Utah Real Estate Blog

Utah MLS Homes Cumulative Days on Market CDOM

Paul Teasdale - Utah Broker — Wed, 21 May 2008 08:43:39 GMT

I am very pleased to see CDOM (Cumulative Days on Market) added to the Wasatch Front Regional Multiple Listing Service (MLS). Some Realtors would pull their listings off the MLS only to have them reappear as a fresh new listing. This would give their listing a new MLS number and make it appear as if the home just arrived on the market. In the fourteen years I have sold Real Estate in Utah County I have kept away from this practice because I felt it was sneaky and dishonest. Us Realtors here in Utah County became familiar with those agents that used this method and claimed it as a marketing strategy in their listing presentations.

We now have the CDOM which burst the previous sneaky MLS reset practice. This means every listing keeps a true and correct number realated to days on the market. I AM SO HAPPY TO SEE THIS CHANGE! It helps us Realtors and the public know how long a home has truly been for sale. This number is not attractive right now in Utah County. We currently have a 16.5 months (saturation point) of home in the market. Many people only look at the DOM (days on market) and claim this is how long it is taking to sell a home. This number is incorrect because it only counts the days the home has been on the market with the last Realtor. If a Realtor did the MLS number reset this would further manipulate the true days on market. These are the kind of changes we Realtors need in order to make our profession more respected.

Here is a breif description of the dates on the MLS datasheet: DOM, CDOM, CTDOM.

DOM (Days On Market): This number represents the value between the List Date of a property through the Expired or Sold date and includes all days the listing was in any other status in-between.
*Example: Listing A has a List Date of 01/01/07. It was placed Under Contract on 01/15/07 and has a sold date of 01/30/07. This listing will have a DOM of 30 days. If this listing had expired on 01/15/08 instead, its DOM would then be 15 days.

CDOM (Cumulative Days On Market): This number represents the value between the Active date of a listing through the Under Contract date and excludes all days the listing was in Off Market status. In addition, CDOM accumulates the CDOM for any prior listing that has been expired for less than 90 days between new listings. CDOM resets to zero on new listings if it is being listed more than 90 days since the expiration date of a prior listing or if the prior listing was sold.

*Example: Listing B was entered on 01/01/07. It was then placed Off Market from 01/08/07 through 01/10/07. The listing went Under Contract on 1/20/07 and then Sold on 01/30/07. The CDOM for this listing will be 17 days. If this property was a relist, and was entered into the system within 90 days of a prior listing's expiration date, the CDOM of the prior listing will be added to this one.

*Please note that a listing placed Under Contract but NOT changed to Sold status (i.e., reverts back to Active, is Unconditionally Withdrawn... etc.) will not have the Under Contract days excluded from the CDOM.

CTDOM (Contract Days On Market): CTDOM is the number of days between the List date of a listing through the Sold date and includes all days that the listing was in any status in-between. CTDOM displays only on listings that have been placed in Sold status. *Example: Listing C was listed on 01/01/07, went Under Contract on 01/15/07, and sold on 01/30/07. The CTDOM for this listing will be 30 days.

RE/MAX Advertising Dominates Nationally and in Utah

Paul Teasdale - Utah Broker — Mon, 19 May 2008 09:13:36 GMT

Everytime I watch TV here in Utah I see a RE/MAX commercial. They are getting more frequent. I always see them when I watch shows like Dateline and 20/20. I think the commercials are really good. I believe quality branding matters in Real Estate here in Utah. Many of my out-of-state clients have had positive experiences with their RE/MAX agents in their home states. In fact, I find the Californians are the most RE/MAX brand loyal customers in the USA. Nobody sells more real estate in the world than RE/MAX.

RE/MAX is the undisputed leader in TV share advertising nationally and in Utah. RE/MAX is leading the industry. Share of voice expresses RE/MAX ad impressions as a percentage of total ad impressions generated by all national real estate companies. RE/MAX has 44% of the market share. Century 21 comes in second with 31% of the market share. Coldwell Banker comes in third with 14% of the market share. Prudential has 8% of the market share. ERA has 2% of the market share. Realty Executives has a tiny 1% of the market share.

Why hire a RE/MAX team?

See our new reflective RE/MAX signs.

Stop Spamming Utah MLS Listings!

