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        <title>St George Utah Real Estate Blog</title>
        <link>http://www.stgeorgeutproperty.com/blog/</link>
        <description>Find news and information pertaining to the St George Utah real estate market.  Paula Smith of ReMax First offers news and updates with relevant market statistics and analysis.   </description>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/st-george-year-end-real-estate-market-report-2011.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-year-end-real-estate-market-report-2011.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St George Year End Real Estate Market Report 2011</title>
            <description> <![CDATA[ 
The 2011 St. George year end real estate market report is finally
finished.  In this report, I'll
illustrate the current conditions and compare to years past. I'll also take a
look at area specific markets and try to determine a pattern.  I'll also gaze into my crystal ball and offer
my St George real estate market predictions to those readers who actually make
it to the end of the report.


St George Real Estate 2010 vs. 2011


Take a look at this Yearly Market Comparison (Greater St.
George Residential only).  This shows
that our sales are up 7.1% over last year and also shows that the median
Sale Price is DOWN 5.4%.  In a
quick comparison looking at 2009 to 2010 we had an increase of 14% in sold
homes and the Median Sale Price had dropped 11.5%.  So, our sales are still up and our prices are
still on the decline--however it IS getting better.  It's also interesting to note the Number of
New Listings in 2009 to 2010 was almost the same (with a difference of only 8 homes) and comparing 2010 to 2011 we
are down 11.1% (a difference of almost
500 homes).  This is good, we are
still selling homes and our inventory is reducing, a formula necessary for
stabilization.





Foreclosure Market Statistics in St George


The St. George Utah foreclosure market will continue to be a hot topic
through the rest of 2012.  It's sort of
the steering of our proverbial market ship. 
So let's get into the facts: 
According to Jared Plewe of Title Guarantee (a local title company here
in St George) foreclosures are on the downward trend for 2011 noting  there were 997 LESS notice of defaults (NOD) filed in 2011 than 2010 (notice of defaults are step one in the
foreclosure process).  There were a
total of 1165 Foreclosures in 2011
as compared to 1515 in 2010
(interestingly there were 51 in 2006). 
This is for ALL of Washington County for ALL property types.  As of today (1-23-12) the MLS is showing 62
ACTIVE REO (foreclosure) homes, 57 PENDING, and 752 SOLD in 2011.  So by my calculations this leaves about 25%
of the foreclosed homes unaccounted for (banks holding inventory?)--there is a
margin of error on these calculations (some of the sold homes will have been foreclosed
from 2010 inventory).  I did speak to a
local bank who has been holding some foreclosed LAND.  So many parcels were subdivided during the
"boom" but by the time they came out of the process and were ready to
be sold--St. George hit "bust". 
Land lots hit the inventory by the hundreds at a time when only a handful
were selling.  


On a brighter side, it
does appear building is making a comeback and developers are on the prowl for
some of these lots.  They've been able to
scoop up large parcels for a fraction of the price.  Several builders are doing very well and
selling out build jobs on entire subdivisions. 
This is wonderful for the economy as it is putting people back to work
and buyers are enjoying the customization ability for new construction.  St George Residential building permits were at:
 368
pulled in 2011 as compared to: 284
pulled in 2010; 234 pulled in 2009,
261 pulled in 2008 and 867 pulled at the end of the boom in 2007 (an astonishing 2,048 pulled in 2004 which was our peek over the past
decade).  Still, the resale market
will offer more bang for the buck.  It's
just getting more a more difficult to find the coveted "turnkey" home
at an excellent price (without fierce competition).  Builders are becoming competitive with their
pricing, however they have scaled back on quality and have gone 2000 on us,
with "back to basics" on finishing work (laminate, linoleum etc...).  Hey we won't complain, laminate has come a
long way!  Besides, you can still select
granite and stainless steel--you'll just pay a premium for it.


SunRiver St George Market Conditions


Sun River is a premier adult community in St George.  We have inquires by the thousands from buyers
who are considering relocation to Sun River. 
Although this is only a subdivision within St George, we treat it at a
sort of "mini city" as the area has very different market conditions
and cannot be compared with St George proper. 
Prices and comparables are in their own league, and can really on be
compared to other homes in SunRiver.  So let's
take a look at what's going on:  as of
TODAY there are 57 ACTIVE homes (which has been fairly consistent over the past
several months) 3 of these are Short Sales and 1 is a foreclosure (which means
a total of 4 homes are of distressed status). 
This number is higher than years past, as typically there is only ever 1
or 2 homes of distressed status.  This
number is still considered EXCELLENT when compared to neighboring St. George,
or the rest of the nation for that matter. 
10 homes are pending.  107 homes
were sold in SunRiver for 2011 as compared to 87 in 2010. I've got a couple of fabulous
SunRiver homes for sale, be sure to check out my Sun River St George Real
Estate page to find ALL MLS listed Sun River homes.


