesman - I meet him while getting an oil change at the ford dealer.

I am happy for those that leave the business and can find a suitable new job.  Most Realtors start the business with HUGE dreams and goals.  These dreams are encouraged by greedy trainers, brokers and Real Estate schools.  Everyone trying to make a quick buck.  Like the gold rush of 1847 few people actually made a ton of money.  In fact the people that made the most money during the gold rush were the people selling the wares.  That is a true!

I know two large Real Estate companies that have gone out of business.  I would print the names here but don't want any trouble.  One is a large discount brokerage that has been around for several years with hundreds of agents.  I seriously can't name a single Realtor from this company.  Their agents were always new or part time.  It is good for the industry to see these companies close their doors.  They added little value to the consumer or fellow Realtors.  I would have joined their company but hesitated when I heard fogging a mirror was required for all new applicants. 

Remember it is better to hire an experienced Realtor when buying or selling.  I have been selling homes in Utah County for 13 years.  This market is similar to 1997-99.  I love the business, my team and my clients.  It is a great time to be a Realtor.  As many of the newer Realtors drop like flies in 2008 some of the old crusty flies will survive!

Paul Teasdale
Associate Broker
Remax Results Realty

        

The active home listing count in Utah County has dropped over 1000 homes from October 2007 to December 2007.  This is one of the larger and fastest drops I have seen in my 13 year Utah County Real Estate career.  I guess we are cutting the fat.  We are getting rid of the overpriced homes and deamers.  This is a healthy correction.

Active listings in Dec of 2007 of 4,146 is a 31.8% increase over Dec of 2006.  Below is a chart representing all the active listings listed with Realtors in Utah County.  This data does not include For Sale by Owner FSBO active listings.  Listings in December 2007 took a sharp dive but remains higher than in 2006. 

Our active listing count is currently very high.  Sellers tend to pull their homes off the market in December and relist them in March.  We will see our active listings climb into the Spring of 2008.  I think February and March are great months to list a home in Utah County. 

Selling a home in today's market requires a dedicated Realtor experienced with excellent internet marketing.  Our Site Utah County Listings has many great tips for seller.

Have a great day!

801-491-7653
Paul Teasdale abr, crs, epro, qsc
Associate Broker
Remax Results Realty 

        

The average time to sell one of our listings was 47 days in 2006. 
Team Teasdale is able to sell your home 15 days faster than the average agent in Utah County.  Selling a home can be the most stressful time in a person’s life. Our average selling time will eliminate a lot of that stress. 

Our team has 23 years of full-time Real Estate experience in Utah County. We hope you take some time to view our resume.  Would you like a Realtor who only sells 4 homes a year and has only 3 years experience to negotiate your most valuable asset?  In 2006 we closed 82 homes and in 2007 we closed 46 homes.  We will negotiate your most valuable asset and net you the highest price possible.  Team Teasdale will sell your home faster than our competitors.

I have not figured out our average selling time in 2007 at this time.  However, it will be longer because the market has slowed substantially.  The best news is that Team Teasdale has put 12 homes under contract since January 1, 2008. 

If you would like a free Comparitive Market Analaysis(CMA) on your homes value we would love to help you.  Remember to visit our Utah County Real Estate website.



Data Provided by: 2005/06 National Association of Realtors
Member Profile, the Wasatch Front Regional Multiple Listing
Service and the Utah County Association of Realtors

        

Short sales are usually misunderstood by the public and even many Utah Realtors.  I would like to express my opinion and identify some problems with short sales in Utah.  I would also like to help you in buying a short sale property.   
    
First of all, I would like to clarify what a short sale is by definition:  

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.  Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.  By accepting a short sale, the lender can avoid a lengthy and costly bank foreclosure, and the owner is able to pay off the loan for less than what he owes.

Second, I would like to express my frustration with short sales here in Utah County.  The thing that really ticks me off the most is when my wonderful fellow Realtors want a listing so bad that they take a short sale and have no flippin' (sorry for the bad Utah County slang) idea how to do a short sale.  Hmm, this is like taking your car to Jiffy Lube and asking them to rebuild your transmission.  Sure, they're in the car maintenance business and most likely have heard of a transmission.  They may have even seen uncle Bob in American Fark fix one in their backyard.  However, the process of properly listing a short sale is very timeconsuming and requires expert skill, experience, and knowledge.  This is why we are seeing many bogus short sale homes for sale in Utah County. 

Our team is guilty of buying short sales ourselves.
Below is a picture of our most recent short sale purchase in Spanish Fork, Utah.




Basically there are two types of short sales:

1)  Unapproved Short Sale - Bank has not approved.

2)  Approved Short Sale - Bank has approved.

My team (Team Teasdale) will ONLY show approved short sale properties.  In my opinion, this is only about 33% of the short sale listings on the MLS.  The other 66% are unapproved short sales.  If you call me to see a short sale, I will first call the listing agent and ask many question to uncover the true nature and progress of the short sale. 

My frustration is that many Realtors say, "I have tried calling the bank, but they aren't doing anything.  So just send me an offer, and I will try to get it to work."  HA!, I won't even consider sending an offer, because if it's not an approved short sale it could take months for the bank to finally say "NO, but we will sell if for this higher price."  I hear many Realtors refer to this game as a "bait and switch."  I don't like it at RCWilley, and I sure don't like it when buying a home.   

