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!

 

 

 

 

 

 

 

 

As a buyer, why should I use a Realtor?

For your protection

Buying a home is a very important and expensive purchase – probably the most important purchase you will ever make. It’s very important to have someone help you who is educated in all the facets of real estate.

Unlike hiring an attorney to represent you, it’s one of the few instances in life where you can have professional representation and you don’t even pay for it.  Realtor fees are typically paid by the home seller.  Brokerage commissions are split by the Realtor listing the property, and the Realtor bringing the buyer.  As a buyer, it is generally in your best interest to have a Realtor representing YOU versus using the listing agent who represents the seller.

Realtors have knowledge & CONNECTIONS

A competent Agent knows the market and will do research on the value of homes you’re interested in. If questions arise about properties, they do the necessary research with county records, cities, etc… they’ll find the answers to questions about animal rights, water rights, covenants etc…allowing you to make a well-informed purchasing decision.

They have connections with other professionals.  They can direct you to qualified lenders, reputable inspectors, contractors etc…

         They’re trained Professionals

  1. Real estate professionals take classes continually to make sure they’re educated on all new laws, procedures, forms etc…
  2. They have experience. .. The first time doing anything is always rocky and uncertain. experience helps take away the rockiness.
  3. Realtors pay dues for full access to the MLS (multiple listing service)- they can access and research all of the properties for sale (not just those from a particular brokerage), share listings via the internet, and then physically show you homes that interest you.
  4. Realtors are able (time allowing) to preview homes before you see them…saving you time if you’re clear on your parameters.
  5. Paperwork…They know what forms and contracts are needed and will make sure they’re filled out correctly and legally.
  6. They will manage the transactions and dates for you.
  7. Maybe most importantly, a trustworthy Realtor will negotiate the best terms for YOU. After you find that perfect home, research will be performed to determine the true market value of the home, ensuring that you know what you’re buying, and you don’t overpay

 

A competent, honest Realtor is invaluable in making your home purchase a smooth, safe and happy transaction.  If you’re thinking about purchasing a home I would appreciate your consideration when choosing a Realtor.  Terri Sizemore 435-770-9407