- The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
- 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
- 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
- 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
- The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.
Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks, gold, and savings accounts.
For the sixth year in a row, real estate has come out on top as the best long-term investment! That has not always been the case. Gallup explains:
“Between 2008 and 2010, covering most of the Great Recession period that saw plummeting home and stock values, Americans were as likely to name savings accounts or CDs as the best long-term investment as they were to name stocks or real estate.”
This year’s results showed that 35% of Americans chose real estate, followed by stocks at 27%. The full results are shown in the chart below.
Now that the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.
So….this is fun! We (you + us) did it! Jeremy Larkin and The Larkin Group voted Best Real Estate Agent and Best Real Estate Team in Southern Utah!
Thank you a million times over for the vote of confidence in who we are and what we’re doing in the community. We know that some of you may have voted EVERY DAY for 2+ weeks! THANK YOU.
14 years ago Jeremy made the decision to surround himself with the best people and every positive outcome since then is the result of those fantastic folks!
We’d love to connect with you any time about your personal real estate needs.
Until then, thank you friends and clients! 🙏❤️
-Jeremy & The Larkin Group Family
According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.”
According to the 2019 Home Buyer Report from NerdWallet,
“Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.”
This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop riding it because you fell on the ground and scraped your knees? Or did you get back on and try again until you were able to ride without falling?
Purchasing a home is not as simple as learning to ride a bike, but the concept is the same! There are many things necessary to learn that affect the ability to get the financing needed to purchase a home. Past occurrences can determine if there is a waiting period. In other words, you need to let your knees heal before you try again!
As we’ve mentioned in the past, homeownership has many financial and non-financial benefits. Each person needs to go over the pros and cons, taking the time to figure out what is best for their family. Should they continue renting, or should they try to buy again?
The good news is that some “boomerang buyers” are getting back into the market. They’re getting back on their bike!
“Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a new mortgage, according to a study by credit rating agency Experian for USA Today.”
NerdWallet’s report also mentioned:
- 6% plan to buy a house this year.
- 39% intend to buy over the next 3 years.
- 58% say they will purchase within 5 years.
If you lost a home due to a financial event but would like to review your options, let’s get together to help you create a plan to obtain a home in the future!
Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving.
The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point!
NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving!
The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:
Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!
If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will!
In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared.
In a realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!
2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’
Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?
Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.
3. Research and Choose a Neighborhood You Want to Live In
Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”
4. Pick a House Style You Love and Stick to It
Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code.
An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”
5. Document Your Home Visits
Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy to document what you love and don’t love about each property you visit.
Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.
In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.
- ATTOM Data Solutions conducted an analysis of more than 29 million single family home and condo sales over the past eight years to determine the top days to list your home for sale.
- The top five days to list your home brought in a 10% premium over market value and are all in either May or June!
- “Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations.”
- There is still time to list your home before these dates pass you by!
Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.
However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.
Here are three examples:
“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”
“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”
- The 2018 4th Quarter survey called for 3.8% appreciation for 2019.
- The 2019 1st Quarter survey raised the appreciation projection for this year to 4.3%.
Price appreciation has slowed over the past year. However, a strong economy and a good housing market have many experts thinking that home values might re-accelerate moderately throughout the rest of this year.
Below is the actual St. George Real Estate Morning Drive show, hosted by St. George Real Estate Agent Jeremy Larkin, word for word! Enjoy and please share if you find it valuable!
Jeremy Larkin and The Larkin Group @ Keller Williams Realty can be reached by calling 435-767-9821, or emailing firstname.lastname@example.org.
Andy: Good morning. 8:36 on News Radio 94.9 890 KDXU. It is Thursday and that means it is time for the St. George Real Estate Morning Drive with Jeremy Larkin. Jeremy, how are you, man?
Jeremy: Good morning, everybody. Everybody.
Jeremy: Every body.
Andy: You have piqued my interest, by the way. He gave me a little teaser before we went on the air here about the most expensive and least expensive homes in Washington County. And he would not tell me.
Jeremy: I know you asked, Andy asked well what is the most expensive home and what did I say?
Andy: You will find out.
Jeremy: You shall find out. Listen, we have talked about this. It is no different than your newscast. Hey tonight at ten, we are going to find out exactly, tonight at ten find out what is lurking in the shadows for your teens. And you are like what do I need to know about my teens, and then it will be at 10:27pm. 27 minutes into 30-minute newscast.
Andy: You have to sit through the whole thing. Are you going to make us wait 27 minutes?
