St. George Utah Real Estate

Southern Utah Real Estate

2008-07-07T10:22:00.000-07:00

Southern Utah Real Estate

Our Southern Utah real estate has not experienced as hard a hit as say Las Vegas Nevada or other parts of the country. In other words, although prices have had to readjust from heightened appreciation gains, some of the highest in the nation, the reasons for settling to the St George and Cedar City area are not typically marked with Buyers intents to get rich quick. Rather they are looking for a better quality of life and to settle in this area. This overall temperament for the area really ought not to be underestimated at least in terms of projections toward future in migration to the area. Southern Utah has also not been hit like other parts with as many foreclosures, although they are far more than anyone have imagined. Bottom line for the future market is that, although things are slowed, it has not completely "dried up the lake". While our mobility for sellers being able to move has been hit and our ability to move properties, we still have some vitality that will carry us through- all is not doom an gloom.

St George Utah Real Estate, Mortgage, Forclosure News, Internet Traffic, St George Utah Retirement Trend

2008-06-19T09:43:00.000-07:00

St George Utah Real Estate

St George real estate values are somewhat stale. Oh to elaborate is to speculate and to speculate is to perception. Can it get any more infallible than that. Indeed the human factors influencing buying are all over the place. Some general news nationally regarding new jobs, average incomes, increase in population etc. all could point to better house values ahead. But combine it with the current flow of transactions which are way down, foreclosures staying steady on the horizon, although not increasing a whole lot, new housing comparable solds on the market at lower values and it is a mixture conglomerate of hodge podge.

One indicator I find locally leads me to believe at least a slight break in the stale movement of homes here in the Greater St George area. And that is I have heard several reports from realtor's on short sale homes, that where as few offers on them existed before, now they have multiple offers. People have got to be anxious too, to get into a home at a decent price. So, as these Short Sales and REO Bank homes drop in price, I think a kicker is evident below it all, and that is that there are quite a bit of buyers that would prefer to change their current situation if prices come into a line-up that indicate 'not losing' on the situation. Kind of a far off example, a California builder offers the incentive that if homes ever get sold for a lower price in the same development, they will refund previous buyers the difference and this has sold three times as many homes in the first two weeks, than in the prior three months combined.

St George Utah Lenders

St George Lenders are really reeling with what to do about the situation with interest rates going higher. My local Lender whom I refer as very reputable, competitive and experienced indicated to me that business was able to maintain somewhat in the recent past because of all the people needing to refinance off of their coming-due option or now, variable higher interest loans. However, this may not be offsetting enough for St George Lenders because as the interest rates have gone higher now, fewer may not see it as viable an option it once was.

St George Utah Foreclosures

St George foreclosures are still happening at about the same rate from my observations, without looking at the stats. Notice of default stats have been going strong, so I'm assuming from that and the Short Sales I've put offers on that they still exist at about the same rate. I have noticed that foreclosures and short sales in the low 300's have decreased from a former time. While I've noticed foreclosures and Short Sales above the 400K mark increase. Remember, while the jumbo loan rate has increased up into the 700K range up in the northern part of Utah, Southern Utah has by Federal government stipulation, been left at 416K. Well, the jumbo loan interest rates are higher, making the loan that much more unaffordable for that customer base.

Nation wide foreclosures reveal a dip in the number of foreclosure filings from January to February. Not a significant variance when they are projected to continue. Nevada, California and Florida continued to show the highest number of foreclosure filings during the same period.

Real Estate Internet Traffic

Traffic on real estate web sites has gone up since January, according to Internet data collector Comscore.com- an overall 28% gain!

St George Utah Retirement Trend

A St George Utah retirement trend seems significant with our local Sun River builder showing steady building compared to the rest of the builders and is the top builder if not next to the top here in St George Utah. This would seem to depict that, while hustle and bustle 'bee workers' will not and do not transfer much among beehives, our 'humming' retirees are still coming on strong. The retirement industry is going strong here, I would say. Although let me couch that into some context, noting lots of resales looming also in the Sun River community. Now is a good time to take your pick. The development center does have new models to chose from.

What is pretty cool about Sun River too is that competing with adult communities nationwide, SunRiver St. George earned a silver award from the National Association of Home Builders for the design of its new clubhouse and Riverwalk Grill. The award was presented at the association’s May meeting in New Orleans, honoring SunRiver’s achievement in the category of “Best Facility under 5,000 Square Feet.”
Designed by Frank Fisher, the new clubhouse, with its expansive views of the community’s golf course and the mountains beyond, has quickly become a popular gathering place for residents and non-residents alike. Visitors to the grill can dine in the elegantly appointed main dining room, the more intimate bar area, or outdoors on a patio cooled in the summer by a misting system. The adjacent pro shop offers a full line of golf equipment and accessories and golf and casual clothing.

REMEMBER, if you plan on making a move, I am Brian Habel, here in St George Utah and I would love to represent you as your St George realtor of choice! Thank you!!!

St George Real Estate Yearly Appreciation Rate

2008-05-29T13:09:00.000-07:00

Statistics for the St George and Utah area involving percentage apreciation rates were just compiled by the Office of Federal Housing Enterprise Oversight. For last year, 4th quarter 2006 to fourth quarter 2007, the appreciation rate for St George Real Estate was -3.65%, where as Salt Lake City Utah was +5.39%, Logan Utah was +6%, Provo and Orem Utah was +6.76% and Ogden-Clearfiled Utah was +6.64%.