Paul Teasdale - Utah Broker — Fri, 16 May 2008 12:55:22 GMT

A quick vent here about what is and what is not effective marketing. Emailing your listings to me is NOT effective marketing. It is spam. Most of it comes through as spam and the rest I simply delete without looking at it. I already know about your Utah homes for sale and you already know about mine. Please find something that effectively utilizes your time to market your listings. I realize it is a difficult market and many new Realtors are struggling to stay in the business but spamming your listings will NOT help them sell.

It just gives you and your brokerage a bad name. Nobody is interested in seeing agents listings spammed. Our listings are shared on the multiple listing service. I rarely see any of the larger more successful brokerages using spam. I usually see inexperienced unknown brokerages that think this will help sell thier listings by mega spamming every agent in Utah.

Once in a while I get mailed listing information. I get about 10 hand flyers delivered to my mailbox at my RE/MAX office every day. What a waste of time and money. I take all spam mail from other brokerages mostly unopened and drop it straight in my garabage. In 14 years I never ever look at the flyers in my RE/MAX mailbox. This is because I am too busy and will not support spam.

On second thought I should bring the flyers home and give it to my kids for scrap paper. This will be better for the environment!

The Utah MLS - Multiple Listing Service - See all the Homes for Sale

Paul Teasdale - Utah Broker — Fri, 16 May 2008 12:56:01 GMT

The Utah MLS or otherwise known as the Multiple Listing Service is a member based service, paid for by members of the local Utah real estate Board. It is a database of virtually every property for sale in a specific area excluding about 15% of the FSBO's or otherwise known as For Sale by Owners. Our local service is referred to as the Wasatch Front Reginal Multiple Listing Service (WFRMLS).

As member Utah real estate agents we can access the MLS to advertise the homes and properties we have for sale to cooperating members and search Utah homes for potential buyers. The MLS is typically limited to licensed Utah real estate agents and provides detailed information that may not be available to the general public.

The main advantage of the MLS to sellers is that it exposes their home to every agent in Utah and lists the commission to be paid if they bring a buyer to the seller. Most all real estate related websites that allow you to search for homes are pulling the information from the Multiple Listings database.

Just type in your criteria and find results on available single family homes, condominiums, duplexes, commercial properties, and town homes located in any of these cities:

Alpine

American Fork

CedarFort

Cedar Hills

Eagle Mountain

ElkRidge

Genola

Goshen

Highland

Lehi

Lindon

Mapleton

Orem

Payson

Pleasant Grove

Provo

Salem

Santaquin

Saratoga Springs

Spanish Fork

Springville

Woodland Hills and the surrounding Utah areas and cities.

Any homes a Realtor can see you can see too! If a property is listed in our Wasatch Front Regional Multiple Listing Service MLS system, then it’s listed on www.UtahCountyListings.com

You can also search for land, residential income properties, farms and ranches, homes and commercial businesses. Our database provides a google map search. This allows you to search homes from a google map. All this from the comfy confines of your computer desk. If you have any questions about the website, a property, or just about anything you can think of, feel free to drop me a email.

How to do a Short Sales on a Home in Utah County

Paul Teasdale - Utah Broker — Fri, 16 May 2008 12:56:33 GMT

Why Would a Lender Do a Short Sale on a Home in Utah County?

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

If you are considering buying a short sale, Team Teasdale will assist you in the location of a short sale and purchase. Complete our online request or view our tips to finding a short sale in Utah County.

As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgivenss Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. I have tried to do some research to discover if Utah applies to this legislation. If anyone has knowledge of whether the Mortgage Forgiveness Debt Relief Act applies or not to people in the state of Utah please write your comments on this blog. I will update this page for everyone.

I have done many short sales over the past 14 years selling homes in Utah County. In general most short sales that are done properly result in no side effects or credit damage to the buyer after the sale. However, it is possible. It is like going into surgery and the doctor telling you it is possible to die. Most people come out of surgery with a full recovery. I think many people and websites over react to the potential fear of a short sale. This is just my opinion.

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.

Call the Lender
You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision. This is usually a difficult task locating the decision maker and may sometimes not be possible.

Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent in Utah County, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. Your agent must be put on this letter or they can not discuss the loan. Your Realtor will often need your social security number or the last four digits to verify access of your bank data in working on the short sale. You must contact the bank to make sure they have received the complete packet. They will usually not contact you for anything. You must be very proactive and checking everything if you do a short sale. The letter you should write to the bank may include the following:

Property Address
Loan Number
Your Social Security Number
Your Contact Information
Names on the Loan
The Date
Your Agent's Name & Contact Information

HUD1 Net Sheet
This is an estimated HUD1 closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, unpaid taxes, if any. Your real estate broker will prepare this for you. This needs to be on the proper documentation provided by a Utah title company.

Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not completely inhumane and sometimes understand if you lost your job or were hospitalized. If the lender does not feel that you are experiencing a hardship your request will usually be denied.

Disclosure of Income and Assets
Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cars, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving. Basically everything you tell them about your assets may work against you. If you have too much wealth forget about trying to get a short sale. For example, if you tell them you have $10,000 worth of gold in a safety deposit box they will say sell it first.

Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.

CMA - Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Team Teasdale will prepare a CMA for you, which will show prices of similar homes:

Active homes on the market in your neighborhood.
Pending sales of homes in your neighborhood.
Recent homes solds in your Utah County city.

Real Estate Purchase Contract - REPC
Once you have received a Real Estate Purchase Contract (REPC) from your broker, the lender will want a copy of the offer. Be prepared for the lender try and renegotiate the price and some of the items. Just because they get and offer does not mean they will accept the offer. Some lenders will often not even consider a short sale until you have a purchase contract. This means your home may be stuck as a unapproved short sale on the Wasatch Front MLS (multiple listing service).

Realtors Listing Agreement
The lender will want a copy of the fully active listing agreement and often a copy of the Realtors MLS datasheet.

Now, if everything goes well, the lender will approve your short sale. Approved short sales for sale on the multiple listing service are what Realtors and buyers want. Unapproved short sales on the multiple listing service are intents to sell without authorization. I persoanlly avoid unapproved short sales and will not write offers on these properties for my buyers. This is because the length of time for an approval (between several weeks to months). Most buyers can't wait several months for a short approval. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.

Contact Associate Broker Paul Teasdale of Remax Results Realty at 801-491-7653 to discuss your short sale options. I am sorry if you are experiencing a short sale. A short sale can be stressful. Time will pass and your short sale problem will soon be a distant forgetable memory.

Scandia Village Townhome for Sale in Provo, Utah

Paul Teasdale - Utah Broker — Mon, 12 May 2008 21:36:28 GMT

Excellent buy on this Provo Townhome located in Scandia Village. Check out the interior of this townhome by seeing the virtual tour. Priced below others at only $144,900. Contact Team Teasdale to see this new listing at 801-491-7653.

Interior Features Include:

Closet-Walk-In, Dishwasher, Disposal, Range Oven Free Std.
Window Cov: Blinds
Air Cond: Central Air Electric
Heating: Gas Central
Basement: (100% Finished) Full


Exterior Features Include:

Exterior: Double Pane, Patio, Sliding Glass
Lot: Curb & Gutter, Fenced Full, Paved Road, Sidewalks, Sprinkler, Auto-Full, Terrain,Flat
Landscape: Full Landscaping, Mature Trees
Roof: Asphalt Shingle
Exterior: Aluminum/Vinyl, Stucco
Patio/Deck: 1 Patio


Other Features Include:

Inclusions: Ceiling Fan, Dryer, Microwave, Range, Range Hood, Refrigerator, Washer, Window Covers
Amenities: Cable TV avail, Cable TV wired, Electric Dryer Hookup, Gas Dryer Hookup
Water: Culinary
Sewer: Connected, Public


Rooms Include:

3 Total Bedrooms:
- Flr 2: 2
- Basement: 1
2.00 Total Bathrooms:
- Flr 1: 1 Half
- Flr 2: 1 Full
Other Rooms:
- Flr 1 Family Room / Den, Flr 1 Kitchen Dining, Bsmt Laundry


Square feet on each floor:

Flr 1: 460 sq. ft.
Flr 2: 460 sq. ft.
Basement: 460 sq. ft.
Total: 1380 sq. ft.


*Local Schools (Provo District):*

Elementary: Provost
Jr High: Dixon
High School: Timpview


Total Size in Acres:

0.01 Acres

Mapleton Utah 1 Acre Lots For Sale in New Subdivision

Paul Teasdale - Utah Broker — Mon, 12 May 2008 07:10:00 GMT

A new subdivision has been put for sale by Team Teasdale in Mapleton, Utah. The subdivision is called "Mapleton Highlands" and is located at 975 West 675 South. These lots feature large 1+ acre lots with beautiful views of Maple Mountain.