This means Realtors are listing homes at unapproved bank sale prices.  That is correct!  The listing agent HOPES the bank will consider the ridiculous low offer so that they can make a commission.  The first offer in an unapproved short sale is just simply cannon fodder.  Don't waste your time, no matter how much you like the home. 

If you shop with an experienced short sale Realtor in Utah County, you will have success.  In contrast, if you have an inexperienced Realtor helping you find a short sale in a sea of unapproved short sales, be ready for the ride of your life.  I think you call this the blind leading the blind.  Most short sale buyers end with bitter disappointment, frustration, anger, and wish they never looked at short sales.  Unfortunately, some are even upset with Realtors when things don't work out.

Good News:  You can get a short sale in Utah County for a sweet price, if you do it right.  If you are shopping for a short sale, our Team will help you--under the following conditions:

1)  We will only show approved short sales.
Using your time wisely in Real Estate is an important principle of success.  Our team will guide you to the true short sales and bargains in the Utah County market.   

2)  You will commit to working exclusively with Team Teasdale.  
We give our clients excellent service and enjoy getting paid once the job is complete.  It is upsetting when we do the work and then buyers use a friend or family member to write the final offer.  This is like cheating on a biology test in Jr. High. 

3)  You are patient! 
Even approved short sales can take weeks to get a legal answer and contact from the bank.

4)  You are realistic about making offers.
According to our Team's research, the average short sale home sold in Utah County sold for 8% less than the asking price.  If you are looking for a short sale to reduce prices like 10% or more and won't ever compromise, you will probably never get a house and be very frustated at the same time.  If you want a short sale for 20% reduction every time, I will very politely refer you to another brokerage.

Our team has spent many hours successfully completing short sales for our clients.  Are you ready for this?  Short sales are typically the most difficult sector of the buyers market.  Landing a good deal on a short sale often takes skill.  We would love to help you.  Give us a call, or fill out our bank foreclosure request.


Paul Teasdale abr, crs, epro, qsc
Associate Broker, Remax Results Realty
Utah County Real Estate, 801-491-7653
Over $120,000,000.00 Utah County Real Estate Sold Transactions

Vist my website you will actually love it!

I hope I didn't have too much attitude in my blog.  If you have had any experience with short sales in Utah County, I would love to hear your opinions.  Please comment below.

        

It feels like I'm shoveling snow almost every morning.  My 11 year-old son, Tyler, has started digging giant snow caves around our yard.  Most mornings start with a slight blizzard or snow storm these days.  One would assume that the Utah Real Estate market is dead. 

The market is actually more alive than ever.  My partner, Avril, said the other day, "Have we ever had a January this good?!"  I loved January; it was very good for real estate.  Our team--Team Teasdale--put eleven homes under contract in January.  In fact, seven of those homes were from our very own listing inventory.  Buyers are putting in offers right now because they believe the market has finally reached the bottom.  Interest rates are at staggering low rates--around 5.5%.  It has been about four years since I have seen rates so low.  This is helping stimulate the real estate market.

In spite of the overall downfall of the national economy, the Utah economy is relatively strong at the moment.  I was speaking to the bishop in my neighborhood, who told me that about 30% of people in our Mapleton ward work in the sub-contracting, building, title, lending, real estate sector of the Utah County economy.  Many of the people in these types jobs are struggling right now.  The bishop was very concerned about this pressing issue and asked for my opinion about when the Real Estate market will recover.  I told him the market is already showing signs of a recovery.  

I carefully watch my web traffic.  The traffic on the internet gives me another means of monitoring the buyers in the market.  My traffic in January doubled my traffic from November and December.  I think this is because we are getting people back to the market. 

Like the little train chugging up the mountain, I hope this promising momentum carries into the Spring.  This recovery will be good for everyone.  If you are looking to buy a home, remember to join our Early Bird Buyer's Club.  Even if you are just curious about the value of your home, we can help you. 

Feel free to comment on the market below.  Tell me what you think.

        

To:  Brokers and Agents 
From: Taylor Oldroyd, CEO Utah County Association of Realtors®  
Subject: Monthly Statistics--December 2007  
                      
 
 1  4th Quarter home sales were down 45.74% from 1,360 homes sold in 2006 to 738 in 2007. 
   
 2  4th Quarter condo sales were down from 343 in 2006 to 200 in 2007, a 41.69% decrease. 
   
 3  The 4th Quarter average sales price increased 1.14% for homes ($278,260) and 2.13% for condos ($172,975). 
  
 4  Active listings in Dec of 2007 of 4,146 is a 31.8% increase over Dec of 2006. 
  
 5  Units sold in Dec 2007 of 269 is a 46.3% decrease from 501 in Dec 2006. 
  
 6  2007 YTD sales of 5,619  is a 24.3% decrease from 2006. 
    
 7  Single family home sales in Dec 2007 decreased 49.4% from 417 in 2006 to 211 in Dec 2007.  
   
 8  Sale of homes priced more than $500,000 decreased 55.2%.   
   
Summary: Obvioulsy we have seen better numbers. The year was off 24%, with the forth quarter down even more significantly.    However, prices are holding, days on market increased only slightly and demand is expected to remain strong.   Throw in potential Federal government intervention and additional strong local economic conditions and what do you get...a more robust local market in 2008.

View Charts and Graphs regarding the Utah County Real Estate Market.
See 20,000 Homes for Sale in Utah on Utah County Listings.