St George Utah real estate appreciation rates over the last 5 years equates to +73.07% versus about 50% for northern Utah.

St George has a fair share of Short Sales and REO Bank Foreclosures, which is helping to keep prices even or down.

Also, a divergant amount of homes above the bulk loan interest rates, which are above loan amounts right around $416,000, are slow movers versus the rest of the market feeling a slight pick up in sales. (This observation is somewhat subjective and comes from shopping with buyers in those price ranges and asking experience of RE/MAX First Realty agents).

We hope you appreciate these updates on the market and will use Brian Habel with RE/MAX First Realty when it comes time to buy or sell your next home here in the St George real estate area.

For a good article featuring some of these same statistics as well as some other helpful up to date information, goto Utah Homes Still Appreciating.

Utah Real Estate Market

2008-02-29T14:57:00.000-08:00

Utah Real Estate

I used to report that Utah Home sales were the last frontier where huge home appreciation rates were not experienced yet, such that lots of investors and home buyers could come and make a go of it. Well, along with that I think that the 'Wasatch mountain range' really did have a 'shield affect' for lots of Utah from a lot of this yo-yo like market the rest of the nation has been experienceing. Even now, they hold off as 'conservative' with housing prices being held down along with the rest of the nation. When I heard that Utah boasted one of the better appreciation rates I decided to try and do some research. But the following information taken from the Desert Morning News, Feb. 15, 2008, left me really a wondering about that.

Sales of existing homes in Utah dropped 33.8 percent in the fourth quarter of 2007, compared to the fourth-quarter of 2006, mirroring decreases in much of the rest of the nation, according to a report released Thursday by the National Association of Realtors.
The median sale price of existing homes in the Salt Lake City area also showed a drop at the end of 2007. While sale prices for the year were up 2.5 percent overall, they decreased 7.13 percent from the third quarter to the fourth quarter of 2007.
The median sale price of a home in the Salt Lake area in the fourth quarter was $229,100, down from a median sale price of $246,700 in the third quarter.
Utah Association of Realtors president Dave Mansell said even though sales are down, there is still cautious demand in the marketplace in Utah. "People are holding back because they're afraid the market is going to fall on its face," he said. "They're hearing Florida, California and Las Vegas are seeing these huge drops in prices, and they think it's coming here."
But Utah will likely avoid major problems, he said, because the state's economy is strong and the housing market has not been vulnerable in the ways other areas have been.
"Historically, we haven't had the same market swings," he said. "We don't go up as fast, and we don't fall as fast or as far, so it's much more stable." Sales of existing homes fell in 45 states during the October-December quarter, with metropolitan areas showing growing weakness, the national report said. The fourth-quarter data from the National Association of Realtors underscore the breadth of the housing market's slump.
Prices have fallen more than 10 percent since their July 2006 peak, in the worst U.S. housing slump in 26 years, as the number of unsold homes has grown and prospective homeowners have had a tougher time getting home loans.

Global Factors - U.S. Housing Demand

There are a few looming factors that in paraphrasing Chief Economists of NAR, will make it just a matter of time before the housing market becomes an engine for the economy, rather than a drag for the economy. First off interest rates were dramatically cut in January by the Federal Reserve. Also, home prices are projected to stay lower. Secondly, the job growth has far outperformed housing. Typically we will see one new buyer for every 2 new jobs created, but that has not been the case for some time. So, with home prices being down and job growth having been high, new buyers have the wherewithal to buy. The guess is that they are waiting for rates and housing prices to fall even more. Another third major factor mounting demand, would be the increase in population numbers that will help fuel more new construction and even resale demand.

St George Real Estate

The local Southern Utah real estate scene has some complex factors weighing in on the scene. One, we used to have a lot of Californians and Las Vegas buyers and that segment has all but wained. When you take such a major segment away and when you still have some persistence in home values, with not too much drop being experienced along with all the Short Sales, one begins to wonder if the illustrious appeal from the immigration doesn't just generalize to a broader spectrum from the entire U.S. and to the more northern region of Utah as well as into the state of Idaho. Retirees, both from the northern regions (too cold up there) and south, are contributing as well.

The areas homogeny contains a large mix of Mormon or LDS population in those more localized Utah and southern Idaho regions and this contributes at least in a moderate flow of immigration to this area. But the attraction to the area is much more diverse now with the the intrinsic appeal of being geographically centrally located, in the mild climate area and more accessible to both the north and south mid-west. Also appealing is the geologic red rock formations and general sandstone color mystique of the area, boasting Zion National Park and Snow Canyon State Park, a stones throw away- this doesn't hurt the matter any.

This is to mention that the area is becoming much more homogenized with influx from all various parts of the country. We at SoUtah.com believe that these factors all add up for a quick one to one-and-a-half year turn around of the market to normal appreciation rates from 6 to 9% again. In the mean time, many smart buyers will have found a niche property or two for investment or retirement ends. We also project that values, although maybe dropping marginally, will maintain mostly at flat levels or will not extend to be a huge drop, and in the main price range under 300K may turn sooner vs. later to actual appreciation of home values once again.

