Cache Valley/Logan Real Estate Market through September 2019

The Cache Valley Real Estate market continues to flourish!  Local statistics through the 3rd quarter of 2019 show home sales up almost 5% over 2018 with 496 sales through the 3rd quarter as compared to 475 last year! The inventory is even lower than last year – with an average 280 homes on the market compared to 315 at this time last year.

Home prices rose 7% , but that’s substantially less than the 13.5% yearly increase I reported in September 2018.  In September 2018 the average home sale price was $262,000.  Currently it is $279,000.  This appreciation is more in line with a normal growth rate.  In Cache Valley the average price per foot is $123 with new single level homes going for up to $200 per foot and older “fixers” around $80 per foot.

Interest rates, while expected to increase this year – actually dropped dramatically last month and are now hovering at a very reasonable 4.0-4.3% for a 30 year fixed mortgage.  Affordable interest rates have been a huge boon for home buyers and have created a flurry of mortgage refinances.

Cache Valley remains a very desirable place to live.  Growth management has been a top agenda for all of the municipalities in Cache Valley, and our local elections next month will help dictate the direction that growth is going to take.

Enjoy our beautiful Cache Valley Autumn!

 

Cache Valley/Logan Utah Real Estate still “On Fire”!

For the past year or more there has been an expectation of increased home inventory in our Real Estate market – precipitated by robust new-home construction and an uptick in listings, since prices have increased almost 28% since 2016.  This would naturally result in a leveling off of prices.  Inventory has not decreased despite the active new-home market and strong listing numbers because the demand remains stronger than the supply!  The mortgage interest rates have also contributed to a continued strong market – rates have dropped to below 4% on a conventional 30 year fixed mortgage!

Here are the facts: While the State of Utah as a whole has seen an increased inventory of 12% over 2018, our local market (Cache Valley) actually has 20% LESS INVENTORY than we did last year at this time.  Right now there are 266 homes listed for sale in Cache Valley as compared to 321 last year at this time.  The number of single family homes selling in the first half of 2019 is almost identical to that of 2018 (info gathered from the Utah MLS). Most new home construction sales are not included in the MLS statistics.  Prices have risen 5% in the past 6 months, from an average $113 per foot up to just over $120 per foot.  The average home sale price has risen from $260,000 to almost $272,000.

Currently the average days on market (time it takes for a home to go under contract) is 55.  As I’ve mentioned before, the DOM (days on market) varies greatly depending on the price of the home.  Homes priced under $200K have an  DOM of just 33 days, while homes priced $350,000-$400,000 have an average DOM of 96 days.

One last note: Our beautiful valley currently has 124,564 residents and has been growing by 1.8 – 2% the past 5 years. It is a beautiful place with plenty of outdoor recreational opportunities, good health care facilities,  a reasonable cost of living and a strong job market. It is anticipated that the growth will continue.  There is a real push in most municipalities for building higher density housing so that open space might be preserved, air quality improved and reasonably priced housing made available.  Many of the new PUD’s (planned unit developments) – town house communities and over 55 communities – will play a very important part in providing attractive, reasonably priced housing for the future.

Happy Summer!

 

 

 

 

 

2018 Status of the Logan/Cache Valley Real Estate Market

 

It appears time has marched us through yet another year….

It seems like a short time ago we were breathing a sigh of relief at the understanding Y2K hadn’t caused a world collapse.  (For you youngsters – our emergence into the 21st century brought many people much anxiety.  There was much apocalyptic hysteria linked to fears of global failure and nuclear war. Many were certain that modern life would dissolve, become extinct with the collapse of computer systems unable to roll over to the year 2000).  I remember thinking I would really miss a washing machine and vacuum, but it would be okay rolling back to simpler times…and that was pre-smart phone era:-)

My very wandering mind has stumbled back to that curious time of global angst because I hear some of that same sort of doom and gloom threading through some conversations currently.  I’m here to say – Life is GOOD!  It’s never going to be perfect, let’s just appreciate the good!

Here in our Happy Cache Valley, the Real Estate market is thriving.  In November we hit a tiny bit of turbulence, but otherwise it’s been smooth sailing.  There were 2.7% more homes sold in 2018 than 2017.  The home prices increased just over 9% for the year, and in the 4th quarter 2018 the average home sale price went up to $271,000.  The average price per foot has increased to $114, up from $104 a year ago.  While that seems high, it is still in the “affordable” range relative to most of the country – where the average exceeds $150 per foot.  The current average mortgage interest rate is 4.68% for a 30 year fixed mortgage – down from almost 5% in November!        

In Logan/Cache Valley there are currently 216 homes for sale, a 5% increase over this time last year.  Home inventory is expected to increase in the upcoming months – good news for buyers.

Growth in the state and our area might slow some, but is not going to stop any time soon…Utah in general is Booming!  A report from Think Adviser in September 2018 ranked Utah 2nd after Washington State in economic health & economic activity.  US News & World Report ranks Utah as #4 in employment rankings, and Kiplinger ranks Utah #2 in job growth.