Crystal Ball Predictions, by Paula Smith RE/MAX First


Thank you for reading my blog, you're either a trooper for
going over all of the above information or you just skipped it to read my
predictions--either way--I'm humbled by the fact that anyone takes the time to
read my report and I appreciate all of my readers and clients.  


I believe 2012 will play out very similar to 2011.  I think our inventory will continue to decline,
and our Foreclosure activity will also stabilize.  As we make our way through the inventory, the
laws of supply and demand will surly kick in, which could make for an
interesting possibility for a spike (appreciation).  We have had a couple of these spikes on
select homes and neighborhoods already, so it's not totally out of the question
for this to continue.  We DO have buyers,
and the competition among them can be insane. 
The most sought after price range continues to be the $200,000 to
$250,000 range, however take a look at the stability among most price ranges as
depicted below (sold Residential Greater St George)





If you have a home in GOOD condition (free from needed
repair) priced well, clean, offering neutral tones, and a marketing expert to
list it (If you need a reference, consider the author of this post) then you've
got a recipe to get your home sold quick. 
On a couple of my listings in 2011 we were able to achieve multiple
offers resulting in:  at or ABOVE asking
price.  For sellers who dare to test the
market with higher prices, I'm sorry to say you will not achieve the results
you desire.  The days of "let them
make us an offer" are out and buyers seem to gravitate to the more
thrilling aspect of a lower price and jumping on the bidding wagon.  


Thank you again to all of my clients who have helped me to
elevate my career.  Without you placing
your trust in me, I would not have the business I've built.  Each client is a pillar to my foundation and
it will always be my intention to never lose sight of that.  


It should also go without saying that I do not actually own
a crystal ball, and my predictions are just that...predictions.  This blog is my opinion about the market
based on facts, knowledge, and good ol' history (and a wee bit of
speculation).  Cheers to an even better
2012!  Contact Paula Smith of RE/MAX
First if you are considering buying or selling. 
View all MLS listed homes on my website:  http://www.stgeorgeutproperty.com/idx
 ]]> </description>
            <pubDate>Mon, 23 Jan 2012 15:07:54 -0600</pubDate>
                    </item>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-market-statistics-november-2011.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-market-statistics-november-2011.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St. George Real Estate Market Statistics November 2011</title>
            <description> <![CDATA[ 
I've neglected the housing statistics for so long, that even
I am excited to find out what's going on the in the St. George real estate
market.  Thanks Brian for the push I
needed to get this information up to date.


Let's take a look at the general stats for greater St.
George residential as of November 15, 2011:


ACTIVE: 1,171 of the 1,171 "active" 295 homes are
distressed which equates to 25% of our inventory is of distressed status (short
sale or foreclosure).


SOLD:  249 (from
10/1/11 through 11/14/11).  Of the 249
SOLD homes, 78 sold homes were of distressed status which equates to 31% of the sold homes were of distressed status.


Hurricane Utah Real Estate Market Conditions


Hurricane has been badly neglected on these posts, let's
take a look at how our neighbors are doing.


ACTIVE:  214  of the 214 active (residential) homes there
are 66 homes of distressed status (or 30% of the listed inventory is of distressed status)


SOLD:  44 (from 10/1/11
through 11/14/11).  Of the 44 sold homes,
there were 16 distressed sales (or 36% of the sold homes were of distressed status)


St George Utah Residential Year To Date Market Conditions


Let's take a sneak peak at the year end and year over year
comparable sales.  Typically I post these in January,
but let's see how things are stacking up:





We are closing the gap between the RED line (active
inventory) and the BLACK line (sold home) which is necessary for market
stabilization (queue supply and demand!). 
This 2 year review shows gradual, consistent  stabilization.   





 


So here is another of my favorite charts, I
like to call it "what's selling". 
This will show the price range of the 249 homes that were sold to gain
perspective on the most sought after price range for most recent buyers.


 


 


If you have specific market information you'd like to see,
feel free to email and I'll work in into my next post. 