St George real estate is always going to fall victim, as in 'the new decade holder for being the fastest growing micro-macropolitan area in the nation', to the mere fact of location, location, location. We haven't even began to talk retiree dialect. Some have asked, when stumbling onto St George, Utah, 'Why in the heck would I retire in the desert when I can have the best of that weather and of the more scenic country side, along with more things to do, not to mention the solid family and community values one gets a sense of, when living here. Also, combine that with the quaint artsy-ness of the place and the culture that is here? Along the main I-15, blink and you miss it, just like life! Soon and all the kids will be out of the nest for me (5 kids, oldest is 12)- check out your St George Realtor. Pretty much this is also the only place you can go for a quick search of St George Utah Retirement Communities.

St George Utah

2008-01-31T13:26:00.000-08:00

St George
St George is a wonderful place to live!... IF you are a realtor with a bunch of REO bank sales in your queue. Never mind my huge bias of it is a heavenly place to live.

Combine this... St George Real Estate Sales
Your St George Utah real estate market update comes from some pretty good background or listening-in, on the local statistics experts. I use that word "experts" with caution, because we know nobody holds a "crystal ball". Take that into consideration when we talk about the following, OK? Can I start by saying I'm going to be couching every thing in the phrase of "combine this..."?

Basically, we have felt a slight pick up, some yes, but mostly on the REO bank sale front. Combine this with an article off MSN that reported the bank sales not to be letting up with the option loans still making its rounds through the next year- interest rates changing on people from fixed to variable higher rates, thus more foreclosures possible. Yet, as of today I see some segment of a lot less REO homes on, that I have ease dropped on office activity in seeing a surge of buyer activity regarding. On the other hand, combine it with St George not lacking in the supply or inventory, on the market, category. On the other hand 'back at you', I thought I heard that we are hedging changing the pace toward downward, to sale faster than they come on (what must go up there, must come down to) to start us back to a more normal supply (way far off). However, the catch is that supply is anticipated to come on perhaps even stronger throughout the year. Go back and combine this with the foreclosure market, at least giving enough comparables to show lower pricing. That being said, you'd think it is possible to see lowering of prices. That is very possible by this time next year.

Combine that... FHA Loans & Interest Rates
Yet, I have felt in my office a surge of activity, and we are the largest producing office, so you would think that could be a big enough pulse maybe to tell something about here and now. Combine that with the idea of buying activity could be expected to come back stronger perhaps because you can't keep it back forever. Uh, how about this area being centrally located. Combine that with 'way good' all time low interest rates. Combine that with FHA, or federally backed loans becoming easier for people to get with new reforms. Before option loans in 2000, FHA accounted for 25% of loans- that's huge. So, it could come back in to help in a significant way-- so says chief economist Yung at the National Association of Realtors. Already, minor changes to the FHA program, making them easier to apply for and obtain have been incorporated, but the significant changes are anticipated to come around beginning of summer or later- you know congress. Forclosures however, have the ability to offset everything in bringing prices down and supply up. Combine all the factors, listening to the stats people especially, and I predict a market that will be flat to somewhat depreciating. Homes could continue to suffer some depnding on area, especially if in higher price brackets, and the fact of new construction being the one key variable unknown impacting a lot of that 'stuff'.

Good News If you are the Buyer
The good news for buyers may be that enough REO bank sales can pull on houses to sale below perceived market value. So as almost always, selective buying or "it was a deal" kind of buying, should be OK to find and do. Perhaps the best lesson is for the Seller- 'don't be greedy, it may cost you in the long run.' If you would like no nonsense, "don't care if it offends you" advice on how to price your home to get top dollar out, give me a call. Besides, have you ever seen how much exposure we are giving our Sellers on our St George real estate home page?!

2008 A Normal Market - Steadying Picture

2007-12-29T09:47:00.000-08:00

Economists agree that home sales (new and existing) will bottom out in 2008, somewhere in the second or third quarter. While we've kind of been in that scenario already, it is quite a different thing for forecasters to go on the record stating a clear demarcation for appreciation again. So, local markets may vary, but nationally, because of underlying health issues involving the U.S. economy, there is a projected 'line in the sand' coming, stemming an unprecedented historical decline in housing prices.

In certain areas where there has been fantastic appreciation in the past, causing more of a bubble bursting situation, one can relatively project before old pre-appreciative spiked sales prices, given a homes average typical appreciation of 4 to 5% a year, where things ought to be now. It mostly lines up with a bit of slowing still projected through 2008.

Some variance of predictions exists between Chief economist Yun with the National Association of Realtors (NAR) and economist Douglas Duncan with the Mortgage Bankers Association (MBA). Yun asserts that while lending is more stringent in their requirements, he still believes that the pool of qualifying buyers is larger than believed saying, "This slowdown has never been about the underlying fundamentals of the economy... Consumers have the means to buy, but they've lacked the confidence. Once they see sales and prices stabilizing, they'll be back in the market." Conversely, with access to loosely written credit closed off, Duncan asserts, "you're likely to see continuing decline in the house prices and buyers sitting on the sidelines."

Economists say that tighter underwriting is exactly what the market needs right now. But Yun believes that the pool of ready buyers will still be larger than believed because they will have more financing options such as federally backed loans, specifically FHA loans. He recounts that FHA loans had a 20 percent share of the market in 2000 before the growth of sub prime lenders and if Congress passes reforms making them easier to obtain, which it is doing, then it can capture that share again.

I called one of my local St George Lenders, Steve Stout with SGI Mortgage to ask him about FHA reform passing and he told me that it hasn't done so yet, like anticipated. He also detailed how that he already supplies the FHA lending options as a lender. He clarified that the reform making FHA more of an option to people is not so much the requirements they have, but in outsourcing the availability of the program itself to all the different mortgage lenders there are, although reforming requirements is arguably a needed big part of it as well.