Jeremy: Heavens no.
Andy: Okay, good.
Jeremy: I would not do that.
Jeremy: It is not who I am. Good morning, Joe. Joe is watching.
Andy: Hey, Joe.
Jeremy: Joe is in. We got some people. Guys out there. By the way, guys and gals, everybody as they say, make sure you comment and say good morning. Give us a thumbs up. Float a heart. That is one of the famous kinds of webinar things people do because we are in a business where we watch a lot of webinars. Hey, float some hearts over there. Any whose. Gang, Jeremy Larkin here. Host of the St. George Real Estate Morning Drive. It is Thursday. I have got Jesse Poll here in the studio. Jesse decided to show up in a t-shirt and baseball cap. It is like he does not even care. Tell us about your t-shirt because it says red day. I think people are going to want to know.
Jesse: Well, it is, all over the country, Keller Williams offices will be shut down today and out doing a community project somewhere.
Jeremy: Theoretically shut down.
Jesse: Yes. We will still be doing business, but the office will be shut down. We will be out there cleaning the park on our phones doing transactions, but we will be serving the community.
Andy: You have got a red shirt on under your sweater. I am guessing it is the same one.
Jeremy: It is not the same one, but it is similar. It is similar. So this is, today is Red Day.
Jesse: Yeah, today is Red Day.
Jeremy: Which is Keller Williams’ Red Day. Keller Williams is, so you know, a lot of our listeners, most of our listeners know that we are, I am Jeremy Larkin, CEO of the Larkin Group. Jesse and I are with the Larkin Group. We are a home-selling team. So in the real estate world, we have to have our real estate license shingled. Right? Hung under a brokerage umbrella. We could have our own brokerage, and we just felt like it was not worth the hassle and the liability when we belong to the greatest company on the planet, which is Keller Williams Realty.
Jeremy: Red Day, there are two kind of elements here. Number one, Keller’s branding has always been red. But in addition to that, red stands for do you remember?
Jesse: Let’s see. Renew, energize, and donate.
Jeremy: Renew, energize, and donate. What does Red Day stand for? It stands for renew, energize, and donate. It is our annual day of service. Every second Thursday of May we celebrate Red Day as part of our legacy worth leaving, which is part of the core values of the company Keller Williams, and we believe that at Larkin Group. So today we will be at Little Valley —
Jesse: Little Valley.
Jeremy: — Park, I guess. Little Valley Park, ballfields and that kind of thing planting trees, and boy, is it strange. The weather?
Jeremy: This is, it does not feel like May. 61 right now, maybe something like that. It is really cool. It is supposed to be cool all day long. Seventies for the weekend. Hey, make sure you stay in touch here in the next five minutes for the 10-day forecast. Oh wait. See, at some point I think we are an Iron Man promoter, St. George Arts Festival promoter. What are we? Are we running a real estate program here? I think we are running a real estate program, and today we are going to talk about the most and least expensive homes. So if you see us, by the way, wrapping that up, out at Little Valley Park, all these people in red shirts. That is Keller Williams Realty out here doing our day of service. And it is our little, it is a fingernail portion of something. Right? Everybody needs to do our part. If we are not all doing something, it really does not happen. So there you go. You know what I love, Jesse?
Jesse: What is that?
Jeremy: It is how these companies love to say look at. We are doing Red Day. We are the greatest. We are, you really should know that there is no one better than us. Everybody. There are lots of people doing service today in St. George.
Jesse: There are a lot.
Jeremy: There are probably 50 service projects going on right now by massive organizations.
Jeremy: But we are doing our part. Right? So there you go. If you want to check it out and see what that is about, you can google Keller Williams’ Red Day or KW Red Day. So we are going to have some fun. People like to talk about the most and least expensive homes, and there has been some interesting news, and I do want to talk about this as we get the show going. If you do not want to watch us on Facebook Live, if you feel like you cannot swing over or stay on Facebook Live because you know what, maybe your boss will find out, you can make it seem really normal by just turning on the radio in the office. See, people forget, our Facebook listeners forget that we are a radio show. Good morning, Facebook viewers and listeners, YouTube viewers and listeners. Good morning, Jeff. Good morning, Jeff. I have got double Jeffs. I have got Jeffs all over the place. This is crazy right now. But you can listen to 94.9 FM, 890 AM, which is, of course, originally where we stream from, broadcast from here at the Cherry Creek Studios. You can google 890 KDXU Livestream and you can pick it up there, and you can just stream it. I do not know. There are a lot of cool apps you can get on your phone. That kind of thing.
