Tuesday, July 28, 2015
The Weber County housing market continues to surprise us in its robustness. To make the point, I put together some charts showing recent sales and price movements.
Our first chart shows us year-over-year sales growth per month. As you can see, when compared to the same month last year, the past 12 months have seen solid sales growth with the exception of October.
This growth shows up in the volume chart:
Amazingly, June sale are the highest they have been since June 2007! The trendline has also taken a stiff trajectory change upward after plateauing for the last two years.
Finally, prices have seen significant movement:
Recent median sales prices are the highest they have ever been in Weber County. We now have exceeded our 2008 peak median housing price and then some.
So what does all this mean? While I don't expect a housing wipeout, I do expect housing prices to moderate and perhaps stagnate sometime in the near future. A jobs recession would cool the acceleration in price increases but timing on that is anyone's guess.
In the meantime, it is a perfect time to sell your home. If you want to know what your home is worth, CONTACT ME, and let's review the fair market price of your property.
Posted by Jeremy Peterson at 5:17 PM
Wednesday, July 8, 2015
Shopping with buyers in the housing market can be full of surprises. Here are some photos from some recent experiences viewing property.
Not all bathroom sinks are created equal.
I wish textured roofs were an 'in' thing. Unfortunately, they aren't.
I imagine an accident happening where the person doing the dishes gets knocked out by the person opening the freezer to get ice cream.
Look! It's a storage bathroom.
No living room is complete without an attractive BBQ grill as a center piece.
Who knew that grease can put a nice patina on your wall?
The crime scene mattress is always a fun treat when viewing homes.
This house comes with a dishwasher. It even has the new blue film on the front so we know it can't be that old. This house is going at the top of the list.
This is why we always tell the kids to wash their hands.
Can you spot the property line?
You know you waited 130 years too long to remove that junk tree growing along your fence line when...
When listing a rental home, please instruct the tenants to lock up their grow farm in the basement.
Look for more crazy photos in the future. In the meantime, happy house hunting!
Posted by Jeremy Peterson at 11:14 AM
Wednesday, June 24, 2015
My good friend and college bandmate Jesse Meik came to visit recently. To celebrate the occasion, we decided to pick a local area hike. Our interests pointed us toward Gunsight Peak just north of the town of Plymouth in Box Elder County.
After doing some cursory research we believed the trailhead started on the South Divide Road east of Plymouth.
At the top of the divide there were a couple parking spots.
We then began our hike on the two track trail heading north.
The trail was easy at first but we could see the trail ascending steeply up the mountain nearby.
Sure enough, the trail got very steep very quickly.
Unfortunately, the trail faded and we began the arduous task of bushwacking our way up the hill. The rocks were very uneven and the soil was unstable. It was slow going.
We thought we knew where we were going based on some research we had done in advance. As it turns out, we were off course.
When we reached the top of our climb we realized our mistake. There was a giant canyon separating us from Gunsight Peak which is seen here in the background. We grumbled for a few minutes deliberating on how we wanted to proceed. But a check of our water supplies told us we needed to turn back.
The walk down was as tricky as the hike up. The loose rock and soil made for a cautious descent.
Here is the no name peak we hiked. Our course took us along the ridgeline to the right.
In all, our hike was 1.6 miles one-way. We ascended 1830 feet. If you want to relive our misguided adventure, you can follow our trail. In the meantime, may we all enjoy the great outdoor recreation Northern Utah has to offer. Happy hiking!
Posted by Jeremy Peterson at 4:49 PM
Monday, June 22, 2015
I just sold this short sale listing near Ogden Canyon.
We listed this property in August 2014 for $55,000. At that time, the owners owned more on the property than it was worth. We pursued a short sale.
Immediately after we listed the property, we received several offers. Work on the short sale began. The negotiations with the lender were tedious, but we ultimately received an approval at $63,000.
The buyer paid cash at closing.
If you are upside down on your home, need to sell but want to avoid foreclosure, CONTACT ME, and lets walk through your options.
Posted by Jeremy Peterson at 3:58 PM
Friday, June 19, 2015
Another driver recently put their vehicle on a collision course with a home in Ogden. The Standard Examiner tells the story.
Unlike the last car-meets-house incident in Ogden where the house was brick, this home doesn't seem to have fared as well. Perhaps the the three little pigs were on to something.
Posted by Jeremy Peterson at 6:37 AM
Tuesday, June 16, 2015
I just listed this quaint updated cottage for sale in Ogden, Utah.