Alan Greenspan, former Federal Reserve Chairman, in speeches last year, gave a less than one in three for chances that the economy would slip into recession this year, which is the only thing that could quell a return to normalcy in the housing market. Even the Mortgage Bankers Association, sees a persistent growing of the economy through the first three quarters of the year as a basis for home buying ramping up into the end of 2008 and beginning of 2009. The key factor of how the housing is also dragging or won't be dragging on the economy is also thus taken into account in their models.

The commercial real estate is poised for continued solid performance across sectors this year. The tightening lending standards in the commercial sector have been taking place over time relegating commercial to a more normal and traditional scenario involving income investing. In other words, commercial owners plan to make more money from cash flow rather than appreciation. I can help if you need help regarding St George Commercial Real Estate.

Overall, 2008 is the year of return and not continuing decline... a year of return to normalcy.

If you'd like Brian to keep his eyes and ears peeled for you to help take advantage of good deals which equate to buying right, just give him a call or visit us on our website at St George Real Estate.

St George Real Estate - National vs. Local Market Conditions and Projections 2008

2007-12-18T09:34:00.000-08:00

National Scene 2008
The National real estate scene has seen characteristic turns in the market that correspond with interest rates, such that predictions into 2008 on existing-home sales is projected to trend gradually and only modestly upwards according to the National Association of Realtors (NAR). They point to a recent mortgage disruption that peaked in August leaving the fall-out of lower home sales in September and October 2006. Since mortgage rates have improved the existing-home sales are expected to improve slightly to stable over the next couple of months. Because home sales have been significantly less in 2007, however, as compared with 2006, a Pending Home Sales forward-looking indicator index, helps project that the broad trend over the coming year of 2008, while a gradual rise in existing-home sales, will only be modestly higher than 2007, according to Yun, chief economist with the NAR. A recovery of new home sales is unlikely before 2009.

St George Utah Real Estate
As far as St George Utah goes- one local guru has gone on the record to say that he thinks things will pick up early spring.

Here on the local scene, home sales in periphery locations, even Hurricane, have suffered the most. Normally we would get our spill over of buyers into the more rural locations, perhaps from Californians looking to get back to a more rural simple existence and out of suburbia. In my limited view, we are closely tied to the national scene, such that when the coast lines free up, then we also tend to get back to a normal market. I think the highly affected rural areas are symptomatically the first responders and indicators of the future. One system affects another and right now Sellers in the more rural areas are mostly hanging onto their equity, rather than giving it away. Who might could blame them? In other words, if they were responding with significant price reductions, than we could forsee it in our future more centrally located in the Greater St George area.

It appears to me that while transactions are down there is and has been, for some time, a pretty good resistance by home owners to NOT lower prices, such that speculation buyers have had to halt activities for longer than they have wanted to in desperate hopes that prices would drop even more. I suspect that some of that will go on into the new year with some wondering if the winter will put the "freeze" enough on the sellers to come down even more. St George is still an attractive place and other non-speculative buyers are and will be buying and creating enough activity, to keep sellers sustained in their activities to try to maintain value... in my opinion.

In other words, if you as a buyer are waiting, I do not think it will be for an opportunity corrsponding with the market at large that you will avail yourself of, so much more than in waiting for that right opportunity that one can 'normally' find. However, this view is being challenged still, by all the Bank REO sales and short sales that seem to be receiving some numbers and flow, in terms of a large number of porportionate properties that are "moving" at this time.

This is your eye on the St George Real Estate market coming to you from the desk of Brian Habel, your St George Utah realtor. Be sure to visit my website and use my advanced property search provided through the Home Buyers Scouting Report- you will be glad you did. My many users, over 60 buyers, are currently enjoying the aerial photography of listings (I hope you've learned about the "Birds Eye View" from clicking on Map Views) and a way to save and track your favorite properties with email updates and being notified of any changes, such as a price change, addition of a photo or if the status changes to Under Contract, etc.

Southern Utah Home Buying Guide

2007-10-19T11:58:00.000-07:00

Not long after I have ventured to say that our St George Ut real estate values will be alright, I found this Southern Utah Home Buying Facts Guide in my realtor box. It is most persuasive with a lot of facts pointing to- 'this is a good time to buy'. I think it will offer you some of the solace and 'get off the armchair' type of information you might need to get going and buy something. OK, it's obvious that I'm a realtor who is a realtor looking to win your business. I see my colleagues whose professions are just as much seeking for equilibrium. We will weather the storm. The art of sales has only to do with pursuing conversations and then finding out if we are a good fit for each other or not.

If I was St George, Utah, I'd be meeting you more than half way to ask, might it be a good time for you to buy? Feel free to check Brian Habel with REMAX out at St George Realtor. I offer a buying service at my St George Utah real estate page that gives you aerial photography of all the listings and way to keep track of your favorites in a property notebook. Oh, and if your are from out of town, you can find out where all the shopping, restaurants, libraries, airports, and schools are, with respect to where each individual listing is, that you are looking at on the map. There is nothing like it on the Internet- it is well worth the... no obligation, very secure sign-up, with all your information being kept confidential to a preferred lender and myself.