Andy: We have our own app, too.
Jeremy: Wait a minute. You do?
Jeremy: Wait a second.
Jeremy: I did not know that.
Andy: 890K. You did not know that?
Jeremy: I am out of it, man.
Jesse: I did not either.
Jesse: All those days that I was trying to stream it from my computer and –
Andy: Yeah, yeah, you could have had the app. The only problem with the app is that it is about 30 seconds behind live.
Jeremy: Ah, that is okay.
Andy: And so, when we do these contests, people call in and I have already given away the prize because they are listening to the app.
Jeremy: Yeah, they are like wait a minute.
Jeremy: Wait, they feel like they are getting gipped.
Jesse: So you can announce, if you are on the app, just call me 30 seconds before you need to.
Andy: Yeah, read my mind.
Jeremy: Yes, read his mind. So there is an article that came out this week. It said there is this Riverwalk, a brand-new Riverwalk project coming online down on Riverside Drive, St. George, talking about this new affordable housing, and you can only understand that any time anything goes on Facebook, mainly there is negativity.
Jeremy: Because Facebook has become, and social media, but mainly Facebook has become like this outlet for everyone to share all their anger and resentment with the planet. Right? Which is unfortunate.
Jesse: And each other.
Jeremy: Yeah, it is really frustrating.
Jesse: It is sad.
Jeremy: I hate it. So years ago, The Spectrum, The Spectrum newspaper had something called the Vent, and they got rid of it.
Andy: I remember that. Yeah.
Jeremy: Do you remember that?
Andy: It was vile.
Jeremy: It was vile. It was vile. It was like Facebook. So it was like, Andy, when you release an article on affordable housing, and everyone hops in and says can you believe the greed? Can you believe the greed of business owners who would want to like, I do not know, build a house and make a profit? Can you believe these guys? Jesse, can you believe these guys? This guy opens a pizza joint here in town, and guess what, he wanted to make money.
Jeremy: Can you believe the greed? Can you guys believe that Cherry Creek Studios here sells stuff, radio? Honestly, I am offended. Okay? I am working for, have a I made my point?
Andy: You have.
Jeremy: And this is the classic line we get. Affordable housing, LOL. It is always an LOL. LOL. Yeah, is it just greed or have values really gone up that much? Gang, let me see if I can give you an economics lesson that is going to last about 60 seconds. Here goes. Prices of everything on the planet are driven by you.
Jesse: It is true.
Andy: That was ten seconds.
Jeremy: Well, there is about 45 seconds left.
Andy: Oh, there is more. Okay.
Jeremy: That means you and me and the three of us in this studio and everyone listening to this show, we drive the economy. Greedy builders air quotes and greedy real estate agents and greedy homeowners do not drive the market. The market is driven by consumers –
Jesse: But wait a minute. Isn’t it also greed to try to keep them down?
Jeremy: Of course it is.
Jesse: By buyers.
Jeremy: Because, of course, this is –
Jesse: It is all about greed.
Jeremy: Hypocrisy of the whole entire idea.
Jesse: Or not. It is just about life.
Jeremy: We are really just dealing with an economy, and what is happening in the economy is people start to move here and then what happens is the builders go oh man, I was selling this home for 250, but now the cost of my lumber went up, and the cost of my concrete went up because it is getting busy. Oh, and the cost of my labor went up because I am having a hard time getting guys. So they raised their price a little bit. And then people say I think I will pay a little more. And the builder says well, cool, if they will pay a little more. Gosh, if I was getting 260, maybe I can get 265. But then the cost of their labor and the cost of their materials goes up. So we have this cycle that happens, and as long as, I guess if we just want to boycott development, then we can absolutely, so government by the way, Thomas Sowell, you know who I am talking about, this famous writer, he has been in the paper. He had a piece that was really phenomenal years ago about how government intervention in housing prices does nothing. It actually creates almost the reverse outcome. So folks, listeners, buyers, sellers, homeowners, future homeowners, landlords, renters, I have covered every person that listens to this show. You are responsible. Isn’t that just liberating to know that it was your fault, to know that it was your fault and my fault and Andy’s fault and Jesse’s faulty? It is everybody’s fault that houses are expensive here because we are part of an economy. Here is what is not happening, and I am going to answer the question for all the people that complain about these. I am going to answer the question. Is it just greed? Nope. Sorry. Builders do not find out that they can sell their home for 300 when they were selling it for 240 and raise it to 300. There has never been, that is not, it is just so incremental. What about in 2005 when I bought a house and like 6 months later it was fifty-grand more?
