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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>
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            <guid>http://www.stgeorgeutproperty.com/blog/2012-year-end-st-george-real-estate-market-report.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/2012-year-end-st-george-real-estate-market-report.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>2012 Year End St George Real Estate Market Report</title>
            <description> <![CDATA[ 
2012 has officially come to a close, and many areas
throughout the nation have been reporting real estate market improvements.  St George has also continued to improve over 2012
and continued signs of improvement are strong as the housing market trends
upward into 2013. 


Year Over Year Comparison


Below is a residential market report comparing 2011 with
2012 in Greater St George:





This illustration indicates that the total number of sales
between the 2 years had no significant change; we have continued to remain steady
with sold homes in St George.  Interestingly,
these indicators confirm that median sale prices are UP and the number of new
listings is DOWN.  This has positioned
our market into a territory we have not witnessed for some time…appreciation.  Supply and demand is in effect thus
contributing to rising home prices and because we are making our way through
the foreclosure disaster, the inventory surplus is finally dwindling. 


St George Utah Foreclosures


Regarding the foreclosure debacle, let’s take a look at
current St George foreclosure conditions. 
Below is a very satisfying chart, which shows 2 years’ worth of data
from January 2011 through December 2012 for residential homes in Greater St
George. 





The plummeting red line signifies the “active foreclosures” on
the market, illustrating the drastic reduction in the number of active foreclosure
homes.  It’s possible to have the lurking
“shadow inventory” however at the rate we are moving through the inventory it’s
unlikely that amount is substantial.  The
number of sold foreclosures is almost in line with the amount of new listings
that enter the market, aiding an increased absorption rate.  


Short Sales in St George Utah


Short sales are yet another indicator of future
conditions.  While banks claim to be
working more diligently to move short sales through the pipeline, the number of
actual short sales offers a forecast of sorts, as to what is coming.  As of today, there are 1,018 active homes on
the market in Greater St George.  Of that
number, 127 are Short Sales (18 are foreclosures).  So essentially, of the 1,018 active homes on
the market, 145 are of distressed status (foreclosure or short sale) which is equivalent
to 14.2% of our St George inventory.  


Flash back to November 2011 where my reports showed 25% of
our inventory being in distressed status. 



Sold Foreclosures in St George


The total number of sold homes in 2012 in St George was
2,421.  Of those sold, 330 were short
sales and 231 were foreclosures; which is equivalent to 23% of the homes sold
in 2012 were distressed sales (short sale or foreclosure).


Crystal Ball Predictions…


My annual crystal ball prediction is that we will continue
to make our way through the inventory and supply and demand will continue to
take hold; causing property values to trend upwards.  I feel that within the next eight months, it’s
very likely that we’ll be witnessing buyers paying OVER appraised value much
like the Las Vegas market is experiencing in the ultra-sought after “under
$250,000” price range.  Unfortunately
this will eliminate many buyers from even having a chance at homeownership,
because they may be unable to pay the difference between the contract price and
appraised value.  I do not believe these
figures will skyrocket, but I believe we will see buyers pay an average of $2,000
to $5,000 over actual appraised value. 
Bidding wars on well-priced, turnkey properties are already underway
often going above asking price to ensure acceptance, and cash buyers often receive
the accepted offer due to their ability to close quick, with no appraisal contingency.  


I believe the transition is already underway from a “buyers’
market” into a “sellers’ market”.  Those
buyers that purchased within the past 2 years may already be witnessing
appreciation and those buyers who are still sitting on the fence…consider this  your  last call, all aboard, or even your final
warning.   Many buyers are already realizing regret as
the numbers indicate the end of 2011 was probably the best time to buy.  If you’re ready to jump off that fence, give
me a call: Contact Paula Smith. 


Selling Your St George Home


St. George home sellers: 
I need your house!  If you have a
home in the $250,000 or less range, we’ve already got more buyers than
available homes; so now is a great time if you’d like to sell your home
quick.  Contact Paula Smith as soon as
possible to receive a free no-obligation market analysis of your home, which
will show you comparable sales and set expectations as to what you will likely receive
for your home.  I may already have a
buyer for your property.


I’ve launched my new website! This site will remain up,
however I think you’ll find my new website to have improved user friendly features.  Take a look: St George Utah Real Estate



 ]]> </description>
            <pubDate>Wed, 16 Jan 2013 17:05:58 -0600</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-continues-to-trend-upward.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-continues-to-trend-upward.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>St George Real Estate Continues to Trend Upward</title>
            <description> <![CDATA[ 
 Further evidence that real estate home prices are on the
rise here in St George Utah is in!  Upon
review of the homes that have sold over the past 30 days (Greater St George,
residential), there were a total of 182 sold homes.  AMAZING results show that a total of 17 of
these homes were purchased in the past couple of years 2- 2 ½ and they sold at
a PROFIT now.  Many had small profits of
$3,000 to $10,000 but others enjoyed as much as $30,000 and $40,000 and 3 took
over $100,000!  WOW!  3 other homes were purchased within the past
5 years and took a profit.  So 20 out of
the 182 sold, were sold at a profit. 11% of the sold homes over the past 30 days, sold for a profit.