Utah Real Estate

2007-10-17T13:28:00.000-07:00

Utah real estate will be OK. As a result, because St George real estate has usually faired better than the rest of the state with more growth per capita, then it also ought to be OK. These summations come in the wake of a recent visit by a national real estate expert, Peter Linneman, to Utah's NAI Utah Real Estate and Economic Summit this last Tuesday, of October 16, 2007. Here are some comments from him and privelaged information concerning the future of Utah Real Estate:

“I don’t see any chance of a [national] recession in a coming year,” he said. “We don’t have supply that we can’t absorb.”

A widely-published economist, Linneman is the founding chair of the Wharton School of Business real estate department at the University of Pennsylvania and was also recently named one of the most 25 influential people in real estate by Realtor magazine.

Many buyers panic unnecessarily about the local residential real estate market when they see national media reporting a plummet in housing prices, Linneman said. While growth in Utah’s real estate market has slowed, standing inventory will be filled in the next six to 14 months. The U.S. economy is doing exactly what it should be doing, he said.

“All areas…are doing normal, except housing, which is doing less than normal, which is what it should be doing to get back on track,” Linneman said.

The real estate market is not booming as it was a few years ago, but it’s not crashing, Linneman said. Growth is down, but prices are fine, a common misunderstanding, Linneman said. Growth in the sector is slowing, which is a normal, necessary outcome after the spike of the past three years. Real estate continues to appreciate at a normal rate of 1.3 percent annually, which is a healthier, more sustainable pace than the country has previously experienced.

“The housing sector should be weak,” he said. “If the housing sector were still doing well, we’d be setting ourselves up for a bigger problem.”

Currently, 450,000 homes sit unoccupied across the nation, Linneman said. However, 25 percent are located in southern and central Florida and an additional 25 percent in Phoenix, Las Vegas and southern California. The rest are scattered fairly evenly across the United States.

“You know what that says about the rest of the housing market? It’s not in bad shape,” Linneman said. “That doesn’t mean there isn’t a little excess, but that excess gets used up in months, not years.”

Contrary to many reports, the national economy is still performing well, he said, and will continue to do so during the upcoming year. More than 89,000 new jobs were added nationally in August, according to Linneman. Looking beyond the data, Linneman said key indicators of a strong economy are airports, hotels and restaurants, all of which are bustling.

“People do not go on big holidays when the economy is in bad shape; you don’t send six employees to a conference when the economy is in bad shape,” he said.

Linneman predicted a slight recession in 2009 and 2010, largely due to the introduction of a new presidential administration, which will lead buyers to pause as they see what decisions the new president will make. He counseled commercial real estate developers to be cautious about how much speculation space they bring online in 2009 and 2010, because a recession could lead to less job growth and slower business expansion.

Utah’s economy also continues to experience growth, and the quality of life in the state is a key driver, said Jason Perry, executive director of the Governor’s Office of Economic Development, who also spoke at the event.

“By all key indicators, we have the hottest economy that exists right now,” Perry said.

According to a report from the Utah Department of Workforce Service released Tuesday, employment growth was 4.4 percent and 53,500 jobs were added during September in the state. Unemployment remains at a historic low of 2.7 percent.

“We are competitive with any state for bringing business into the state,” Perry said.

Because of this strong performance, Utah has been able to attract larger, more prestigious companies as possible move-ins. Perry mentioned a potential relocation deal with manufacturer Procter & Gamble, which would bring 1,300 jobs into the area.

“There is reason to be very optimistic about our future,” he said. “Things are happening here in the state of Utah.”

Housing Projections - Soul Projections

2007-09-07T08:12:00.000-07:00

Housing Projections
The National Association of Realtors (NAR) indexes pending sales and follows seasonal patterns of sales and as such they report that pending sales of existing homes decreased at a seasonally adjusted annual rate of 12.2% to 89.9 in July from June's 102.4. Signed contracts for previously owned homes, was 16.1% below the level of July 2006. The NAR reports that the index shows existing-home sales are likely to decline in coming months as mortgage disruptions work through the housing market.

Here locally, St George Real Estate has mimicked what we hear on the national scene. One could also speculate, that even as the commercial sector is growing supporting a jobs growth economic base, that the illustrious influx of money like from: the baby-boomers, the second-home owners, and the California-like buyer who used to be able to get 'bank' on their home out there and come here to live in style, has been depleted by market conditions and has offset and curtailed any of the benefits that earlier 'leaked-out' fame may have brought us. The real benefit may be for the working class family that would like to continue to live, work AND purchase in St George Utah.

Soul Projections
How market conditions are, while shifty to perception, because it is harder to also get a loan now too, can be relative to whether you are the buyer or whether you are the seller. One should not always be duped by the luster and hype, when sales is merely the art of bringing out what is 'on the inside'. May we all 'shine' brighter- the congruence we 'would' make in the corollary.

St George Real Estate, Appraisals and Lending

2007-08-23T18:33:00.000-07:00

If you are a seller getting ready to sale your home, do not altogether rely on appraisals that often are going off past values and not being up on the somewhat declining market we've been in. Appraisals can be deceptive. Case in point. I have a listing right now that is a short-sale and the appraisal said the home was worth about 280K when the people moved in a year ago. They are now saling it at a loss of at least 60K. Banks are reeling.

And with thousands of mortgage banks and brokers threatened with extinction, lenders that embraced all kinds of risky loans two years ago are enforcing increasingly strict standards. They are refusing even to consider extending new credit to people who lack any equity in their homes.