Jesse: That was still the economy.
Jeremy: Still the buyer’s fault. Come on. Right? Now that I have been on my soapbox –
Jesse: But wait a minute. Let’s stop there. Who in their right mind –
Jeremy: Oh should we be done?
Jesse: No. Wait.
Jeremy: Thank you. Okay.
Jesse: Who in their right mind if you were selling a home if it was actually worth 300 and you had for some reason got it wrong, who wouldn’t change that if they could?
Jeremy: Let’s flip it on its end. All the buyers that can afford homes, so by the way, what we have is we have, and there was some great commentary on this article about this riverfront project. There actually are one in like fifty comments is actually valuable. We have a wage problem. Right? We have a wage problem. And understand that wages, that is a whole, that is a whole entirely different can of worms. Right?
Jeremy: We have a wage problem. Remember, this is where all this crazy profit that people want to make in their business comes in. We have a wage problem because people want and need to make money. That is what business is about. Right? We do not live in a utopian society where we all get together tonight and like everybody down the street cooks a massive meal, and then we all eat from a bowl together. Right? We live in an economic, a democratic economic system, and what that means is people go out and they do what they want, and if they want to start a business like a lemonade stand, Andy, have you ever owned a business?
Jeremy: Yeah, what did you do?
Andy: Well, first of all, I had a vending business about 15-20 years ago. Vending machines and stuff like that. I have had an LLC for myself. I have been a freelancer for quite some time.
Andy: And that was a business as well.
Jeremy: So nobody stopped you from doing that. Right? That was part of being an American. You get to do that.
Andy: I loved it. Yeah.
Jeremy: So I can go get a business license in the City of St. George for pretty cheap and I could start washing windows. I could get licensed and bonded and I could be a window washer. And that is part of the beauty of this country. Now, we are going to get to the highest, most, we really are. I am making them wait.
Andy: You are teasing.
Jeremy: We are teasing. But I think this is so important, and I hope that our listeners are really taking this in. When you live in this kind of an economic free market system, hey, the good with the bad. The good is guess what, in the United States of America you are not held down like in some of these terrible Third World or Middle Eastern areas where the people are oppressed. They cannot own a business. They cannot do really what they want. The flip side of that is things get expensive, and right now housing is feeling pretty expensive in St. George compared to wages. We do our little part. I guarantee you we pay more in our office than the average employer in town. I know for a fact because every time I talk to employers, they are like you pay that much, yeah. But that is our part. We are one company. So Jesse, people are, the inquiring minds want to know. It is May ninth. What is the most expensive now that we have soapboxed that, and gang, seriously, I am happy to have a discussion with you. Contact us at sold in St. George dot com. Sold in St. George dot com or you could call us at 275-1690. We are happy to pick this discussion up. All right? So most expensive home sale this year?
Jesse: Home sale?
Jeremy: Does anyone have any idea? Could anyone, I do not know, maybe one of our Facebook viewers has an idea. I do not know. We would see a comment come over there if they had that.
Jesse: So the most expensive home sale –
Jeremy: Most expensive home sale recorded publicly.
Jesse: $4.5 million.
Jeremy: Whew. How did you get a mortgage on that, man? Did it require a down payment for you?
Andy: How many pools do you have, Jesse?
Jeremy: $4.5 million. Where was it at, man?
Jeremy: Say more than that. I know exactly where it was.
Jesse: 2860 South 20 East, Washington Townside.
Jeremy: Yeah, so people are like what is that?
Jesse: It is right downtown. Kind of.
Jeremy: Not really.
Jesse: No, no it is not.
Jeremy: I have got to correct you. I have got to correct you.
Jeremy: Clear out in the field. South by Adam Lane. This is this big Tuscan estate. Brent Minor sold it. Congra-freakin-lations, Brent. I know which property he is speaking of. I am not looking at it, but I am very familiar with it. Four-and-a-half, would you believe this? $4.5 million.
Jeremy: Now I am going to give people perspective today. So Jesse, that is the real number. Four-and-a-half million. Was it 4.5 is what it closed for?
Jesse: Yeah, 4.5.
Jeremy: Give us some more data. Like what? Was this like three-bedroom, two-bath, two-car garage with a quarter-acre lot?