Surprisingly there were very few homes shown in this time
that took a loss. Of the 2 or 3 homes that
took a loss, they were those purchased in 2005 or 2006 which was during the pricing peak in
our housing market.


St George Home Flippers Cash In


St George house flippers are scoring big with some of these
homes.  However, not all of these sold
homes were from professional home flippers; some were just lucky buyers who
jumped in at the perfect time.  Personally I’ve sold 2 homes in the past
couple of months that were previously purchased for less, within the prior year,
(neither of my sales are included in this result).  As for professional flipping, I think there
are still some opportunities out there; however the competition is very fierce.  Often, homes will sell at or ABOVE asking
price and will receive multiple offers.  


Thinking of buying a home in St George? 


Traditional buyers, there are still some nice homes out
there and if you hurry, you can still get in on some great pricing, leaving
opportunity for profit IF values continue to rise as they have demonstrated
over the past year.  Of course my recommendation
would be: do not buy if you don’t plan to own for the next 3-5 years, as we are
still in a very volatile housing market and things can shift downward in an
instant.   


Flippers, you can get a deal, but you’ve got to have cash in
hand and be prepared to move quick with very little contingency’s and short
windows of due diligence.  The days of
low-ball offers are about over, so be ready to bid realistically.  Any buyer should align themselves with a buyer’s
agent (I just so happen to be one) :-) and allow the agent to do the neighborhood research so that you can make a reasonable
offer on your next home.  Writing a reasonable
offer is only one element to a likely acceptance, you’ve also got to have
realistic timelines and earnest money deposits. 
Savvy agents will understand the importance of all elements to a well
written contract.


Overall, it appears we’ve hit bottom, sometime late last
year and we’ve been trending in a slow and steady upward position since then.  Inventory continues to trend in a steady
pattern, which is significantly less than years past; again, another element to
the housing recovery. 


Are you ready to sell?  Maybe you can be on of my profit sellers on next months report?


KHXERV77BRG6
 ]]> </description>
            <pubDate>Fri, 07 Dec 2012 09:50:32 -0600</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utility-rates-and-pet-restrictions.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utility-rates-and-pet-restrictions.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>St George Utility Rates and Pet Restrictions</title>
            <description> <![CDATA[ 
So what do the St George Utility rates and pet restrictions
in 55+ communities here in St George have to do with each other?  Nothing, really.  I sent out a request to people who have signed
up on my website, for their input as to what sort of information people would
like to know about, and the response was overwhelming.  Some of the requests I’ll have to do an independent
post, but others I think I can combine into an informative article.  I’d like to thank those who took the time to
respond, and I’ll answer as best I can!


Are There Any Pet Restrictions In St George Utah?


(Q) Restriction on pets in the 55+ communities and any up and
coming developments in the area


(A) The City of St George has an ordinance of 2 dogs per
residence.  Of course there are permits
for certain circumstances, but the 2 dog limit is a city regulation.  Most HOA’s follow the rules of the city;
however a few may have other details illustrated within their individual
CC&amp;R (the rules for the community). 
A few have rules on the size of the dog, but often the rules are written
quite vague and rather unclear.  For
instance, some have written “no large dogs, only lap dogs”.  Well, we have a larger dog who is convinced
she is a lap dog, however she’s not a St. Barnard or anything—so what exactly
is “large”?  Does this mean anything over
20lb, 30lb, 60lb?  What if I have an overweight
smaller dog?  Most of the time the
residents and HOA will not bother to enforce the extreme (or vague) rules unless
the dog becomes a problem or a nuisance to others.  For example, if you have a larger lap dog
that runs free on the daily basis, causes harm to another, barks all day, or
leaves “gifts” on the lawns of other homeowners, you can bet the rule will come
into play.   The great news is that for a buyer, you do not
really have to worry too much about every single community and their HOA while
searching for a home.  After you make an
offer, you’ll have a due diligence period which will provide you ample time to
review the CC&amp;R’s and make sure there is nothing specific written that can
rule out your pet.  Also, you can speak
with the HOA board members and neighbors to determine if there could be an
issue.  If after you have made an offer,
and during your due diligence period, you discover the rules will not work for
your circumstances, you may cancel the purchase contract and you will not lose
your earnest money.


As for new developments coming to the area, well we are continually
growing.  There is always something in
the pipeline; the bigger question is typically “when” it will happen.  There has been talk about another “Sun River”
type 55+ community over by the new airport; they even have signs up, however I
have not heard anything about that plan moving forward.  Many developments fall into the long term plans;
it’s never clear how long it will take. 
For example, we always knew we would be getting a new airport; it just
took 15 years!