I've got a few new listings! 
For you SUN RIVER ST. GEORGE RESALE buyers, I have a 3 bedroom 3 bath (with
CASITA), and 2 really great FULLY FURNISHED homes that are UNDER $180,000.  I've got one in Santa Clara that has 4
bedrooms and a great view for $199,000. 
Find them all listed here: FEATURED LISTINGS



or for ALL Sun River St George homes for sale click here:


SUN RIVER HOMES FOR SALE


for ALL MLS listed Santa Clara Utah homes for sale visit this link:


SANTA CLARA UTAH HOMES FOR SALE
 ]]> </description>
            <pubDate>Tue, 15 Nov 2011 12:46:08 -0600</pubDate>
                    </item>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-foreclosure-statistics-september-2011.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-foreclosure-statistics-september-2011.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St George Foreclosure Statistics September 2011</title>
            <description> <![CDATA[ 
Foreclosure activity and market conditions continue to be a
hot topic here in St. George.   It’s a
condition that affects buyers, sellers, and residents.  There is something going on, a glimmer of
light at the end of the tunnel.  It’s
still too early to officially call it “stabilization”…it could end up being a
train!  It does appear however, that our
St George real estate market may be stabilizing a bit. 


Here are the facts: 
New construction=UP!  More permits
were pulled last month than in any month since October of 2007.  Great news there.  


Notice of Defaults filed: 
up a slight bit in comparison to the prior 3 months, but down
considerably compared to the past 3 YEARS. 
Almost half as many compared to our peak year of 2009.


Foreclosures:  Again,
up a bit as compared to last month but down considerably from the beginning of
this year and about half the amount from out peak.  Take a look at this awesome graph provided by
Equity Title in St. George (keep in mind, this is for the entire Washington County, not exclusive to St. George):





Are Homes Selling in St. George?


Yes they are!  It’s
getting difficult out there.   Our
inventory is shrinking and there are plenty of buyers out there searching for a
deal.  This is not so great for buyers,
having limited homes to choose from and often ending up in a bidding war for
the pristine, well priced home that is coveted by all buyers.  Supply and demand people…economics 101.  Inventory goes down, prices will go up.  As of today (September 10, 2011) we have 1188
homes listed in the greater St. George area (compare that to 1,601 active as of
May 2010).  Of the 1188 homes listed, 255
are of Short Sale Status and 51 are Foreclosures.  This means that 25% of our inventory is of
distressed status (compare that to 39%
in May 2010 and 30% in February 2011)
notice a trend there??


What SOLD in St. George Utah?


Since August 1, 2011 (about 40 days) we’ve sold 221 homes.  Of that number, 35 were short sales and 38
were foreclosures.  This means that 33%
of sold homes were of distressed status. 
Just for fun…I’m backtracking on my old blog from May 2010 again, and
noted that 39% of sold homes were of distressed status.  


So, let’s review the facts…The inventory is shrinking (about
10% lower over last year), the number of distressed property is reducing, the
number of sales remain the same, in fact YTD its actually about 3.8% higher
over last year.  What are also down are
prices.  We are still in a very mild
decline and YTD the average sold price is approximately 5% lower as compared to
last year (Greater St. George, residential). 
Building is up, another tool required for stabilization and a healing
job market.  While we certainly cannot
predict what will occur next, the pieces are in place to allow for
stabilization.  Investors are on the
prowl, snatching up rental property which will finally allow a break even with
a minimum down and expected rents.  If
they hold on to it long enough to allow prices to go back up, there is a much
better chance of banking profits…the low interest rates are great for the
mortgage but you sure won’t make anything with a traditional CD or savings.


Are you ready to buy or sell in St George?


I'd like to help.  Contact Paula Smith RE/MAX First in St. George Utah.  Not ready to talk yet?  Check out the inventory for all MLS listed homes in St. George.
 ]]> </description>
            <pubDate>Sun, 11 Sep 2011 09:40:37 -0500</pubDate>
                    </item>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-market-report-for-july-2011.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-market-report-for-july-2011.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St George Utah real estate market report for July 2011</title>
            <description> <![CDATA[ 
This report will explore market conditions for St. George
including the St George foreclosure activity/REO inventory.  I will also include Sun River St George sold
homes and currently listed.  The
illustrations below are for Greater St. George residential as of 7-16-11.


How Many Homes Are For Sale in St George Utah?




Active Listed:  1208


Short Sale Active:  272


REO Active (foreclosed):  46


Total Percentage for Active Distressed: 
26%




How Many Homes Sold Last Month in St. George?


SOLD from 6-1-11 to 7-16-11




Sold:  347


Short Sales Sold:  51


REO Sold:  77


Total Percentage for SOLD Distressed: 
37%




Is the St George real estate market improving?