These lots are not only priced better than the competition, but they are better. They feature flat lots that are easier to excavate and build detached garages, barns, sheds, gardens, tennis courts or even a pool. A flat lot with animal rights like these are more attractive to those who would like to put horses on them.

These lots start at $234,900 (current price list). This is quite a nice price considering last year one acre lots were selling for $300k. Last year half acre lots were selling for $235k. It is a great time to buy lots right now due to the abundance and sharp decline in prices.

Mapleton, Utah is a wonderful place to live. It has a population of about 7,000 people and is nestled under Maple Mountain. It is about 7 minutes to the I-15 and has very little commercial development. The city is mostly single family residences with the best parks and playgrounds in the area. Mapleton has plenty of nice public tennis courts and a brand new giant playground down town. Mapleton has a wonderful soccer and baseball programs for children. Our population is one quarter the size of Springville or Spanish Fork but our land size is bigger than both of those neighboring cities.

Mapleton, Utah has the largest homes in South Utah County. In fact, Mapleton has many homes in the multi-million dollar range. This is due to the city of Mapleton carefully monitoring lot size. The large lot size attracts the larger homes.

Team Teasdale has created an interactive plot plan that features the dimensions of each individual lot, covenants and restrictions, and several dozen photos of the subdivision. If you have specific questions about the "Mapleton Highlands" subdivision call Paul Teasdale at 801-491-7653, and he will gladly assist you.

I, myself, live on a one acre parcel near this development and not only love living in Mapleton, Utah but enjoy having a full acre of land for my family to enjoy. It is a great time to pick up an acre lot and build your dream home!

Seach homes in Utah County by Zip Code 84664, 84660 and 84663

Paul Teasdale - Utah Broker — Sat, 10 May 2008 06:25:39 GMT

Search homes for sale in Utah County by zip code, real estate in 84664, 84660 and 84663.

One of the best parts of having a custom IDX that pulls the WFR Multiple Listing Service data feed is that I can create a custom search for anything that I can search for as a real estate professional. One of the best things that I can do for my sellers is to create a custom page that will showcase their listings for more buyers to find. With that in mind, I decided to make it easier to search homes for sale by zip code and to make it easier for buyers to find my listings by adding custom searches by zip code all in one place.

More and more buyers are learning to refine their searches to more specific places. It allows buyers to find my listings and all homes for sale in ways that they are already using so it’s another value for sellers and convenient for buyers. Just one more reason to consider listing your home with Team Teasdale when the time comes for you to sell your home.

I have compiled a search exclusively with zip codes. This means you can search any zip code in the state of Utah for your next home. Visit the search and click the button that says, "Zip" then find the zip code you would like to search. If you would like help setting up a custom search give me a call at 801-491-7653 Paul.

Highest Priced Homes in Springville, Mapleton & Spanish Fork are Sold by Team Teasdale

Paul Teasdale - Utah Broker — Fri, 09 May 2008 08:51:46 GMT

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.

Homes Selling in Utah County Has Flatlined

Paul Teasdale - Utah Broker — Thu, 22 May 2008 07:45:22 GMT

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 sold from September 2007 to April 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.

Remax Worries About Market Slow Down in Utah

Paul Teasdale - Utah Broker — Wed, 20 Feb 2008 10:46:07 GMT

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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Paul Teasdale - Utah Broker — Wed, 20 Feb 2008 09:46:42 GMT

Our feed is now being published live on Technorati.

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Realtors are Dropping Like Flies in Utah

Paul Teasdale - Utah Broker — Sat, 16 Feb 2008 21:12:41 GMT

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

Utah County Inventory Down 1000 Homes in 3 Months

Paul Teasdale - Utah Broker — Wed, 13 Feb 2008 13:12:13 GMT

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

Selling a Home Fast in Utah County - CMA

Paul Teasdale - Utah Broker — Tue, 12 Feb 2008 08:44:12 GMT

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 in Utah County are on the Rise!

Paul Teasdale - Utah Broker — Tue, 12 Feb 2008 08:44:45 GMT

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.

Snow Not Melting but Utah Sales Sizzlin!

Paul Teasdale - Utah Broker — Thu, 07 Feb 2008 18:40:41 GMT

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.

4th Quarter 2007 Utah County Sales Data

Paul Teasdale - Utah Broker — Thu, 07 Feb 2008 18:42:53 GMT

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.