How Much Does It Cost To Live In St George?


(Q)  Those of us
desiring to relocate to St George need all the real facts on the costs of utilities;
the tax rates both income and property tax, sales taxes, any and all costs to
someone from another state moving there full time.


(A) This is a great question!  Utility costs are a hard question to
answer.  For example, if you like to keep
your house at 65 degrees all summer, your bill is going to be very different
from someone who runs theirs at 78.  Will
you buy a 2500sqft home built in 1985 or a 2500sqft built last year?  The insulation is going to be very different;
unless of course the older home was recently updated, heavily insulated, or
insulation was added (you can see all of the scenarios that apply).  The other difficult aspect to this question
is the fact that we have several different utility providers in different
areas.  For example, some parts of St
George (and all of SunRiver) are on Dixie Escalante.  They boast the least expensive rates; they
are among the cheapest in the nation with a $14 base a .052per KWH.  City of St George handles the rest of St George
with a $.070per KWH and a $14.63 base. 
Washington City would probably be considered the most expensive, with a
$.081per KWH and an $11.50 base rate (other factors for usage may apply to all
of the above mentioned).  Other areas
including Santa Clara, Ivins, Hurricane etc…all being on their own independent
provider.  In a nutshell, the average
bill for everything (water, gas, power, trash etc…) for the AVERAGE home, based
on what I have seen is probably around $300-$400 per month.  The electric portion of MY bill (for
my larger, older home) in the summer is around $270 (using 2 older a/c units)
and in winter it’s around $90 (with the gas bill running around $125) and in
summer my gas bill is closer to $15/month. 
Again, your buyer due diligence period will cover you, giving you plenty
of time to request an average on the utility bills for the specific house you
are considering.  If you find the bills
are excessive, you can cancel the purchase contract and lose nothing. 


How Much Are Taxes in St. George Utah?


As for property taxes in the St George area, that too comes
with a bit of difficulty to explain.  In
short, all homes are assessed yearly here in Washington County by the assessor’s
office, though there seems to be no real science on how they arrive at their
numbers.  What you will pay on your property
tax is just under 1% of the assessed value. 
They do NOT automatically value the home at what you purchased it for,
however it can be taken into consideration. 
If it’s your primary residence, you’ll get a 45% exemption.  When property values go up, typically your
property taxes will go up.  When property
values go down, you would think your taxes will go down, but there was a
measure put into place that won’t allow for taxes to drop significantly on
property (even if the values decline significantly).  It’s crazy, it really is.  But the county protects itself from a drop in
the tax revenues by putting this measure into place; so there is not an
unexpected short fall.  So just because
your value goes down, don’t expect much of a break on your tax bill (although
you WILL get a small reduction).   The city is very good about allowing a home
owner to dispute the values if they feel it is assessed to high.  Often, you will find that the city has valued
the homes on the low side (giving some room for value fluctuation) however I’ve
not heard of anyone disputing their value is too low.  =)  Here is a link that may better explain:  Property Tax: http://www.washco.utah.gov/treasurer/priResidence.php


The current sales tax is 5.95% and income tax is 5%.  Additional information is found here: http://www.tax-brackets.org/utahtaxtable


So, I’ve realized I’m going to have to break up more of
these great questions into individual posts! 
Stay tuned for the next set and if you’ve made it all the way down to
this paragraph, I appreciate that!  If
you have anything you’d like to know more about—post below and I’ll get the
message.  Your post will not show up on
the site (I have way to many spammers!).


Thanks again, and if you, or someone you know, is in need of
a real estate agent, please give me a call!  I am a
blogger by night and an agent by day! 
Let me assist you today!


Dixie Escalante Link: http://www.dixiepower.com/your-coop/rates/Utah-rates/
 ]]> </description>
            <pubDate>Thu, 15 Nov 2012 13:28:40 -0600</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/exclusive-buyer-broker-agreement.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/exclusive-buyer-broker-agreement.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>Exclusive Buyer Broker Agreement</title>
            <description> <![CDATA[ 
Here in Utah, all agents are required to obtain a Buyer Broker
Agreement PRIOR to writing any offer.  What
is a Buyer Broker Agreement?  Well, essentially
it’s a contractual agreement between the buyer and the agent.  This contract defines the terms of the
relationship, and allows the buyer to understand that the agent is being paid
(buyer agent fee) should the buyer purchase a home.  The
buyer is agreeing to allow the agent to represent their interest much like the
listing agent is under contract with the seller to represent the sellers’
interest.  A listing agent is working for
the seller and trying to obtain the most amount of money they can FOR THE
SELLER and a buyer’s agent is working to achieve the best possible deal in the
best interest of the BUYER.  How much is
the Buyer Broker Fee?  The great news for the buyer is that the
services from a buyer’s agent are typically FREE (paid for by the seller within
their listing agreement). 


