Jim McEwen\’s Blog

Many have told me that they are glad 2010 is over. Falling home prices, sellers who are still back in 2006, buyers who think the bottom will never come, and banks who want you to be of royal blood to qualify for a mortgage loan. No wonder so many are glad it™s over.

The interesting thing is that homes are still selling. It goes without saying that it™s not at the same rate we had before the œbust, but they are selling. They are selling at prices we haven™t seen since 2006. What is selling you ask? Homes that are priced at market or lower to compensate for condition are selling. The others are sitting on the market and going nowhere. If your home is one that is sitting and not selling you might want to take a look at the ones that did sell to see what they have that your home doesn™t.

The real unfortunate part of this is so many bought when prices were skyrocketing. Some thought it would never stop, and are now stuck with homes that are worth less than they owe. In the long term that really isn™t a problem unless you have a need to sell now. If you intend to keep your home for the next 20 years this downturn may become meaningless. At some point prices will recover and credit will be easier to get. On the other hand, if you are in a position where you need to sell your home due to a job loss, transfer, unexpected expenses, or any other problem that creates a need for you to sell you may have a problem if you have purchased or refinanced your home in the last few years.

For some, this is a time of opportunity. When the market goes down as abruptly as it has lately, a strange thing happens (at least in Northern Utah). The higher priced homes take a bigger hit percentage wise than the lower priced homes do. Why might that be good? Imagine this scenario: you have a home that in 2006 was worth $150,000 and now it™s only worth $130,000. That™s kind of bad, or is it? Let™s say you want to move up to a bigger home. There are homes in the area that in 2006 were selling for near $500,000 that are now selling for $300,000 and in some cases less. Imagine losing $20,000 on your home now to gain $200,000 on your next home. Add that to the savings you could have due to the low interest rates and you could be getting the deal of a lifetime. I call that opportunity.

This œshift the real estate market is going through is nothing new. It happened in the late 70™s and early 80™s. There were different forces at play, but the result was the same. The bottom line is, if you like your home and can afford it, keep it. You might even want to consider refinancing. One warning: do not take cash out. That could put you in a bad place if something happens. If you are in a position to move up and have the desire then it™s time to get in touch with an agent. If you are in trouble and need to sell your home, again, it™s time to call an agent.

That™s the good the bad and the ugly. Keep in mind that real estate is a local market. What you see on TV and hear on the radio is a national view or at best a state view. What really counts is what is happening in your city and neighborhood.

Jim McEwen
Your Real Estate Resource
http://www.FindYourUtahHome.com
jim@nuggetgroup.com
801-686-5550

In Weber County, Utah home sales price has been averaging $166,110 for the last 30 days. The average time on the market has been 83 days, which is the same as the state average.   In the Weber County there have been 250 homes sold in the last 30 days. They have ranged in price from $13,000 to $583,000. At the time of this report there were 2,137 homes for sale in Weber County.   There is 8.55 months worth of inventory available making it a slight buyer™s market.    For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550 Looking for a home in Weber County?   Try our free home search web site at http://www.FindYourUtahHome.com

In Clearfield there have been 23 homes sold in the last 30 days.  They have ranged in price from $70,000 to $278,749 with an average of 71 days to get sold.  The average sales price of homes in Clearfield is $156,902 making Clearfield affordable for many first time home buyers.  At the time of this report there are 145 homes for sale in Clearfield.   A 6 month supply is considered a balanced market, any more than that is a buyer™s market.   At this time we have 6.30 months of supply on the market, which shows that it™s a pretty balanced market.

For more information visit my web site at www.jimmcewen.com or give me a call at  801-686-5550.    If you are looking for a home try our free web site http://www.FindYourUtahHome.com

Clinton has a lot to offer:   variety, convenience and reasonable housing prices. The home prices have been averaging $167,328 for the last 30 days.   They have been selling in less time than the County average.   In the Clinton area there have been 24 homes sold in the last 30 days. They have ranged in price from $90,000 to $283,344 with an average of 63 days to get sold.  Homes under $250,000 are moving at a rate of 65 days on the market.  At the time of this report there were 149 homes for sale in Clinton.   There is 6.21 months worth of inventory available in Clinton possibly making it a balanced market.  For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550 If you are looking for a home try our free web site. http://www.FindYourUtahHome.com  