Lenders have been tightening their standards for the past year in the face of rising defaults and growing jitters among the investors who provide funding for loans. That tightening has accelerated in the past two weeks as many lenders -- uncertain at what price they might be able to sell loans -- have stopped making all but the safest ones.

I heard that nearly half of the offer contracts entered into this last month ended up falling out. At very least, there has been an inordinate number and those that did fall out because of the inablilty to secure financing. So, if you need a good local Lender, I highly recommend Steve Stout with SGI mortgage because he is downright fair and very experienced running on 15 years in the business. And can I just say, you have to be experienced to work with the vascilating Lending market right now. I also have other recommended Lenders, along with Steve Stout's phone number on my site at St George Utah Lenders.

If you have real estate needs, we need to let you know about our special services. Namely, their is one shopping solution to beat them all. Enough said. It is called the Home Buyers Scouting Report. You can find it at St George Utah Real Estate. I might also say that we are just having/going through a makeover on our site that one might just find fanciful and our numbers are soaring in the search engines- we have a lot of repeat visitors.

St George Utah Real Estate

2007-08-14T13:34:00.000-07:00

Realtors whose frog legs are still left in the water, which are most, should be ashamed of themselves. It only takes one good look at realtor's activities outside oneself to see what is happening generally; to wake up and realize that the water temperature has been rising slowly. We are being cooked and therefore are cooking the Sellers we represent if we don't wake-up and get our prices in line with the demand. The tendency has been an actual declining market where chasing the market value price line downwards without getting your home onto that line equals less money out in the end. But don't tell anyone... this is what makes Brian Habel at RE/MAX First Realty, your St George Utah Realtor, much more likely to serve his Sellers better. Staying abreast of the market in order to protect his clients equity is what it is all about. Read ahead further for what may offset this decreasing downward trend that many a seller has been feeling.

Although, sales have been down and prices have been coming down to the tune of 1.5% depreciation per month, there is a fairly authoritative voice, for the national scene, telling us that home sales are expected to take a gradual improvement going into the end of 2007.

Lawrence Yun, the National Association of Realtors senior economist in his latest forecast has said, "Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year. It's important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year."

If you should ever need any help with how to go about selling your St George Utah Real Estate, don't hesitate to give us a call.

2007 Market Data for the Nations Fastest Growing Area- St George Utah

2007-07-02T09:47:00.001-07:00

Recent data for the St George Utah area suggests that the market is in a slow down, marked yes by price reductions. This is a bit offset in pricing strategy, by a starting high trend, only to reduce to reality later. We have somewhat of a decline as a compensatory reaction for unbelievably high price appreciation in 2004 and 2005.

This data has some basis in realtor sold units, but I hold no responsibility as to reliability or guarantee anything.

Starting with Lot sales we have about 123 lot sales in May of 2007 vs. 159 in 2006. This is about the difference represented. 31% of lots sold below 150K with 16% of that below 60K; also 17% between 150K and 200K. The rest sold above that price marker.

For dwellings we had 479 transactions in May 2006 and 421 in May 2007 and this seems to be the depth below 2006 we are running at. Homes below 400K are what's moving per the inventory levels, meaning homes above that take fairly significantly longer per the amount of listings in that class, to move and sell. Average, but not median price of single family homes for 2007 is 324K, which is down from 2006's 334K, but way up overall-- a jump from176K in 2003.

An interesting tid bit is that in 2005 buyers originated or come from: 25% from CA and 9% in NV and 50% in UT, while in 2006 a marked difference of 63% from UT, 15% from CA and 5% from NV.

These are approximate figures and should in no wise be relied on. We hope this information helps and as always encourage you to use us when you buy or sell St George Utah real estate.

St George, Utah- Rated #1 Boomtown by Inc.com

2007-06-01T16:39:00.000-07:00

Inc.com just rated St George Utah as the #1 Boomtown 2007 in America. They used job growth as the number one factor toward economic vitality. Inc.com is not unfamiliar with ranking St George Ut as the best place to do business.

Future Demands for Water in Southern Utah- The Lake Powell Pipeline

2007-04-17T07:10:00.000-07:00

Some people have talked like that water will be a precious commodity that may significantly impact or retard growth once we have reached a certain size. While I am unable to comment authoritatively about these things, I can refer our readers to a project that is looking way forward and has started the wheels a moving already into delivering a future of prosperity and growth- The Lake Powell Pipeline project. Dennis J. Strong, P.E. Director, representing the Division of Water Resources, relates that the Boy Scouts motto of "Be Prepared" sums up the preparation being taken for St George Ut Real Estate and the area. Key facts relating to our needs and the project are:

Governor Jon Huntsman, Jr. signed the Lake Powell bill into law on May 3, 2006, opening the project for project feasibility studies.
Analysts predict Washington County alone could see a water demand of 174,000 acre-feet per year by 2039, an increase from the county's current demand of 45,000 acre-feet per year.
Studies should last till 2010 with the pipeline expected to be delivering water by 2020 after a 3-4 year construction period.
The pipeline will extend roughly 12 miles with a cost of approximately $370 million and $120 million to extend it to Cedar City. The pipeline would bring 70,000 acre-feet of water to Washington County, 10,000 acre feet of water to Kane County and 20,000 acre-feet to Iron County.