Located at 553 16th St. about a block from the Ogden River, this 1930's homestead is a perfect starter home. It would also make an excellent vacation home or rental property. The home has a large loft bedroom upstairs and a smallish bedroom space with closet on the main level. There is plenty of storage. The home is 842 SQFT.
The home has an updated kitchen with butcher block countertops, dishwasher, fridge, gas range, and pantry. Every window is new in the home and the main level has new laminate floors in the living spaces. The back yard is fully fenced and makes a great blank canvass for the visionary landscaper.
Here is a video montage of the home:
If you are a tiny house aficionado, or your are looking for a great starter rental or vacation home near the Ogden River, CONTACT ME, and lets set up a private showing for you.
Posted by Jeremy Peterson at 10:10 PM
Thursday, June 11, 2015
I just closed on this cute home for a seller located at 640 E 1300 N in Ogden.
We listed this 4 bed 2 bath home in early April for $172,900. We immediately received an offer and placed the home under contract. This particular home saw a significant renovation prior to being put on the market. The buyer discovered a couple items that needed remedied and instead of waiting for the repairs, they had to excuse themselves from the transaction.
The sellers went about fixing the issues the first buyer discovered. We increased the list price to $174,900 and immediately received another offer. Everything was running very smoothly until closing day. On the day of closing the neighborhood was inundated with a major rain storm. The month saw double the amount of rain we usually see in May. It just so happened that on this day the water table rose above the footings of the basement foundation. The basement was flooded.
The buyer was very shocked and wanted to excuse themselves from the transaction. Fortunately, we were able to assuage their grief and keep them on board. It took an additional 10 days to cure the problems but some exterior sump pumps, new carpet, and some new baseboards made everything better. Such is life. We closed at a sale price of $170,900 and the seller contributed $5,127 in closing costs for the buyer using an FHA loan.
If you have a property that you want to sell and you need an agent that can professionally handle any situation, no matter how difficult or surprising, CONTACT ME, and lets make sure you real estate experience is a good one.
Posted by Jeremy Peterson at 2:17 PM
Monday, June 8, 2015
I just listed this cute vintage property in Ogden.
Located at 578 24th St., this quaint two bedroom building has been thoroughly updated with new electrical, roof, kitchen, tile floors, and other finishes. The property has high visibility from its location on 24th Street and sits next to another business. There are 840 square feet on the main level with some storage and utility space in the basement .
The property is walking distance to Washington Blvd. and much of downtown Ogden. The property is zoned as Central Business District.
Here is a video walk through of the unit:
If you are interested in a private showing of this property, CONTACT ME, and we will set a time that is convenient for you.
Posted by Jeremy Peterson at 3:20 PM
Thursday, June 4, 2015
Agents are encouraged to leave a card after showing a listing. Not all agents do this but some do. So, when I entered a vacant listing this week, I was surprised to see this many cards on the kitchen counter.
And these were just the agents that bothered to leave a card. In a market that is moving as quickly as our current one, this sight is a classic sign of a listing that is overpriced.
Posted by Jeremy Peterson at 9:32 AM
Wednesday, June 3, 2015
I just closed on the sale of this property in Ogden.
For the lengthy backstory on this property, I will refer you to FOR SALE: Fixer-Upper Mega Duplex Short Sale which I posted back in April 2014.
A lot has happened since we listed the property. Our original list price was $145,000. We received several offers and moved forward with a full price cash offer. Then the short sale negotiations began. It took 6 months for Wells Fargo to agree to the contract but they finally accepted. Then, the buyer decided on short notice that they weren't interested in the property anymore. But, rather than letting us switch to a backup offer, Wells Fargo decided that the short sale process must start over from scratch. We dropped the price to $125,000 to motivate the market. A new crop of offers arrived. We received a full price cash offer in November 2014 and the seller moved forward with that offer.
It took an additional 6 months to receive approval but the buyer was still interested in the property when the approval came. Three days later we closed.
We need to offer kudos to both the buyers and sellers for their patience through this longwinded process. The recent run up in market values has given banks pause when processing short sales. They are giving files extra scrutiny and that takes extra time.
In this property's case, the building needs about $30k - $40k in capital improvements. Yet, it will be worth about $190K when repaired. So, it is still a good value for the buyer and the seller was able to escape a crushing $250k loan they procured at the height of the market in 2007.
This property was a problem for the owner. If you have a problem property that you want out of your life, CONTACT ME, and we will show you how we can make your life a lot easier.
Posted by Jeremy Peterson at 11:22 AM