Jesse: Thirteen thousand square feet, seven bedrooms, seven bathrooms, five-car garage on seven acres.
Jeremy: There you go. So what this place is –
Jesse: It is an estate.
Jeremy: It is a resort. It has got its own pond, lake whatever you want to call it out there. I have not seen jet skis on it. Maybe it is not that big.
Jesse: Okay, but now, let’s, obviously that is an outlier. Let’s talk about the next most expensive is $2.8 million off of Long Sky Drive in St. George. That is in the Ledges of St. George.
Jeremy: Yeah. $2.8 million. Here is what is about this. I spent some time on Coronado Island outside of San Diego a month ago. We went to a friend’s home and it was a two-story, 2400 square foot home. So 12 on the main and 12 up. Kind of that like wood paneling, almost like a horizontal wood paneling, really basic traditional home built in like the 1980s. Right? I looked at the Zillow Zestimate. We have been beaten up on the Zillow Zestimate, but when you are in that kind of place, all you can do is just kind of look at a trend in the area. $3.5 million. The home was average, guys.
Jeremy: It was not much.
Jeremy: Somebody said in this thread about this affordable housing. LOL, can you believe there is no affordable housing here. Somebody said why don’t you try living in Orange County? So we have to keep perspective.
Jesse: Right. Because even though our wages are low, they are not astronomically low compared to California.
Jesse: Compared to their real estate prices.
Jeremy: So Jesse, so that person at Coronado Island, they sell the house for $3.5 million and they move to St. George, Utah.
Jeremy: They are a $3 million purchaser here aren’t they?
Jesse: Possibly or they could pocket half of that and buy a really nice house for one-and-a-half.
Jeremy: And when they buy that home here, whoever finds out they buy it is convinced that the people are independently wealthy. Right?
Jeremy: But they may have not been independently wealthy. They simply did what?
Jesse: They bought right.
Jeremy: Bought right. They bought a house a long time ago in a place that went skyrocketed.
Jesse: They bought at the right time.
Jeremy: They might have had a regular job. Sold this home and just become absolutely really cash rich for a short period of time.
Jesse: My in-laws I think have that. They have lived in the same home for 25 years, I believe. I think they bought it for like 250.
Jesse: It will probably be over $1.3 million.
Jeremy: Imagine that.
Jeremy: And they will have paid their mortgage off.
Jesse: If and when they sell.
Jeremy: So, $4.5 million. All right. Most expensive home sale so far this year. $4.5 million. And when he says Washington Townsite, where it gets confusing is Washington Townsite is anywhere in Washington that does not have like a subdivision attached to it.
Jeremy: So it is clear out there in Washington Fields by what we call Adam Lane. Adam Lane is this one cul-de-sac of homes where everything is like 52,000 square feet on an acre. So that is a little overwhelming. What is the, give it to us, what is the least expensive home sale this year? And by the way, well, we can qualify it.
Jesse: This throws people because –
Jeremy: Twelve million, Joe. You were high. I would like to know where the twelve was. He guessed.
Jesse: This throws people because if you do not put in single-family home, you are getting trailers that you could buy for $10,000.
Jeremy: So is there something that sold for $17,000?
Jeremy: I see it. So that is not only an anomaly, we cannot look at it.
Jeremy: So what would be the most expensive condo, townhome, or single-family home? The least expensive that sold. And I can tell you right now what I have got.
Jesse: You have got it pulled up?
Jeremy: Yep, I absolutely do. So far this year, let me tell you, you can go out there and buy, yeah, you buy a Bryant Head condo. Right? You could go and buy a condo at Bryant Heat for $35,000 or $40,000. You could buy a fractional ownership. You could buy a mobile home on a rented lot, which is what Jesse is talking about.
Jesse: The least expensive property in the MLS was actually a fractional ownership in Las Palmas.
Jeremy: What was it?
Jesse: $20,000 for a condo.
Jeremy: So we cannot use it as an example. What does fractional ownership mean?
Jesse: That means that you just, you are probably a fifth or sixth owner. There are a team of owners, and you get it for what, one or two weeks a year, depending on how many owners. But the least expensive –
Jeremy: So we know, see how that throws Andy off?
Jesse: — single-family home –
Jeremy: If people go well, I saw something sold for $17,000. Well, really it did not.
Jesse: So the least expensive condo, let’s just talk about greater St. George.
Jeremy: I know exactly which one it is.