Take a look at the graph below. 
This illustrates how our Foreclosures are continuing to play an intricate
role in our housing market decline. 
Until the foreclosure activity subsides we will continue in our market
decline.  While the decline is NOT major,
it has been averaging approximately 11% each year over the past 2-3 years (this
is looking at Greater St George as a whole, not specific areas or home types).


2009 Median Sale Price= $186,000
2010 Median Sale Price= $177,000
2011 Median Sale Price (YTD)=  $167,000


 


Sellers are forced to compete with banks (REO’s) and banks are forced
to reduce their prices for a quick sale to remove the loss from their books.  This vicious circle drives prices lower.    On
the bright side…we are making our way through the inventory at a fairly rapid
pace.  Buyers have less to choose from
and the “turnkey” homes that are priced well are getting snatched up in a
matter of days.  Interest rates are still
low.  So, if you are considering holding
out on the market in an attempt to buy at the very bottom—I think we are
close.  My opinion is that the bigger
risk to the “fence sitters” is that rates can go up at any time, and the
inventory seems to be getting to the bottom of the barrel so these picked over
remaining homes require more work.  Banks
are also becoming more stringent on lending with even more regulations on the
horizon.  What a buyer saves on “price”
they will likely make up in “repairs”.  As
I've been saying for the past 2 years, so long as you intend to buy and STAY
for the next 5-7 years, you’ll probably be fine.  History has showed that once we hit bottom,
we have always rebound. 


Sun River Sold Homes


In Sun River St. George, our exclusive adult community, there are currently 62 homes ACTIVE, ONE is a short sale and ONE is a foreclosure.  11 homes sold in the past 45 days.
 ]]> </description>
            <pubDate>Sun, 17 Jul 2011 08:20:06 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-market-absorption-and-statistics.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-market-absorption-and-statistics.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St George Utah Real Estate Market Absorption and Statistics</title>
            <description> <![CDATA[ 
Here is a St. George Utah real estate market snap shot illustrating market absorption for residential property in St. George for May 2011 and a year to date analysis as well.





Our St. George market is changing.  While it's accurate to state that we have improved, noting that inventory is down and sales are up, it's to soon to determine if we have truly hit bottom and we are now in an upward trend, or if we are simply having a few great months fueled by low interest rates and rock bottom pricing.


May statistics showed (St. George Residential) a total of 1206 active, of which 239 were new listings, 142 sold listings, and 187 went pending.  Just to focus on the last two numbers, it's interesting to point out that a total of 329 homes sold/went pending and only 239 homes are new listings.   The widening of this gap is crucial for true stability and recovery.


Noting the same period last year (May 2010) there was a total of 1385 active, of which 216 new listings, 145 sold listings, and 115 went pending, notice here the gap being smaller.


For the St George Real Estate Market Percentage Seekers: 


2011:  A total of 1206 active and 329 homes sold/went pending= 27% homes sold (closed or got an offer)


2010:  A total of 1385 active and 260 home sold/went pending= 18% homes sold (closed or got an offer)


Again, a nice illustration of a market trending in an upward pattern.  Here's where things get ugly, specifically for sellers:


May 2009  MEDIAN SALE price:  $208,000


May 2010 MEDIAN SALE price:  $169,000


May 2011 MEDIAN SALE price:  $150,000


I've been noting an average yearly decline of about 12-15% per year, the numbers above follow a similar pattern.


What's the prediction for the St George Real Estate Market?


Ahhhh, my favorite question.  If only I knew for sure.  So here is my conclusion and opinion:  I can see that we are really burning through our inventory at a fast pace.  While home prices continue to decline, the "pick of the litter" homes are few and far between.  It's difficult to find what most buyers want:  a larger home, newer, $250,000 or less, and not in need of major repair.  When these types of homes come on the market at a great price--there are multiple offers sometimes within HOURS.  So buyers are forced to pick though the inventory that's left, and the only way buyers are willing to offer, is when the home comes with a nice price tag (unfortunately adding to the decline of prices).  So long as we continue to burn though this inventory, supply and demand will kick in following historical trends of elevated prices.  What could be lurking in the shadows however, may be a surplus of "shadow inventory" the banks have not yet released on the market (or have not yet foreclosed on).   I stand by what I've been saying for months:  so long as you plan to buy and STAY for a few years, you'll probably make out just fine.  If you think you may buy then sell in the short term, you may in fact end up selling "short". 


Should I sell my St George Home Now, or Wait for Market Improvement?