Should I enter into an Exclusive Buyer Broker Agreement?


Well, if you’ve written an offer on any homes in Utah,
chances are you are already under contract and may not realize it.  Unfortunately with the excitement of writing
an offer, agents will slip that buyers broker form in with very little explanation
and buyers do not realize that they are now committed to that agent for the
duration defined within the contract (it could be a few months or as long as
one year).  Once you enter into an
Exclusive Buyer Broker Agreement, you cannot enter into another one with
another agent until your first contract has expired; otherwise you (the buyer) can be
liable to pay the other agent the commission they would have received on the
home that you ultimately purchase.  


What’s the Point of the Buyer Broker Agreement Form?


Well, it protects the agent and allows them to be paid for
their services (if the buyer actually buys a home).  Often, buyers do not realize that an agent
does not get salary or hourly pay.  Agents
do not get reimbursed for time, gas, child care or the paperwork we’ve provided
the buyer (agents typically have to pay for all copies and supplies).  There are no pay check guarantees with being
an agent, and there is no obligation for the buyer to purchase a home.  Sometimes I can spend 40 hours
(or more) with a client and they decide that they do not want to purchase a
home after all.  That’s okay, it’s their
right and I fully respect that. 
Unfortunately for me, I've worked for free for the past 40 hours and I’m
out the money for the gas and childcare etc…but hey, I got the opportunity to
see some of our inventory and likely got to meet a wonderful family (it's a risk I'm willing to take).  If the buyer DOES decide to buy, it’s
courtesy to use the agent who has already spent so much time working on the buyers
behalf.  That agent has taken the time to
understand the buyers’ needs and has their best interest in mind.  If a buyer wants an agent to commit to their
needs, then we (as agents) ask that the buyer commit to us so that we know if
in fact you decide to purchase a home, we can be paid for our services. 


Shady Agent Tactics


Some agents here in town use the “offer” as a tactic to get
you under contract without the buyer understanding what is going on.  For instance, a buyer may ask about making an
offer to purchase indicating they must do a contingency offer (if for instance
they must sell their current home first) and the agent will say they have
contacted the “sellers” and the sellers are open to consideration to a
contingency offer (really, all they did was ask the listing agent if the home
is still available, or they may have asked if the seller will consider a contingency—any
good listing agent will respond with “we will consider all offers”).  The buyer is so excited at the thought they
could get their offer accepted, they write the offer only to find out the
seller has either: rejected the offer, received another offer (and accepted),
or perhaps they will counter with an “Option to Keep House on the Market”
(which essentially means they will take your offer but it’s more likely they
will get another offer and if you have not sold your home yet, you will have to
withdraw your offer).  Rather than
explaining our current market conditions, some agents will make the buyer think
their offer can be accepted in an efforts to get them under a Buyer Broker
Agreement.  This is not to say that your
offer can never be accepted, but most agents realize that in our current market
when inventory is on the decline and demand is very steady, the likelihood of a
seller taking a contingency is very low. 
After that initial offer, those shady agents won’t be so eager to write
another offer, and the buyer is suddenly realizing they are stuck with an agent
that just pinned them into a contract under false pretenses.  


Signing a Buyer Broker Agreement Up Front


I prefer to have my buyers sign the Buyer Broker Agreement
up front.  This eliminates any confusion
and offers my buyers a commitment from me and well as offering me the knowledge
they want to work with me.  I educate the
buyer on the documents I have them sign as well as our current market
conditions which will allow them to set their expectations; and together we
will search for their next home.  I offer
all of my buyers a written “escape clause”. 
Sometimes buyers can feel threatened when being forced to sign a
contract (buyer agency agreement) that
forces them to use me as their agent. 
Perhaps a bad experience with another agent has left them feeling jaded,
hey I get it…there are plenty of terrible agents even here in St. George.  My contracts specifically inform the buyer
that if they are not satisfied with my services, they are welcome to contact my
Broker to either match them with another suitable agent or release them from
the contract entirely.   If you are already working with an agent,
under contract or not, you should commit that agent.  You are free to contact listing agents to ask
questions, just let them know you are working with another agent.  Your agent is working for you; give them an
opportunity to be paid for their services (no one likes to work for free).  If you’re not working with another agent and
thinking about buying a home in St
George Utah, allow Paula Smith with ReMax First St George to be your Buyers Agent,
contact me here.  
 ]]> </description>
            <pubDate>Wed, 24 Oct 2012 11:29:55 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-housing-market-report-october-2012.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-housing-market-report-october-2012.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>St George, Utah Real Estate Housing Market Report October 2012</title>
            <description> <![CDATA[ 
Taking a Closer Look


Welcome October! Fall is setting in here in St George, Utah;
it’s the best time of year in my opinion. 
The weather is awesome, the colors are even more vibrant, and the
holidays are still far enough away I won’t have to stress just yet.  Speaking of fall, let’s take a look at the St
George Utah real estate housing market report; the leaves are not the only thing
falling!  Here is one of my favorite
chart illustrations showing 2 years’ worth of data.  This illustrates that our inventory is
falling; meaning, we are consistently reducing our inventory which is a sure
sign of stabilization.  