Jesse: Is $80,000.
Jeremy: I know exactly which one it was. Why do you think I know which one it is? Because we sold it.
Jesse: Because we sold it. That is right. We do not just deal in million-dollar properties, folks.
Jeremy: Thank you, Heidi Flannery. Amazing client out of Washington state. So $80,000, Spring Tree Gardens. One-bed, no bath, no kitchen, just kidding. I just want to see if people are paying attention. A hole in the wall from the demolition. It is a one-bedroom, one-bath, 588 square foot condo in a place called Spring Tree Gardens. $80,000.
Andy: 588 square feet.
Jeremy: That is it, man.
Jeremy: There is just, right. There is not much.
Jesse: Okay so –
Jeremy: So let’s talk about a single-family home. What do people want to know? What is the least expensive sale right now for a single-family home this year? Okay? This is going to be fun here for people to know about. True single-family home. Now what will happen is when you go into the Multiple Listing Service, it will like mislead you.
Jesse: So I am going to take out the 55+ communities. Okay?
Jeremy: Oh, that is okay. I already have the answer for you. Do you want me to give it to you?
Jesse: Yeah, give it to me.
Jeremy: All right. I was just going to see if he had it, if he was beating me to it.
Jesse: I had it.
Jeremy: 1114 North Jefferson Street. Okay. So 1114 North Jefferson Street. People are like what is that? It is a place called Painted Hills Estates. What is that? Well, it is kind of fun because at the end of the day there are like 500,000 subdivisions in St. George and nobody knows what they are. Okay? We have got two minutes. Fifteen hundred, this is really interesting. 1512 square feet for $155,000. Jesse, that is the cheapest sale that I showed anywhere in Washington County.
Jesse: Okay. So you are actually wrong.
Jeremy: Okay, what do you think is the cheapest one? Because when I pulled my search, that was the cheapest single-family –
Jeremy: — well, you know what?
Jesse: This is tricky because out in Hurricane you have got Quail Lake Estates, which is a single-family home.
Jeremy: No, cannot count it. Cannot count it.
Jesse: It is a single-family home.
Andy: Those are tiny. Those are tiny.
Jeremy: Still cannot count it. I still do not count it.
Jesse: But if you take out those –
Jeremy: Here is why. Here is why it is basically, there are a lot of trailers in there and a lot of modular homes.
Jesse: There is, but this one is a single-family home.
Jeremy: Okay. What was it?
Jesse: It was 770 square feet for $129,000.
Jeremy: Okay. There you go.
Jesse: It is a regular community.
Jeremy: Check this out. So there was a sale on 100 South that Baw Britridges, a good man over at Keller Williams, had that was $144,000 that I did not include. It was interesting because it was listed as commercial and residential, but it shows up in the residential search.
Jeremy: So, this was a single-family home that was 996 feet, a block from our office. When it says it needs a lot of TLC, let me see if I can describe this for you. It includes a bulldozer –
Jeremy: — running it over in the final minute. So right now, gang, let’s wrap this show up with this. Housing is feeling pretty expensive in Washington County based on what is available.
Jeremy: Based on, excuse me, based on income. $4.5 million was a highest sale. We had a single-family home arguably at $130, call it $150,00 for a true single-family in like downtown St. George or Hurricane.
Jeremy: $150,000 is as cheap as you are going to get if you are lucky, and it is going to need a whole bunch of work.
Jesse: You are going to have to be quick, too, because it is going to sell like that.
Jeremy: Greed is not driving our market. Okay? If it is, then it is because we are all greedy.
Jesse: It is pent-up demand. So let’s talk about that next week.
Jeremy: Well, that is exactly. Pent-up demand is driving our market. If you are thinking about buying a home, if you are thinking about selling a home, we want you to visit us at Sold in St. George dot com. Man, we could have fun with this discussion for hours.
Jesse: Next week.
Jeremy: Sold in St. George dot com. Oh, we are going to have some fun with it. We are going to find out when we talk about pent-up demand and what that means, like why people were kind of sitting around for five or six years not buying anything.
Jeremy: Over and out.
Andy: Thank you, Jeremy, Jesse. Time for news on News Radio 94.9, 890 KDXU.
So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:
1. Determine Your Price
“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”
Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.
2. Submit an Offer
“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”
Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.
3. Negotiate the Offer
“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”
If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.
4. Act Fast
The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.
Whether buying your first home or your fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dream of homeownership a reality!