I do NOT believe that sellers should cling to the above opinion and hold off selling in hopes of achieving a higher price.  We are STILL in a downward trend, and will likely continue through the year mimicking patterns of the prior 3 years (12% per year for 3 years is a 36% decline).  So while stabilization is potentially on the horizon, I believe we will experience that stability for a few months before a GRADUAL upward trends begin.  So essentially, it could take another 12-18 months just to get back to where we are TODAY.  If you're not happy with the price your home will get today, then my opinion is you'd better plan to stay for quite some time.  If you need to move (and sell) within the next 12 months, then I suggest taking the hit now.  Hire an agent who will sell your home, not just list it.  That's another topic! 


If you are a home seller or buyer, I'd love to hear your questions or opinions!  Comment below and tell me what you see.  View all homes for sale in St George and Washington County:  St George Utah Real Estate
 ]]> </description>
            <pubDate>Sun, 05 Jun 2011 10:43:35 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/the-down-payment-saves-money.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/the-down-payment-saves-money.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>The Down Payment Saves Money</title>
            <description> <![CDATA[ 
Are you considering a home purchase in St George, Utah?  Here is some useful information regarding your down payment.  A down payment is the amount of money that a buyer puts down on the home they are purchasing. That is simple enough to understand.  However, the importance of a down payment goes beyond just that explanation.


Simply put, as an example, if a house costs $200,000 and the buyer puts down 10 percent, or $20,000 toward the purchase, they will need to be approved for a mortgage of $180,000.  The down payment basically lessens how much of a mortgage you need to take out.  This may be the difference between qualifying for a mortgage or not.


However, the benefits of making a large down payment are much more far reaching than simply a smaller mortgage.  As the buyer pays month after month, year after year, on that mortgage, the $20,000 down payment translates to a lot more money because it means less money in interest is being paid out on that mortgage. Interest does you, the home buyer, very little good.  Interest paid is just money out of your pocket with no return.


Down Payment Required for St George Home Purchase


That example doesn't apply to many traditional conventional loans which require a 20 percent down payment. Taking that into account, your $200,000 home with this larger down payment of $40,000 would mean a $160,000 mortgage.  At a 5 percent interest rate on a 15 year mortgage, that translates to about a $7,000 savings in interest alone.  Consider you'll also be paying about $100 less on a monthly payment basis, and your big down payment will soon pay for itself.  In other words, the bigger the down payment, the better off the home buyer will be years down the road.


Usually home buyers who already own a home have equity in the current home to use as a down payment for a new home. So, these second time home buyers utilize conventional loan products tailored to owners with equity.  Some of these loans may only require a 5 to 10 percent down payment.  However, as you can see, it is to the home buyer's best interest to bump that up whenever possible.


St George Utah First Time Buyer


Of course, many St. George Utah first time home buyers are young people who may not have had the time to save up such a large down payment.  For these home buyers, there are loan products available that are more conducive to a smaller down payment.  These unconventional loan products include well known names such as the FHA or VA loans.  Many of these loans have down payments as low as 3.5 percent.


There are also community and state programs that make it their business to sell the idea of home ownership as a way to add value to the region.  These loan programs make it easier for a first time home buyer to come up with a down payment.  Improving the value of property throughout the community is the strategy behind these unconventional loan programs.  However, even these programs better serve the home buyer who has a larger pot of their own money to put down.


St George Utah Buyers Agent


Step one in a home search should always be to talk to a loan officer about all your options regarding a required down payment, then choose the program that is best for you.  Your ultimate goal is to save the most money when the mortgage comes to a close.  Work out the figures and you'll agree the bigger the down payment you can afford, the more you'll have in your pocket when you burn those mortgage papers.  Your next step will be to work with a trusted buyers agent who can assist you with evaluating properties and offer objective opinions suited to your specific criteria.  Paula Smith is a St George Utah Buyers Agent, contact me today to begin your St George real estate search!  You can find all St George MLS listed property on my website:  St George Utah Real Estate
 ]]> </description>
            <pubDate>Sun, 15 May 2011 08:18:07 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-market-conditions-recap.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-market-conditions-recap.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St George Real Estate Market Conditions Recap</title>
            <description> <![CDATA[ 
How is the real estate market in St George?  Is there still a lot of foreclosure activity
in St George?  Do you think the market
has stabilized in Saint George?  Has
there been any improvement for the real estate market?  What do you think will happen in the next 1-3
years in St. George real estate? 


These are my “daily questions” from most St George Utah real
estate buyers and sellers.  I’ll try to
address the current market conditions and offer my opinion for that last question
too.