St George, Utah Foreclosures


Another element of the housing “fall” are the St George foreclosures.  The number of foreclosures in St George is significantly reduced;
this chart is downright amazing to look at. 
This is very good news for our recovering housing market:






This chart illustrates the sharp decline over years past and puts
St George Utah foreclosures on a steady path of stabilization.  As our inventory is reduced, coupled by the
reduced number of foreclosure activity, our market has already seen spots of
appreciation throughout greater St George. 
This is great news for sellers who, in years past, were forced to
compete heavily with foreclosed homes. 
Now, buyers are looking for a move-in ready home and the selection
within the most coveted “under 250,000” range is slim picking!  It’s very difficult for buyers right now to
find a nice home, good condition, and priced well without a bidding battle with
as many as 5 other buyers.  Last month,
TWO of my listings received multiple offers in a matter of days ABOVE asking
price.  If you’re thinking of selling,
now may be YOUR time; give me a call for a no-obligation market analysis of
your home.  


While we could still face a double dip in our market, clear
and strong evidence is showing us that we may have in fact hit bottom, and it
seems to be on the rebound.  I believe
the best time to buy was probably last December, but it’s not too late!  If you’re planning on buying for the longer
term investment (3-5years) I believe the real estate market will prove to be a
wise investment.  For some buyers, they
are already reaping the joys of appreciation and I have witnessed some sell
after only 6 months with a $30,000 return! 
That’s amazing.  Let’s hope this
continues and allow the homeowners who may still be under water, see the light
and recoup some of their housing loss.  


If you’re considering purchasing a home in St George or the
surrounding area, send me an email (Contact Paula Smith Here) of what you are looking for.  I can set you up with a detailed search that
will send new listings and price reductions matching your criteria, straight to
your email.
 ]]> </description>
            <pubDate>Tue, 09 Oct 2012 10:17:08 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-foreclosures.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-foreclosures.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>St. George, Utah Real Estate Foreclosures</title>
            <description> <![CDATA[ 
A Rebounding Economy


According Jane Ann Morrison of the Las Vegas Review-Journal, the St. George, Utah real estate market is growing again. Morrison states that "When the recession hit in 2007, St. George flat lined." A lot of of felt that. More and more homes for being foreclosed, and it hurt the city, even though the recession hit a lot of other areas even harder.


Greg McAurther, executive director of the St. George Area Chamber of Commerce, says that now in 2012, "We're picking up growth, home sales are on the rise, employment is on the rise."


This year, there were around 2,450 more jobs than in 2011. How cool is that!


Why the Sudden Growth?


The St. George real estate market owes its recent success to a variety of factors:




The Beautiful Location


The Year-Round Vacation Environment


The Climate


The Local Attractions


It's Reputation for Retirees




The list could go on and on, but the point is that things are looking pretty good for St. George, Utah.


Searching for Foreclosures


My advice as a real estate expert is to buy now! It's the perfect time to search for foreclosures in St. George before prices shoot up again.


Browse some of our St. George real estate foreclosure listings.
 ]]> </description>
            <pubDate>Fri, 05 Oct 2012 12:32:47 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-foreclosure-real-estate-market-report-2012.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-foreclosure-real-estate-market-report-2012.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>St George Utah Foreclosure Real Estate Market Report 2012</title>
            <description> <![CDATA[ 
The first half of the year has already come and gone and
summer is quickly coming to an end.  It’s
time to take another look at the St George Utah housing market report for 2012, featuring real estate statistics and the
foreclosure market.  The St George Utah
real estate market has continued to see improvement, which is keeping us on
track for stabilization, and there has already been appreciation occurring in
some circumstances.  If this continues,
we’ll soon be stating that the end of LAST YEAR was the “best time to buy in St
George” and now, we’ll just wait to see how many stay on that fence and wish
they would have jumped.  So long as you
plan to keep the home you are purchasing for a longer term, then it’s likely
you’ll be just fine.  And, if the market continues
down its current path, you may just witness appreciation perhaps by next year.  


Listed Homes in St George and Sold Homes in St George


As of today 8-3-12, in the Greater St George residential
homes, we have 1,042 ACTIVE listings.  Of
those homes, there are 194 homes of distressed status; so 18.6% of our
inventory is of distressed status.  In
the past 3 months, there have been 644 homes SOLD and of those 644 homes, 158
were of distressed status (foreclosure or short sale) which means that of the
homes sold in the past 3 months, 24.5% were distressed sales.  This number is great, considering my analysis
for my spring St George Real Estate Market Report; we were at 33% distressed—so
again, definite signs of improvement are continuing.  Is the housing market improving?  Well, the number of active homes is down,
foreclosures and short sales are slowing, and sales each month have remained
steady. Click the following link for a list of ALL MLS listed homes for sale in St George.