Logan/Cache Valley ranks in the top 10 best (and most affordable) places to live in Utah on various sites such as Area vibe, Livability, Niche, Crazy Tourist and HomeSnacks.  We who live here know it belongs in the tip top!

If you need any Real Estate assistance, please call me at 435-770-9407

Have a Wonderful 2019!

 

 

 

 

 

 

 

 

Logan/Cache Valley Real Estate update 1st Quarter 2018

Predictions that the Utah Real Estate Market – and our local Logan/Cache Valley market- would see prices increase at a lower, more historical rate in 2018 have proven incorrect.  The demand for Real Estate continues to match or exceed the supply; even with the added inventory of new homes and townhouses.

While the average median home sold price dropped from $229,000 last quarter to $221,000 the first quarter of 2018, the average sold price per foot increased from $104 per foot to an average $109 per foot – an increase of 5% in just 3 months!  Please keep in mind the price per foot a home fetches depends on the age, style and condition… it can range from $70 or less per foot for an 80 year-old bungalow with an unfinished basement and no updates on a tiny lot to $200 + per foot for a single level rambler with stellar finishes on acreage.  Appraisals are still very important, and your Realtor will pull sold comps to give you an accurate idea of how your home should be priced.

The decrease in median sold price is reflective of the demand for less expensive homes.  There is a proportionally high number of buyers seeking homes priced lower than $300,000.  Of the 241 homes that sold in Cache Valley the past 3 months, 204 (85%) of them were priced under $300,000 and only 9 were priced above $400,000.  This brought the median hold sold price down.  This statistic will change next quarter though, because 21 homes priced above $400,000 are under contract.

Currently there are 204 homes active on the market in Cache Valley.  There are also 204 homes under contract- poised to close in the next 45 days or so.  This illustrates the high demand for Cache Valley Real Estate!  People from other states continue to flood into our Valley – as a result of better job opportunities, lower price of living and better quality of life than afforded in many other places.  It may not be perfect, but it’s close enough to perfect for me – and apparently many others.

If you’ve been thinking about it, NOW is a perfect time to “move up” in home size/price. The demand for homes in the lower price ranges is extreme – with town houses being especially attractive to many young people, but there are more homes available to purchase in the above $300,000 price range (62% of the homes on the market are priced above $300,000).  The mortgage interest rates are still in the “affordable” range, though they have gone from just under 4% at the end of 2017 to 4.5% currently on a fixed 30 year conventional mortgage.  Rates are expected to continue rising over the year with projections of 5% by the end of 2018. On a $200,000 loan, a 1/2% interest increase raises the monthly payment by $60 per month – so timing is important on a purchase if financing is required.

Please call or e-mail if you want specific Real Estate information pertaining to the Logan/Cache Valley area, or if you want a price evaluation on your home.

Happy Spring!

Terri Sizemore/Youngblood Real Estate

435-770-9407 supersizemore58@gmail.com

 

 

Reviews for Terri Sizemore

Here are some testimonials and Thank You’s received from previous clients.

“I put my house on the market just about one and a half months after another friend of mine. I used Terri, he used another agent. Both houses were very similar in size and price range, the difference was that Terri worked very hard for me to help stage and prep the things needed to get the house to sell. Mine sold in around thirty days, while my friend’s house went for the whole six month contract without selling and he even lost the new house he wanted. When it comes time to sell my current house I will track Terri down to have her sell it.  Talk to Terri before you go to anyone else!  Tom Watkins.”

Dear Terri–
We couldn’t have done it without you and your 18-hour days. You treated the Pitkins as though they were your only clients and pure gold. Not merely were your suggestions for improvements always spot on, you and your family pitched in and helped get them done. We got our home sold, and in the bargain we acquired a friend forever.
Will Pitkin

–“It was a sheer pleasure working with Terri to -sell our home.  I have worked with a number of agents over the years and have never received such amazing help.  She went the extra mile on everything she did, from marketing our home on the internet, holding open-houses that featured our property and making sure that it was always in top condition to show to prospective buyers.  She even advised us on things that we could do to make the home more appealing and sale-able.  She was able to sell our home quickly and for more money than I anticipated.  We were thrilled with her professionalism and service. I heartily recommend Terri, I wouldn’t use anyone else. She is the best!”  Jim Welch 

Dear Terri,

I wanted to thank you for all the hard work you put into helping me sell my home. This was the first home I ever bought and I did not know anything about selling it. I was afraid at first to go with a real estate agent because I heard so many bad stories. When I met you in person, I knew I could trust you. You explained everything to me and helped me so much with your valuable advice on setting up my house to be shown and increase the curb appeal. I could not believe that in the first 5 days on the market, your office set up 10 showings and my house sold after 5 days! During the entire sale process, you always returned my calls promptly; you kept me up to date with all the steps and paperwork. I could not have sold my house this fast on my own and I am so glad that I had you as a real estate agent! I have recommended you to all of my friends and family! Thank you for all your time, advice and dedication to my family during the sale of our home. You are such a great person and a hard worker. We are all so grateful to you!