It’s important to note that for the third straight month,
Notice of Defaults (NOD) is down.  NOD’s
are sent out “pre-foreclosure”.  It’s
when the homeowners are behind in their payments and it is the first step the
bank takes to start the foreclosure proceedings.  Not all NOD’s will become actual foreclosures,
however many will.  It’s also interesting
to note that we are also down in comparison with the past TWO years!  This could be a sign of stabilization.  Actual foreclosures for the first three
months is comparable in numbers to last year, here are the total actual numbers
in Washington County:  





Let’s take a look at homes that have sold in the Greater St
George area as well as the SunRiver market conditions.  March 1, 2011 to April 28, 2011 (Greater St.
George, single family homes) there were a total of 298 sold as compared to 346
for the same period in 2010.  Of the 298
sold home, 127 were of distressed status (short sale or foreclosure) which
means 42% of homes sold were distressed property as compared to 46% for the
same period in 2010.  SunRiver had a
total of 15 homes sold during this period compared with 19 sold same period
last year.  Of the 15 homes sold only ONE
was of distressed status.  This is
typical for Sunriver, having few if any, distressed sales.  By the way, I’ve got a new Sunriver listing
(shameless plug) please check it out here: http://www.stgeorgeutproperty.com/listing/cms/15/



Currently, there are 1654 homes ACTIVE in Greater St. George
and 254 have gone under contract (pending) since March 1st.   Below are a few graphs that will break down
the statistics by price range for those of you specific number chasers.   My opinion is that the market seems to be
improving a bit.  It will take a few
months of monitoring to determine if this is just a mild “peak” before an
impending “low” or if in fact we are on the road to recovery.  If the home is priced well, and in decent condition,
we are getting multiple offers in a matter of days—sometimes HOURS.  


If you are a buyer who likes to “think before
you act” then you will find yourself thinking about an awful lot of homes!  You must act quickly if you find a home you
like.  If you are not already working
with a buyer’s agent, consider doing so. 
You will realize that as a buyer, you are protected with our Purchase
Contract and you will have plenty of time to be sure the home you acted so
quickly on, is (or is not) the perfect home. 
Contact Paula Smith if you are interested in Buyer representation.  If you have a home you’d like me to list and
include in one of my shameless plugs—give me a call!



 ]]> </description>
            <pubDate>Thu, 28 Apr 2011 10:45:00 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/top-10-foreclosure-cities-and-st-george-in-comparasion.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/top-10-foreclosure-cities-and-st-george-in-comparasion.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>Top 10 Foreclosure Cities and St George in Comparasion</title>
            <description> <![CDATA[ 
St George Foreclosures and the status of the St George
housing market is my number one topic with most buyers and sellers.  With the looming housing market, there are
foreclosures popping up everywhere. Some markets have a wider range of
foreclosed homes than others, but just about everywhere is feeling the blow.
Let’s take a look at the top 10 cities for foreclosure investors based on the
poll done by CNBC in 2010, listed in order by median price:


Pittsburgh, Pa.
Foreclosure as a % of resales 10%, Non-foreclosure median
price $123,000, Foreclosure median price $35,000


Cincinnati, Ohio
Foreclosure as a % of resales 15%, Non-foreclosure median
price $141,000, Foreclosure median price $65,000 


Columbus, Ohio
Foreclosure as a % of resales 19%, Non-foreclosure median
price $158,000, Foreclosure median price $71,000


Kansas City, Mo.
Foreclosure as a % of resales 29%, Non-foreclosure Median
Price $142,048, Foreclosure Median Price $97,152


Phoenix, Ariz.
Foreclosure as a % of resales 58%, Non-foreclosure median
price $168,000, Foreclosure median price $100,000 


Minneapolis-St Paul, Minn.
Foreclosure as a % of resales 26%, Non-foreclosure median
price $210,000, Foreclosure median price $114,300 


Denver, Colo.
Foreclosure as a % of resales 25%, Non-foreclosure median
price $225,000, Foreclosure median price $135,000 



Riverside, Calif.
Foreclosure as a % of resales 66%, Non-foreclosure median
price $205,000, Foreclosure median price $140,000 


San Francisco, Calif.
Foreclosure as a % of resales 39%, Non-foreclosure median
price $530,000, Foreclosure median price $230,000 



Los Angeles, Calif.
Foreclosure as a % of resales 39%, Non-foreclosure median
price $435,000, Foreclosure median price $232,000 


One of the interesting things about this list is the fact
that California represents almost a third of the foreclosure market in the
United States while Ohio takes a fifth of the market. Now, these results are
based on the discount at the time of sale. It is also striking to note that of
the top ten cities, the one with the biggest percentage of resale was not the
city with the largest percent discount, but instead the markets which were
usually known for their outrageous house prices.