SunRiver Homes For Sale


Let’s take a quick look at the homes for sale in Sun River;
currently there are 59 ACTIVE homes for sale. 
This number is slightly down from the average.  In the prior 3 months there have been 29 Sold
SunRiver homes. Currently there are 2 homes that are of distressed status
(short sale or foreclosure in Sunriver); which is a typical amount for
Sunriver.  Sunriver has NOT had the type
of foreclosure activity that St George proper has experienced; which has
allowed Sunriver to maintain higher property values and the subdivision has
always been higher price per square foot when compared to neighboring
subdivisions around St George.  What is
an interesting number is the fact that of the 29 homes that were sold from the
prior 3 months, 4 of those homes were of distressed status.  This number is a bit higher than normal and
will have to be monitored within the coming months to determine if more
foreclosure activity will occur in Sunriver. 


Sun River Mortgage Options


I do not expect for this community to be hit hard with
distressed homes, many residents paid cash for their home.  However over the past 2 years, the Reverse
Mortgage option is a highly used mortgage tool for many buyers in
Sunriver.  I have heard that as many as
90% of buyers are using this method to acquire their home.  This loan product can be a great way for a
buyer to own a home much larger than they could have had a standard mortgage
on, with the luxury of no payments.  This
is intended to be used as their “forever” home and the owners will live out
there days in that home.  Once the owner(s)
pass away, the family can sell the home (if there is equity, which IS possible)
or if they do not want to do anything with the home, it essentially goes back
to the bank.  In the future, if there is
a surge of simultaneous deaths among these homeowners (who are relatively close
in age) this could pose a problem with multiple “bank owned” homes hitting the
market within the community.  If the
market is in a significantly better position in the coming years (highly
possible) then this will not be an issue as the homes will be sold and snatched
up quick.  Also, the family has a year to
sell the home, so if there is any equity in the property value, then this could
help to stager the amount of homes that are hitting the market.  Only time will tell.


If you are interested in monitoring all Sunriver homes for
sale, I have created a link that is attached to our local MLS system.  You can watch the homes in REAL TIME (the
second they are listed or sold the link will update) and you have the option of
logging in and you can mark different homes to watch.  Once they go pending and ultimately sell, you’ll
be able to see that allowing you to monitor the activity in Sunriver.  Check it out here: http://link.flexmls.com/x1hhp7jpx71,6
 ]]> </description>
            <pubDate>Sat, 04 Aug 2012 08:58:26 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/moving-to-st-george-utah.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/moving-to-st-george-utah.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>Moving to St. George, Utah</title>
            <description> <![CDATA[ 
Information on St. George, Utah


If you are considering purchasing a home in St George, then
you’re probably starting online with your preliminary research and/or perhaps
you are in the initial stages of planning your trip to visit St George.  Here is some information that may be useful to
those who are in the information gathering stage and those who are planning to
visit soon.





Las Vegas to St. George, Utah


First of all, watch the TIME!  This typically becomes the first line of
confusion when I am meeting a client for the first time.  Often, those flying into Vegas will forget
the time is NOT the same in St George, we are an hour LATER.  From Las Vegas to St George Utah takes just
under two hours to travel by car from the Vegas Airport, however with the time change;
you’ll have to add the extra hour upon arrival. 


Places to stay in St. George


If you are looking for a St George hotel, here are a few
that my clients have used (as well as popular choices for visitors)




Best Western
Abby Inn 435-652-1234


Courtyard
Marriott 435-986-0555


Comfort
Suites 435-673-7000


Ambassador
Inn 435-634-7930




Restaurants in St. George Utah


If you are searching options for dining in St George, here
are a few of my personal favorites as well as some typical choices:


BREAKFAST: 





Egg &amp; I


Cracker Barrel


IHop
and Dennys are always open









LUNCH:  





Kneaders (off Bluff)


Café Rio
(Mexican dining—not “fast food” but not formal dining either)


Jimmy Johns
and Subway are around town too








DINNER:  




Sakura (Hibachi style dining—makes for a FUN
evening)


Casa Dona
Maria (Mexican food)


Gun Barrel
(steak &amp; Game)


Chili’s,
Olive Garden, Outback








St. George, Utah Weather and St.
George, Utah Population 


St George Utah Demographics= population of St George is approximately
65,000 and Washington County is approximately 138,000 based on the 2010 census
report.  St George is considered the
South West Desert, offering more than 300 days of sunshine per year and very
low humidity, with an elevation at around 2,760 feet.  This gives St George great weather year round.  Does it snow in St George?  If if does, it's only a couple of times per year, and it will only stick for a couple of hours at best.  For the winter of 2011 and the beginning of 2012 we did not get ANY snow.  The zip code for St George Utah is 84770 and for Bloomington, Sunriver, and most of the east side it's 84790.  