Economists Opinions about 2008 Utah Market

Paul Teasdale - Utah Broker — Thu, 07 Feb 2008 18:44:37 GMT

Utah Real Estate Forecast for 2008

While the nation weathers storm after storm of housing-related problems, real estate markets in only a few states are holding out with partly cloudy or sunny skies. Lucky for us, Utah is one of those states. "Utah is one bright spot compared to other parts of the country that are in severe pain,” said Lawrence Yun, chief economist for the National Association of REALTORS®. “It’s the shining star so far if one wants to say which market is hot.” But that’s not to say Utah real estate will be completely free of cloudy conditions in 2008. Despite Utah’s strong economy, housing sales are still expected to slow in 2008 and some markets may face affordability challenges.

To help REALTORS® prepare for these changing times, Utah REALTOR® magazine talked to five economists, both local and national, who gave their forecasts on Utah’s real estate market in 2008. After seeing record years in both sales and price growth, each of the economists interviewed agreed that Utah real estate will see some stabilization in 2008. Yun says he expects Utah sales activity to slow or moderately decline next year, but also says sales may stabilize in 2008 after problems in the credit markets have been resolved and funding returns. “In Utah, you’re going to see home sales at a lower, more sustainable rate, but they aren’t going to falter,” said Jeannine Cataldi, senior economist for economic forecasting firm Global Insight.

She expects activity to pick up once people know the full extent of the mortgage crisis, which is expected to peak in 2008. “Once we know how that plays out, people can make decisions and move forward,” Cataldi said. The more debatable subject is what will happen with home prices. Some economists expect to see single-digit price growth in 2008 while others expect slight price declines. Yun says he wouldn’t be surprised to see Utah prices rise 7 to 10 percent in 2008 because of the strong job and population gains in the state. “Utah is clearly the out-performer in 2007 in price growth,” Yun said. “I think that momentum will carry into 2008,” but the current rates of price growth won’t be sustainable over the next year. Cataldi agrees. She says she expects prices to continue to rise but at a reduced rate.

Some local economists, however, see a slightly different picture. Mark Knold, chief economist for the Department of Workforce Services, says he predicts prices will probably come down a little because he thinks, “prices are flirting above what this market can afford even in the face of good wage gains.” Kelly K. Matthews, Wells Fargo’s executive vice president and senior economist, also says Utah has an affordability problem, which is why he expects prices to be down 6 to7 percent in mid-2008. “I believe we are so far out of equilibrium, I do not believe we can avoid some reduction in prices.” At the same time, Jeff Thredgold, economic consultant to Zions Bank and president of Thredgold Economic Associates, sees price activity varying depending on the market segment. According to Thredgold, lower-end properties in the $175,000 to $300,000 range should increase approximately 7 to 10 percent. Some homes in the $300,000 to $500,000 range should see price gains of about 5 percent while others may see a slight decline. The real concern is the market for $500,000 and above properties; people may have to cut prices, and there may be areas that have to come down 5 to10 percent, he says. “All real estate is local,” Thredgold said. “In certain communities, it will do well, but in some areas, prices may have to come down For four consecutive quarters, starting in fourth quarter 2006, Utah has had the highest house price appreciation in the country, with increases ranging from 12.9 percent to 17.55 percent, according to numbers from the Office of Federal Housing Enterprise Oversight, the Fannie Mae and Freddie Mac regulator. But these increases have some concerned about affordability in the state.

According to a study by Matthews, housing affordability along the Wasatch Front dropped about 22 percent during the past two years. Matthews says prices were pushed up through a combination of lower-than-expected interest rates, a robust local economy with strong job and population growth, investor activity, and aggressive financing that allowed people to purchase high-priced homes. Together, Matthews says, these factors created a high-appreciation environment where prices increased more than they should have. Now that investor demand has disappeared and aggressive financing has dissolved, Matthews says people can no longer afford homes at their current prices based on traditional mortgage standards. Nevertheless, some affordability pressures may be easing up as national mortgage problems are resolved and funding returns.

Jumbo loans — mortgages more than $417,000 — saw their interest rates spike as global investors panicked in the wake of the credit crunch, causing financing and affordability problems for those purchasing higher-priced homes. Nevertheless, Yun says, investors are now realizing that prime loans are not subprime loans and they are returning to invest in mortgages. He says he expects rates on jumbo loans to continue to edge downward. “Many home buyers in the high-cost regions who have been frozen out of jumbo loans will now be able to return to the market,” Yun wrote in a recent article.