How Does St. George Utah Compare in Foreclosures?


The St George Utah foreclosure market does not make the top
10 list, but let's take a look at the current conditions as compared
above.  Keep in mind, that the above
numbers are representative from a poll in 2010 and the St George real estate
market comparison I'm doing will represent the first quarter of 2011.




Total number of single family homes sold for Greater St
George for January 2011 to March 31, 2011= 433


Foreclosures as a % of resales= 26% 


Short Sales as a % of resales= 17% 


(above combined) Total number of distressed sold as a % of
resales=  43% of all homes sold were of
distressed status for the first quarter of 2011




If you would like to find all MLS listed St George foreclosures, visit my Foreclosure page.  Also, visit my Short Sales page to find all MLS listed St George Short Sales.


Paula Smith, REALTOR RE/MAX First of St George


Contact Paula Smith of Re/Max First Realty in St George Utah if you would like Buyer Representation or a Seller consultation for listing your St George or Hurricane home.
 ]]> </description>
            <pubDate>Tue, 05 Apr 2011 21:20:22 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/understanding-what-closing-costs-mean-to-the-home-buyer.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/understanding-what-closing-costs-mean-to-the-home-buyer.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>Understanding What Closing Costs Mean To The Home Buyer</title>
            <description> <![CDATA[ 
Anyone considering buying a home in St George will need to
understand closing costs.  Closing costs
are often overlooked, it is important that the buyer understand all of the
costs involved in purchasing a home in St George or Hurricane areas.  These costs go beyond the purchase
price.  Inspections, lender fees,
appraisals, surveys, and other due diligence requirements.... the terminology
used in real estate can be extremely confusing for first time home buyers and
to those who may not have purchased in many years.  What's more, realizing who pays for these
things can be even harder to figure out.


What Are Closing Costs?


Real estate agents, title company officers, and mortgage
providers deal with real estate transactions on a daily basis, so they
understand this language.  When it comes
to what is known as the 'closing costs' it becomes even harder to understand
for the average home buyer.  Because closing
costs can be, and often are, negotiated between buyer and seller, there are no
clear-cut answers, and different states often have different guidelines.  Let's start by taking a look at the closing
costs that can appear in your closing document:




Upfront, prepaid, interest points


Appraisal costs


Title transfer costs


Realtor fees 


Loan origination fees


Property taxes


Homeowner’s insurance


HOA transfer fees/dues




The above examples of closing costs are simply the
extenuating costs of purchasing a home. 
But, they can't just appear out of nowhere when it comes time to write
the check.  That's where the 'HUD' comes
in.


What Is a HUD Statement?


All closing costs must be disclosed on a form called the
HUD-1 Settlement Statement, which offers a breakdown (line by line) of each
cost.  The HUD-1 must be signed by all
parties in the transaction before it is legally considered complete.  The loan officer for the buyer and the buyer’s
agent will review the HUD-1 with the buyer so that there are no surprises when
it comes to signing it at the closing table.


Included in the HUD-1 Settlement Statement are also any
credits due to the buyer, such as the down payment amount, tax credit from the
seller (for the time the buyer did NOT occupy the property), buyer closing
costs that the seller has negotiated to pay, as well as any money held in
escrow on behalf of the buyer, such as the earnest money deposit. 


This is a long, long list of money in and money out.  Many of the terms may be confusing to you,
the buyer.  Your agent should explain, in
detail, each and every item and provide supporting documentation to help you
understand.  A good realtor and loan
officer will provide a true copy of the estimated HUD-1 prior to your
closing.  You may even want to obtain a
blank HUD-1 form to read through just so you are prepared to ask questions
before the figures get filled in.


What Is A Due Diligence Period? 


In St George, home buyers are given a “Due Diligence” period
for which they are allowed to perform any test to the property in which they
have an accepted offer.  These tests will
usually start with a Home Inspection (done by a professional home
inspector).  The inspector may recommend
further testing by other professionals should they discover an issue (such as a
leak in the roof).  Larger parcels of
land may require a survey to determine the exact property line.  All due diligence tests paid for by the
buyer.  Should a problem be discovered,
the agent may then step in to renegotiate the deal asking for credits or repairs.  Of course, the seller is NOT obligated to
correct anything; however, the buyer is not obligated to purchase the home
either.   This protection period was
created for Utah home buyers through a pre-determined period, allowing them to
research the property to their satisfaction with the ability to cancel the
contract with no risk of losing their earnest money. 