Cost of Living= here is a great tool that compares perhaps an area you
live, to St George:  http://cgi.money.cnn.com/tools/costofliving/costofliving.html


What to do in St. George, Utah


So when you come out, while it’s easy to spend a lot of time exploring
homes and neighborhoods in St George, don’t forget to take in some of the
sights.  It’s truly an amazing place to
visit, packed full of visually stunning colors and history.  Here are a few things to see and do while in
St George:


State and National Parks (Snow Canyon is in Ivins, and Zion is just
outside of Hurricane), take a day trip here and enjoy both easy and challenging
trails or plan a longer trip and enjoy camping.


Tuachan Amphitheater, this is a spectacular outdoor amphitheater
created by the natural red mountains in Ivins—enjoy shows all through the year.



Fishing or Boating, St George has so many reservoirs just minutes away
where you can enjoy a day of recreation and fishing.  Sand Hollow, Quail Lake, and Gunlock are a
few of the larger lakes; however there are multiple fishing holes scattered
throughout the city.  


Golf in St. George, Utah


We have no shortage of golf opportunities!  Here are some of the local courses:



Sunbrook: Woodbridge, Blackrock &amp; The Pointe2366 W. Sunbrook Drive St. George, UT 84770 | 435-627-4400www.sgcity.com27 holes | Public Courses | City of St. George Red Rock Golf Trail888-345-2550www.redrockgolftrail.com


The Ledges of St. George5224 North Winchester Hills Dr., St. George UT 84770www.ledges.com435-634-4640 | 18 holes | Par 72 | 7,145 yards St. George2190 South 1400 East St. George, UT 84790www.sgcity.com435-627-4404| Par 73, 18 holes, 6,712 yardsPublic Course | City of St. George Entrada at Snow Canyon2537 W. Entrada Trail St. George, UT 84770www.golfentrada.com435-986-2200 | Par 72, 18 holes, 7,262 yardsPrivate Club: Open to Public Green Spring588 N. Green Springs Drive Washington, UT 84780435-673-7888 | Par 71, 18 holes, 6,629 yardsPublic Course | Washington City Coral Canyon1925 N. Canyon Greens Drive Washington, UT 84780www.coralcanyongolf435-688-1700 | Par 72, 18 holes, 6,515 yardsPrivate: Open to Public SunRiver4210 S. Bluegrass Way St. George, UT 84790435-986-0001 | Par 71, 18 holes, 6,704 yardsPrivate: Open to Public Bloomington Country Club3174 South Bloomington Drive East St. George, UT 84790435-673-4687 | Par 72, 18 holes, 6,948 yardsPrivate Club Dixie Red Hills1000 North 700 West St. George, UT 84770www.sgcity.com435-627-4444 | Par 34, 9 holes, 2,733 yardsPublic Course | City of St. George Sky Mountain1030 North 2600 West Hurricane, UT 84737435-635-7888 | Par 72, 18 holes, 6,312 yardsPublic Course | Hurricane City Southgate1975 South Tonaquint Drive St. George, UT 84790www.sgcity.com435-627-4440| Par 70, 18 holes, 6,138 yardsPublic Course | City of St. George Sand Hollow5625 West Clubhouse Drive Hurricane, UT 84737435-656-GOLF (4653)Championship Course: Par 72, 18 holes, 7,315 yards9-hole Links Course: Par 36, 9 holes, 3,687 yardsPublic Course
 ]]> </description>
            <pubDate>Tue, 24 Jul 2012 17:35:28 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/hurricane-real-estate-market-report-2012.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/hurricane-real-estate-market-report-2012.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>Hurricane Real Estate Market Report 2012</title>
            <description> <![CDATA[ 
By request, let's take a (long overdue) look at the
Hurricane real estate market report.  Overall, the Hurricane Utah housing market is
quiet similar to St George, just on a lower volume.  Active listings are consistently lower when
compared to years past,  and sold homes
in Hurricane have remained steady; here is a nice illustrating reflecting the
past 2 years:





Hurricane Utah Sold Home Prices


So the inventory is lower, sales remain steady...but....


Home buyers and sellers want to know what recently sold
homes have sold for, to gain perspective on where prices are going.  Similar to St. George, Hurricane has also experienced
a price decline.  Also, while homes ARE
selling, the ratio of available homes to sold homes is less than half.  Take a look at the following chart.  Here, you'll see information on Hurricane
Utah residential for the past 30 days. 





There is no typical price range that homes are selling, it's
all over the board.  Here is a similar
chart reflecting SOLD homes for the past 6 months (since Jan, 1 2012).  