2000-2006 St George Spectacular - Fastest Growing Area in the Nation

2007-04-04T13:17:00.000-07:00

As of April 4, 2006 I am predicting that the new consensus numbers to be released shortly will rank St George, Utah as the fastest growing area in the Nation from 2000-2006. I heard it from a pretty reliable source that I cannot name and steal their thunder, let alone if I can actually know it was the source that they named. But take it from turtle, Brian Habel- these dessert preserves aren't all blowing sand; but shear carved out beautimous sandstone rock formations and color hewn vista, bluff and blue sky meets snow glazed Pine Valley mountain in April while boasting coasting shorts and T-Shirts out of winter. :-)

St George Ut Real Estate

2007-03-20T16:59:00.000-07:00

St George Ut real estate values may be affected in the upcoming future by the recent 'subprime meltdown', a certain type of home loan that is experiencing heavy rates of default and foreclosure. Although subprime represents a very small portion on home loans overall, the media has hyped it up and investors have become worried reflecting increased volitility in both Stocks and Bonds. While the stock market is taking a beating, causing money to flow into Bonds and Mortgage Backed Securities, which benefit home loan rates- the longer term picture may spell higher interest rates ahead. All this could help to quell any pick up felt in our St George Ut real estate market, leading to longer sell times on the market and perhaps a stagnation on any price appreciation.

2007 Sales Likely to Be Down, But Prices Should Be Slightly Up

2007-03-05T13:47:00.000-08:00

Local St George Real Estate Market - 2007
Here in St George, there has been a tangable pick-up, but it is not the huge pick up we, as realtors would have liked. But often momentum builds slowly. Feel free to browse the St George Utah Real Estate Market.

National Market - 2007
Nationally, NAR says it expects existing-home sales to rise gradually in 2007 with annual totals comparable to 2006, but new-home sales will continue to slide.

Strength in the service industry will help to keep the job market healthy. Economists expect year-to-year inflation to decline. They guess that the Fed will shift its focus from fighting inflation to helping the economy grow, lowering short term interest rates.

St George Utah Market is Picking Up

2007-02-07T20:49:00.000-08:00

The St Geroge Ut real estate market is picking up from recent reports from the title companies, evidencing an increase in activity. Now, we are not talking radical stuff here, but a general picking back up is being felt amongst the realtors I work around.

Generally speaking about the market at large, a senior economist with the research department of the National Association of Realtors reports that the housing market has weathered the transition back to a sustainable market after the boom years.

Mean while locally there is some measure of anticipation in the air gearing up for the annual St George Area Parade of Homes to take place between February 16-25, 2007.

St George Utah Heritage

2006-12-19T12:45:00.000-08:00

St George Utah - A Special Place!

St George Utah is a special place to live. Tis the season to be grateful for our men and women in arms, this free country where we enjoy so many privileages and to those who have gone before- our Pioneers! We have many like kind individuals in our midst... civic, business, church and in our community, giving that the rest of us may have life more abundantly. Yes, it is our heritage to follow in their footsteps and find our own pioneer in us.

Special Event

Southern Utah Heritage Choir Heritage Week Fireside January 14, 2007.

In commemoration of Heritage Week, the Heritage Choir will present a Fireside at the St. George Tabernacle on Sunday, January 14, 2007, at 7:30 pm. Under the direction of Keith Bradshaw and Nancy Allred, the choir will be joined by the Heritage Brass in presenting music to remind us of those who first settled the St George Utah area and built a strong foundation for those who live here now. They, the builders of the Nation, This Good Earth, Redeemer of Israel, Where can I Turn for Peace, A Gaelic Blessing, and Let Zion in Her Beauty Rise are just a few of the songs for the evening. The fireside is under the direction of the Heritage Week Committee and will feature a speaker as well as music from the choir. This concert is free to the public.

2006 in Review: Market at Large vs. St George Utah Real Estate

2006-12-14T10:20:00.000-08:00

The Real Estate Market at Large

2006 was the year of market correction. All the signs were there, we should have known even more that with double digit appreciation gains, what goes up, did go down. The first signs started at the end of 2005. But altogether, we have not experienced a bust, even though many, especially the media was apt to point towards a bubble bursting.

Many real estate markets in the country still experienced above average sales. Yet this market has morphed into a buyers market. The decrease in sales has led to layoffs in mortgage companies and other industry participants. Investors had only encouraged other like-kind thinking- people were moving and considering it as their investment.

Nicolas Retsinas, director of Harvard University's Joint Center of Housing Studies makes a good case that while prices and the market are normalized, that it was the media and not higher interest rates that made is so, inciting an analogy of a match that is lit that becomes hard to extinguish in lieu of all the appreciation and possible mentality of a bursting bubble that was to come.

Interest rates have not really gone up all that much as compared to past cycles. However, interest rates do cast a singular variable potentate upon how home prices can get affected from here. Unconventional mortgage products widened the funnel in recent past, that added to the price increases. With the increase of supply of homes on the market, some have given thought to the idea that some of these unconventional loans contributing to supply, with perhaps setting up more consumers for foreclosure possibilities in the face of fixed rates that change to variable rates in the beginning of this next year. However, the before mentioned Restinas, cites how many appear to be compensating already by just refinancing to more conventional loans. Also Edward learner, director for the University of California, Anderson Forecast says that a lot of home owners can even still rely on an "appreciation cushion", that a profit is still in store should they decide to sell.