Closing costs are often said by home buyers to be the most
confusing part of the entire home buying process; even more confusing than
inspections, offers, and contracts. 
These costs deserve individual attention from both you and your buyer's
agent.  Be sure to insist on being fully
informed as to the detail of each cost. 
After all, you are footing the bill for this large investment of a home
and you deserve to know everything that involves your money.


Paula Smith Re/Max First St George, Buyers Agent Specialist


If you are considering purchasing a new home in St George or
surrounding area and you are not yet committed to a Buyer’s Agent Specialist,
consider contacting Paula Smith.  Paula
Smith of Re/Max First in St George is a Buyer’s Agent Specialist.  Find all MLS listed property at www.StGeorgeUTproperty.com and
allow Paula Smith to negotiate the best possible deal on your behalf.
 ]]> </description>
            <pubDate>Wed, 30 Mar 2011 23:10:18 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/discover-the-benefits-of-working-with-a-buyers-agent.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/discover-the-benefits-of-working-with-a-buyers-agent.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>Discover The Benefits of Working with a Buyer’s Agent</title>
            <description> <![CDATA[ 
For most home buyers in St George Utah, the purchase of a
home is the single most expensive and complicated transaction a person will
ever experience.  In addition, people
typically only have the experience one, two, or three times during a lifetime
so they never become accustomed to the process. 
The requirements for a real estate transaction constantly change over
the years, because of this, there are many benefits of working with a buyer’s
agent who can successfully guide, advise, and navigate the path to home
ownership. 


A Buyers Agent Deals With Multiple Transactions Every Month


A buyer’s agent utilizes their knowledge of the real estate
market to help their client acquire their home. 
By using years of first-hand experience in the home buying trenches, the
buyer’s agent offers advice on fair market value, how to best negotiate all the
terms, and how to complete all of the necessary documentation.  This experience is extremely valuable given
all the possible variables in real estate and for a typical home buyer; this is
experience that is impossible to gain in just a couple personal transactions.


Problems Arise During a Transaction, Will You Know How To Solve The Problem?


There are literally hundreds if not thousands of possible situations
or pitfalls within a real estate transaction which must be navigated.  An experienced buyer's agent will be able to
walk you through episodes that just might include the following:




The seller did not make the agreed upon repairs.


The seller is out of town and cannot be reached
and there is a seller required repair the lender is requesting.


There is a heavy rain and there is water in the
basement the day before closing.


The buyer makes a large purchase prior to
closing and no longer qualifies for the mortgage.


There are multiple out-of-town owners on the
deed and they must all sign closing paperwork.


The home is offered as a short sale and it takes
several months to be approved.


The home is a foreclosure and the bank is
difficult to reach.


Termites are found.


The seller’s agent is not communicating well,
causing information to lapse or not be conveyed to the seller.


The buyer moves in and discovers damage that was
not disclosed.


They buyer’s funding is delayed so the closing
and possession dates must be adjusted.




This of course is only a short list of examples where issues
can arise.  The role of the buyer’s agent
is to manage the transaction, providing solutions to each of the problems and
minimizing stress for the buyer by keeping their client informed. The benefit
of working with a buyer’s agent is to have a professional facilitate the
purchase of one’s largest asset.   Most
importantly, the buyer’s agent is offering representation to the buyer,
similarly to the way the listing agent is representing the seller.  


There Are Many People Involved Within A Transaction, Are You Connected?


During a real estate transaction, there are many different
service providers that a buyer must contend with such as:  the mortgage company, the seller’s agent, one
or more title companies, the appraiser, the inspection companies, and various
repairmen.  If any one of these providers
drops the ball, the closing may be delayed or even canceled.  A good buyer’s agent will have systems in
place to manage and track the progress of each of step of the purchase, all the
while keeping their client, you, informed.


Interview several buyers’ agents and choose the one who
gives you a concise, well-laid out plan from start to finish.  A good buyer's agent will have your best
interests at heart to make your home buying experience a success.


Paula Smith Is Your St George Utah Buyers Agent


Paula Smith is a St George Utah Buyers Agent; I represent
buyers throughout Washington County.   My goal is to achieve the best possible price
with the least amount of stress to the Client.  Allow Paula Smith to represent you as your
Buyers Agent Specialist.  If you would
like to see all MLS listed property, visit my St George MLS page.  Also, you can sign up to receive Property
Alerts which will send you an email with all homes matching your criteria.  Contact Paula Smith if you are interested in
receiving these reports. 
 ]]> </description>
            <pubDate>Thu, 24 Mar 2011 22:39:08 -0500</pubDate>
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