Celeste Theodore

My husband and I recently bought our first home.  We were very fortunate to have Terri Sizemore as our real-estate agent.  She is very passionate about what she does, and she really cared about getting us the best result.  She answered all our questions and was very patient with us.  We looked at lots and lots of houses with Terri before we found the one that was right for us.  The home buying experience can be a stressful one; I would recommend that you have someone like Terri to help you through the whole process.   STEPHANIE STEWART

I’d like thank Terri and let others know how much I appreciate her help with my real estate affairs. Terri assisted me with the purchase of my home. Buying a house isn’t something you do every day and it was reassuring to have her walk me through the process. Peace of mind. Priceless. I also have a building lot that Teri is selling for me. She has tons of energy and puts forth much time and effort to advertise and sell the property.   She is a great communicator and contacts me a few times a week, to keep me updated.  She always exceeds my expectations.  If you need a real estate professional, look no farther. Terri Sizemore will take great care of you. Terri thanks for all you do.  Bob Van Slyke

Working with Terri is a pleasure.  She really listened to what we were looking for and worked hard to find what we were after.  When it came to closing she made the process smooth and painless.  Best of all, she is a truly caring person who looks out for her clients and, if you have the pleasure of working with her, you are likely to find yourself with a wonderful new friend.  Sally Brown

Terri was so wonderful.  I always knew that she cared about ME.  She explained things to me carefully, she kept in touch with me every few days, and she worked hard to get my house sold.  She and her husband even painted my living room to make it look better, and when my house sold so quickly she and her husband MOVED ME!  Now that is what I call service beyond expectation!!  She is the BEST!    Mrs. Parnell

Terri was awesome to work with. She cared about getting us into a perfect home for our family. She was responded quickly, and kept on top of every contact. I had to bring small children with me several times and she was very understanding and patient with them. She had great suggestions and knew the area well. She was aggressive in getting a good deal for us. I loved working with her and I hope to work with her again.  Celeste Balio

When I first called Terri about some land I was looking at I could tell immediately that I had not just met a Realtor but I had made a good friend.  Terri worked hard checking on all the different rules and laws and HOA fees.  She made lots of calls, showed me many lots, and really did her homework (and mine too).  She is a hard worker and always made me feel special. When I finally found the land I wanted she helped me with all the details with that purchase and we still stay in touch.   Lisa Jorgensen

      Terri was great to work with in so many ways.  We were moving in from out of state, and Terri worked with our schedule for looking at houses.  Terri made it easy to get into each of the places we wanted to see in a short amount of time.  She let us make our own assessment of each house, but also provided valuable input from her point of view.  It was easy to talk to Terri about what we liked and didn’t like about different places.  Terri was really good at following up with us even after we were in our home.  Terri went above and beyond our expectations in helping us get into a good home and we would recommend to anyone in Cache Valley.    Joshua & Alesia Southwick   

Terri Sizemore was an amazing realtor to our family.  We never felt pressured in buying a home.  She always told us her opinion on the homes and she found an amazing home that was best for our family. Terri was very friendly and was so nice to our two young boys.  She would go out of her way to bring a treat for them, whenever we would meet. When we were looking at each home she made an effort to play with our boys, so my husband and I could focus on looking at the home.  Terri was very professional and knew the realtor business well.  She helped us put the best offer on our home and we were first to be accepted, among other offers.  We were so blessed to have her as our realtor and would refer her to anyone.  If you have Terri Sizemore as a Realtor, you will not be disappointed.           Brent and Kara Buist

“Terri went above and beyond to help me with the purchase of my home. I never thought home ownership was possible for me at this point in my life. Terri was knowledgeable, supportive and professional. But, beyond that which one could expect from a skilled agent, Terri was an excellent advocate and friend. Every time I look at my beautiful home I am grateful for her help, support and friendship in making my dream come true.” Jen Hobby

Terri was so very helpful in helping our family move into our first home. Even knowing we had a tight budget and were at the lower end of the market she was more than willing to help us look at many houses and assist in our decision on which one would be best for our growing family.  She walked us through the entire process and even helped us in finding someone to help us with the financing. She was more than patient as we waited for a short sale house, which eventually fell through, but stuck with us and helped us find an even better house a few weeks later. We were surprised at how much she did for us, including the numerous phone calls she would make to the listing agent, our lender, inspector and other people on our behalf.   Terri even skillfully helped us in getting this new home ready with some DIY projects so we could qualify for our loan.  She was available before and after the sale to answer some new homeowner questions.  We feel she went the extra mile for us when helping us find our first home.  We trusted her completely and she never disappointed. Thank you Terri!  The Edgar Family.

Terri was amazing.  She is the only reason I have a house today. A foreclosed bungalow came on the market and of all the offers (four or five) that were made on the house, my offer was the only one with all the paperwork in order. As such, my offer was accepted and I did not have to go through the counter offer process.  Terri took care of all the paperwork and made the whole process incredibly easy.

Anna Forest