The overall economy is stronger than when we were in the fervor of price appreciation. Kenneth Jenny, CEO and managing partner for real estate consulting company tranCen said "The market itself has become right-sized. A right-sized market doesn't allow quick, inflationary numbers." Flippers have largely left the market taking away the frenzy that existed during the boom. Affordability is a problem in some markets, which oversupply and sagging sales will take care of that problem.

St George Utah Real Estate

The St George Real Estate market has been affected pretty similarly. As a strong place to do business, rated one of the safest places to live, one of the best places to retire, etc. St George is not projected to suffer for too long amidst perhaps a little blip that may be an ongoing experience into this next year.

Our unique situation, as well as I have been able to glean from reports through colleagues who have seemed to have had their finger on things in the past, report that just before the "word got out" about this high mountain desert, almost resort atmosphere of a town, the city had restricted or had been back-logged- anyway the housing supply or number of building permits allowed was restricted. Well, when the frenzy hit, we were not prepared with supply. Perhaps this had something to do with..., and largely from hindsight... the market had the fourth fastest appreciation rates in the country.

As a result of this most recent decline, "life-stylers", retirees, and baby-boomers , have been put up on their feet for a bit, making wise or "sage" pause toward inaction. This population group constituted a good influx of our buyers. We have experienced, maybe more than average price reductions, if not comparable to the rest of the nation at large. While many have been skeptical of buying here, the stagnation hits into our "snowbird" season too; making for an element of temporary uncertainty. But amazingly people with money- namely a few retirees and baby boomers, those who are "late bloomers" in hearing about he attraction of St George, most likely will not be kept at bay forever.

But the average "Joe" that sustains the working class, to including our teachers, policeman and city workers, have long awaited these price reductions and locals have shown a resilience in holding off the buying pattern. So houses under 250K to 300K, are likely great realms for builders to downsize to, if we are talking about "real" supply. That is your eye on the St George Ut real estate market and the market at large for 2006!

St George Ut Real Estate Total Sales Related to Homes Sales Nation Wide

2006-12-07T14:40:00.000-08:00

Home Sales Nation Wide
Home sales nation wide have teadily declined according to a Pending Homes report or index designed by the National Association of Realtors to be a leading index reflecting what the market is doing. We've gone from 124 units in October of 2005 to about 107 units in October 2006, about a -14% nation wide and -17.4% for the Western states.
Total Sales in St George Ut
For St George Ut Real Estate or Washington County, total sold listings, which includes commercial, residential and lots have gone from 435 in October of 2005 to 329 in October of 2006, according to local Washington County Board of MLS reporting statistics, which would be about a -24% reduction in total sales.
Comparing Tatal Sales Locally to the Home Sales Nationally
We recognize we are comparing House Sales Nationally with Total Sales locally and we do this only because this is the only graphical information we have on hand. It helps to see, that the national downward trend in number of purchases is fairly parallel with what is going on locally as well.

St George Utah area Total Sales Monthly for 2006

2006-11-15T17:23:00.000-08:00

Go to our site to see latest statistics on the market. But to find that home use Brian, your handi-dandi St George Realtor. Coming to you live (live update) from the hot seat, here in St George Utah set in mild winter weather, scenic Pine Valley Mountain and proximatey of Zion National Park- don't miss out on this piece of high mountain desert! Actaully, now is a good time to buy, because we have shown an ability to be a true haven for flocks and I'm not just talking about snow birds, although we have those too. We were the second fastest growing community last year for our size.

The Ebb or Flow? - 2006 St George Real Estate

2006-11-11T14:34:00.000-08:00

As 2006 wraps up realtors consign themselves to an already consitent lack of transactions. However, the ebb in the hallways here at RE/MAX has gave way to a couple of reports of increased business. Has our ebb turned into a flow? I do think it has picked up a bit.

We would like to report to any of our people looking for information about Southern Utah and Southern Utah real estate, that we have updated our pages to give a lot of information about this red rock, vista-ed experience, cognisant of the "SouthWest"- at Southern Utah Real Estate. Find out how our prices compare to the rest of the native southwestern area.

Also, I would like to mention that The Inn at Entrada is a nice little RESORT get-a-way place. I had the chance to use their facilities and stay in one of their suites last night and the experience was literally awesome. Of course my wife and I (5 kids) needed such a take-me-away, set in the flowing water features- "shower" me away is more like it, if you like swimming under a water fall, type of experience as that. I opened my blinds this morning to flowing water admist lava rock, pond and red, red mountain majestic. Take me away! Not many people know that The Inn at Entrada is kind of like Green Valley resort condo's, you can rent them for days, weeks or months and the facilities manager their told me that theirs is nicer- I believe!!!

2006 Statistical Market Review and 2007 Outlook for St George Utah Real Estate

2006-10-28T14:28:00.000-07:00

Important Announcement: an update on the market and as such gave us insight into what's ahead. Also, how do lenders ensure they are not buying properties that are overpriced in this market? This coincides with buyers new buying patterns. Understanding the nuances of the real estate market is precisely what you expect from an agent - especially in a buyer's market. Whether it be interest rates, number of homes on the market or market conditions, Brian has the knowledge and experience your looking for. Taking advantage of lower interest rates before they possibly go up and taking advantage of larger inventories... makes Brian's help... all the more needed. His track history includes many happy buyers and sellers. We recommend that you use Brian to navigate this new market. You can literally get excited with the service he can provide you- your trusted advisor. Contact Brian for immediate help!