Concerns about subprime loans should also be easing. A majority of the borrowers who were served by the subprime market should now look to safer FHA loans that have better interest rates and are expected to be reformed in 2008, Yun says. Other good news is that there has not been much change in the lending standards for conventional, FHA and VA loans. In fact, mortgage interest rates are at historic lows, hovering around 6 percent. “Affordability is always a concern when there’s a spike in home prices,” Yun said. “One has to remember that a market where people want to move into, that’s implying there’s a greater demand which means there’s a premium attached to home prices.” With one of the best economies in the nation, there’s definitely demand for housing in Utah. New households are being formed, people are moving to the state and Utahns have the jobs to support home purchases. According to estimates from the state, 2007 had record annual growth of nearly 85,000 people, which translates into about 25,000 to 30,000 new households. With the state expected to add another 84,000 people to the population in 2008, the growth is forecasted to continue into next year and beyond. “The key point is that a huge number of 20- to 30-year-olds are trying to find their way into the labor and housing markets,” Knold said. “That demographic push is going to be the entire decade. You can have short-term hiccups, but demographic pressures seem to say that can’t last very long.” Strong job growth and low unemployment in Utah are also supporting real estate in the state. The most recent numbers from the Utah Department of Workforce Services report that October job growth in Utah was up 4.3 percent compared to U.S. job growth of only 1.2 percent during the same time period. This translates into about 52,500 new jobs that were created in Utah over the past year. “The job growth is a plus for housing because it can attract people in from other parts of the U.S.,” Knold said.

Although Utah job growth is expected to slow to the high 3 percent range for 2008, Knold says it will feel about the same as this year, and he still expects Utah to have the best job growth in the country. “The job market is not a drag on housing this year and it’s not going to be next year,” Knold said. Not only are jobs being created, but wages are on the rise, which further enables Utahns to buy homes. Over the past year, wages and incomes have been growing between 5 and 10 percent, and the state forecasts that wages will continue to increase in 2008 and 2009. Utah also has a low unemployment rate.

Over the past year, Utah unemployment has averaged about 2.6 percent, nearly twice as good as the U.S. average of 4.6 percent, according to data from the Utah Department of Workforce Services. Each of these Utah-specific factors — the growth in households, the increase in jobs and wages, and the low unemployment rate — signify strong economic fundamentals in the state which ultimately support a stable real estate market. “The Utah economy is absolutely the strongest economy in the country right now,” Matthews said. “The No. 2 economy isn’t even close to us

“Reprinted with permission from Utah REALTOR® magazine, copyright 2008 by the Utah Association of REALTORS®, all rights reserved"

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Utah Real Estate Market Commentary

Paul Teasdale - Utah Broker — Thu, 07 Feb 2008 18:47:53 GMT

January 10, 2008

Inventory continues to climb, as the percentage of 'solds' continues to drop. We are in a strong buyer's market and will remain here for a while. Prices are falling and will stabilize this Spring.

The next probable opportunity for a healthy seller's market is Spring 2009. It is very interesting to look at the history of homes on the MLS. Many homes that are still for sale from last summer/fall have experienced major price reductions. I have seen many homes priced around $300-$500k drop their prices $30k-$70k. Like Walmart, prices are falling. However, I do feel they have hit the bottom. The speculative bubble has burst, I believe, taking with it lots of money and dreams.

Musical chairs has ended for the many "get rich quick" real estate investment groups in Utah County. Most of these groups promised high monthly returns based on the defunct business model (often complex pyramid) that the market will continue to perpetuate a high appreciation and new victims.

If you must sell a home in today's market, throw away your appraisal and any hopes of last season's prices. That was the past. If I can say this politely, "Get over it." Price your home correctly in this new market, and your home will sell. When you get an offer, don't be too greedy (like us Realtors). Be realistic and flexible enough to get your home sold.

The buyers are out this January in full force. I think many buyers feel that it is a great time to buy. Our team member, Dave, landed offers on two of our listings just this week from his own buyers.

The first 10 days of January have been busier than the entire month of December. I am really excited about the new amount of buyers moving into the January market. It snowed 6 inches last night. It is a very bullish move to see buyers this early.

I look forward to the 2008 market with great anticipation. The Spring market will be better than the media and sooth-sayers claim. I consider this market a great time to buy. We want to be your Agents. Join our home buyers Early Bird Club.

P.S. I have more Utah County Real Estate commentary and graphs on our Utah County Real Estate website.