                                     


Approximately 10 to 15% of the LISTED
homes have been selling over the past several months.  The homes that are selling are priced to
compete.  Homes that are in good
condition and with popular finishes or upgrades will sell faster.  Of the homes that have sold in the past 6
months (203) 37% were of distressed status. Unfortunately, sellers ARE forced to compete with
the distressed inventory (forclsoure and short sale property); buyer are out, but they are looking for a deal.  


If you have a home you are thinking of selling and you would
like a NO OBLIGATION market analysis on, just contact PAULA SMITH RE/MAX FIRST (or click this link: www.stgeorgeutproperty.com/sellerform.php)
and I'll get it over to you.  This will
allow you to get an idea of what you can expect to sell your home for.
 ]]> </description>
            <pubDate>Mon, 16 Jul 2012 20:57:56 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-update-2012.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-real-estate-update-2012.html</link>
            <author>paula@utahpaula.com (Paula Smith Re/Max First St George)</author>
            <title>St George Real Estate Update 2012</title>
            <description> <![CDATA[ 
How is the St George real estate market?  Well, the answer to this very popular
question is that we are continuing to improve. 
If the conditions continue, we will be farther along down the road to
recovery.  While we have already been
inching down this road over the past several months, it’s still a volatile
journey.  Unfortunately my order for the
real estate agent crystal ball is on backorder, so we are unable to fully
determine if we have already hit bottom and are moving up, or if the threat of
a double dip lurks in the horizon.  The
REO (bank owned homes) shadow inventory is still out there, and I’m not sure if
anyone has any true numbers on that, but it does exist.  My opinion is that I do not feel this
inventory will prove to be detrimental here in Southern Utah, and the banks
seem to be releasing more at a fairly steady pace, with buyers ready to snatch
them up within hours.


St George Utah real estate market report for the first half
of 2012


Here it is in a nutshell: 
we have less inventory, less foreclosures, and our sales have been
steady over the course of two years. 
Here is a nice illustration of this showing recently sold homes in St George Utah:





We have no shortage of buyers, that’s for sure!  These buyers are having less to choose from
which is creating a fierce competition. 
We are experiencing many occasions of multiple offers within hours
typically bidding above asking price. 
The days of extreme low ball offers are about gone, and the agents who
submit them may not even get a response. 
Our market has historically followed Las Vegas with an approximate 6-9
month lag.  Their market has hit an
extreme shortage of inventory, and if things continue here as they’ve been
going—Las Vegas conditions will be in St George will be very soon.  The shortage of inventory will organically
create supply and demand and this will in turn stabilize prices and likely
begin an appreciation.  


Should I buy now or wait?


Ahhhhh, the patient fence sitters.  Well, I’m afraid you’re already in for a
surprise!  Those of you who have been
waiting over the past year or two (I know there are several out there) will
start to realize you’re not going to get the same kind of home you were able to
a few months ago.  You’ve got less to
choose from and the quality homes that are highly upgraded and move in ready
are probably already at a higher price point with extreme competition (assuming
they even hit the MLS before they are sold). 
If you plan to buy a home and keep it for the longer term, then 6 months
ago was probably the best time to buy. 
It’s still a great time, you’re just going to have to lower your
expectations or raise your price point a bit. 
Don’t get me wrong, you can still find a fantastic home; it’s just going
to require more to get it where you want it. 



St George New Homes


Surprisingly we’ve had a surge in new construction.  Builders are scaling back in an effort to
keep the prices competitive with resales. 
You’ll still get way more for your money on a resale, because with a new
construction home you’ll be paying as much as 20-30% extra for the items resale
homes can offer (granite, stainless, fencing, landscaping, patio covers, extra
outlets, window treatments, central vac, water softeners, concrete work, ceiling
fans, etc…).  Getting caught up in the
new construction and notion of getting “exactly what you want” often makes the
other items you really “need” become overlooked.  Also, the builder basic price is just
that—BASIC.  You’ll pay extra for
everything, also more subtle items are being used and there is a good chance
you’ll not even realize what’s missing until after you move in (cheaper “picture”
windows replace windows that open in many rooms, makes it difficult to enjoy
our wonderful St. George fresh air and breeze). 
It’s good to work with a buyer’s agent even when purchasing a new
construction.  Model agents represent the
builder (seller) so they won’t mention items you can get the seller to pay or
upgrades they will typically “throw in”.


Recent Home Sale Prices and St George Foreclosures


Next week I’ll be taking a closer look at the St George
Foreclosures and short sale market and compare the first half of 2012 with last
year, I'll also take a look at the prices of recently sold homes in St George, with an illustration of the most sought after price range.  If you have any questions, just
ask!  If you are interested in buying a
home in St George or Southern Utah, contact Paula Smith ReMax Buyers
Agent.  If you’ve got a St George home
for sale or you’re thinking of listing, allow me to send you a no-obligation
Market Analysis on your home.
 ]]> </description>
            <pubDate>Sun, 08 Jul 2012 07:41:04 -0500</pubDate>
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