In Davis County, Utah home sales price has been averaging $222,843 for the last 30 days.  The average time on the market has been 76 days, which is less than the 83 day state average.In the Davis County there have been 283 homes sold in the last 30 days. They have ranged in price from $20,000 to $930,000. At the time of this report there were 1917 homes for sale in Davis County.   There is 6.77 months worth of inventory available making it a fairly balanced market.    For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550 Looking for a home in Davis County?   Try our free home search web site at http://www.FindYourUtahHome.com  Davis CountyDavis County Utah is home to Hill Air Force base.   With the Great Salt Lake to the West, Wasatch Mountains to the East, Salt Lake to the South and Weber County to the North, Davis County is close to everything without being in the middle of anything.   In Davis County you can find a very wide range of restaurants. Entertainment opportunities and recreation are within a few short miles.   Davis County is home to a good public school system and some private schools as well. The mountain views and colorful sunsets have to be seen.   Many residents choose Davis County due to our public transportation.   If you work in Ogden or Salt Lake you can use commuter rail and the bus system to save time and money.

In Kaysville there have been 22 homes sold in the last 30 days.  They have ranged in price from $139,900 to $685,000 with an average of 80 days to get sold.  The average sales price of homes in Kaysville is $276,136.  Homes over $250,000 are selling in 67 days while homes under $250,000 are taking 83 days.  In most areas, the homes under $250,000 sell quicker; Kaysville is somewhat unique in that we have seen this situation more than once.   At the time of this report there are 134 homes for sale in Kaysville.   There is currently 6.09 months of inventory available in Kaysville.   Six months worth of inventory is considered a balanced market.

For more information visit my web site at www.jimmcewen.com or give me a call at  801-686-5550.    If you are looking for a home try our free web site http://www.FindYourUtahHome.com

In the Layton area there have been 73 homes sold in the last 30 days with the average price of $201,433.   They have ranged in price from $20,000 to $475,000 with an average of 82 days to get sold.   Homes over $250,000 are moving at a rate of 97 days on the market compared to homes under $250,000 that are taking an average of 79 days to sell.   At the time of this report there are 410 homes for sale in Layton.  The inventory of homes for sale in Layton has increased slightly over last month.  As of the time of this report Layton has 5.62 months of inventory available.   A year ago we had nearly 10 months of inventory, at this time it still appears the market is stabilizing.

For more information visit my web site at www.jimmcewen.com or give me a call at  801-686-5550.    If you are looking for a home try our free web site http://www.FindYourUtahHome.com

The home prices in Ogden have been averaging $132,981 for the last 30 days making it affordable for many first time buyers.   The result is that homes in Ogden have been moving and have been selling in less time than the County average.   In the Ogden area there have been 95 homes sold in the last 30 days. They have ranged in price from $13,000 to $583,000 with an average of 81 days to get sold.  Homes under $250,000 are moving at a rate of 80 days on the market compared to homes over $250,000 that are taking an average of 107 days to sell.  At the time of this report there were 786 homes for sale in Ogden.   There is 8.27 months worth of inventory available in Ogden making it a slight buyers market, but not like it was when there was a year™s worth of inventory.  For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550 If you are looking for a home try our free web site. http://www.FindYourUtahHome.com  

Roy has a lot to offer:   variety, convenience, and reasonable housing prices. The home prices have been averaging $155,948 for the last 30 days making it affordable for many first time buyers.   The result is that homes in Roy have been moving.   They have been selling in less time than the County average.   In the Roy area there have been 50 homes sold in the last 30 days. They have ranged in price from $32,500 to $215,000 with an average of 73 days to get sold.  At the time of this report there were 257 homes for sale in Roy.   There is 5.14 months worth of inventory available in Roy making it a slight seller™s market.   It will be interesting to see if this continues.  For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550 If you are looking for a home try our free web site. http://www.FindYourUtahHome.com  

The home prices in South Ogden have been averaging $139,464 for the last 30 days. In the South Ogden area there have been 22 homes sold in the last 30 days. They have ranged in price from $52,000 to $325,000 with an average of 97 days to get sold.  Homes under $250,000 are moving at a rate of 80 days on the market compared to homes over $250,000 that are taking an average of 274 days to sell.  At the time of this report there were 154 homes for sale in South Ogden.   There is 7.00 months worth of inventory available in South Ogden making it a slight buyer™s market, but not like it was when there was a year™s worth of inventory.  For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550 If you are looking for a home try our free web site. http://www.FindYourUtahHome.com