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The Bridgeport at EaglePointe

Located along the Wasatch Mountains and just 10 minutes from downtown Salt Lake City, you’ll find unmatched views of both Davis and Salt Lake counties. Eaglepointe is convenient for City Creek shopping, but with a perfect rural atmosphere for a family-friendly lifestyle.

The latest monthly data shows total existing-home sales increased 4.0 percent.

Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record-low 3.99 percent at the end of 2011. (records date back to 1971)

Total housing inventory at the end of the year fell 5.8 percent to 2.58 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace.

Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 29 percent of sales in 2011, compared with 33 percent in 2010.

Single-family home sales rose 12.9 percent to a seasonally adjusted annual rate of 3.95 million in 2011. Existing-home sales in the West rose 3.6 percent.

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The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

See full article featured in Realtor.org, "Existing-Home Sales Continue to Climb in November"

"It has become increasingly apparent to us that the pieces for a housing increase are in place," declared Barclays Capital analyst Stephen Kim in a recent note to investors.  "With the exception of a few really hard-hit markets, the vast majority is ready to turn around," adds Jerry Howard, president and CEO of the National Association of Home Builders, NAHB.  "The Washington, D.C., area is not only ripe for recovery, they need to start building more homes and units."

The catalysts to recovery are mostly the same: for potential buyers, residential rents have now risen enough to consider buying; existing-home inventory is the lowest in five years, while that of new homes is at a 40-year low; affordability is at a record high; delinquencies have peaked; consumer confidence is on the rise ; and job growth is accelerating.

For investors, with a continuation of the gold rally in question, real estate is beginning to look like a viable inflation hedge alternative, while rising rents mean greater profits.  "We believe there is sizable housing demand that could be released into the market," says Lawrence Yun, chief economist of the National Association of Realtors, NAR.  The NAR is forecasting existing home sales will rise 5 percent in both 2012 and 2013; prices will edge up 2 percent in each of those two years, then 4 percent in 2014.  The NAHB is forecasting a 5.1-percent increase in new home sales and a 10-percent increase for new home starts in 2012.

JOBS, JOBS, JOBS
The economy has created jobs 13 months in a row for a total of almost 1.9 million. Weekly jobless claims have been routinely below the key level of 400,000, and the national jobless rate is down to 8.6 percent.
A new index by the NAHB and First American, the Improving Markets Index, IMI, launched in September, tracks housing markets throughout the country that are showing signs of improving economic health. Thirty cities - including San Jose, Pittsburgh, New Orleans and Winston-Salem, N.C. - are showing growth in permits, sales and employment.
In San Diego - where in the last year the jobless rate has fallen from 10.4 percent to 9.7 percent and 24,000 jobs have been added - home inventory is down to two months; in some areas of San Francisco (9.4 vs. 10.3 percent), it is one month.

LOCATION, LOCATION, LOCATION
There's even a strong case to be made that the foreclosure crisis is easing.  For the first nine months of 2011, foreclosure activity is down sharply from the same period last year (26.59 percent), according to RealtyTrac, which tracks the data.
It's unclear how many new properties will hit the market, but conservative estimates put the number at over a million.

Still, of the top 20 markets in the new wave, nine are in California, five in Florida and two in Ohio, according RealtyTrac, so the impact will be fairly concentrated.  If the market is in fact recovering, why would banks want to weaken it again by deluging it with cheap properties.  "You could see them trying to gauge the market like speculators," answers Howard.

A contributing element to that is the unwinding of government intervention - whether to artificially spur demand - as was the case with the first-time buyer tax incentive program of 2009 and 2010 - and/or to retard and prevent foreclosures.
Many regard those efforts as largely ineffective, if not counter-productive because they delayed the inevitable - a deep descent to a market bottom, which has finally been touched.
"The numbers you're looking at you can trust," says Kim. "There are no exogenous factors."  "You're back to the natural forces of the market," says Howard of the builders association.

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See full article featured in CNBC, "Residential Housing Ready to Awaken?"

Even though home inventory levels are dropping, today's buyers are looking for turn-key homes. That is, they want to move right in without having to do a lot of work. Buyers pay a premium for homes that are in prime condition.

TIP #1: STAGE IT
Staging can make the difference between whether or not the home sells, the time it takes to sell, and the selling price.

Sellers who are financially strapped often have a hard time accepting the need to invest in preparing a house for sale.  It's important to keep your goal in mind: sell your house.

Recently, at a home at Henry Walker Homes, came on the market in a popular location and city, with other big homes nearby built in recent years.  This home was eventually completed without a buyer, and although other Henry Walker Homes priced similarly were selling, this home located didn't--even in a highly  desirable area.

Instead of dropping the price, Henry Walker Homes decided to stage the home.  In this case, staging isn't exactly the same as it is with an existing home, but the results can be. Within a week of putting furniture in an empty home, the home sold.

TIP #2: DECLUTTER IT
Although homes staged by a good decorator show well and often sell quickly, you don't need to spend a lot to put your home into shape for marketing. Most homeowners have too many personal possessions in their home from a sales standpoint. Decluttering is something most sellers need to do.

Not that everyone is a pack rat, but decluttering can be somewhat difficult considering the emotional ties people have to many of their things.  However, you'll be packing everything up after your home sells anyway, so decluttering is simply boxing up your items before the official move.  If needed, consider getting someone to help you sort, pack, donate and recycle items that you no longer want.

You may need to put away collections of art, personal photos, etc.  You don't want prospective buyers focusing in on your personal property; you want them to focus on the house. Keep in mind that how you live in your home and how it should look when it goes on the market are not necessarily the same.  Also, less personal property usually gives homes a more spacious feel. When buyers are looking for the most for their money, bigger is usually better.

TIP #3: DETACH FROM IT
Similar to decluttering your home, becoming unattached to your home is highly effective.  Getting personal possessions out of your house helps you to detach yourself emotionally from the property.

Bring in new house plants to put in strategic locations; add more lighting in dark spots; add a coat of paint to an otherwise dull room. If you can't pull this together yourself get some help from a friend or family member, or even hire a good stager for a consultation.

Being detached and looking at your home from an outsiders perspective will help you discover free or inexpensive things that can really make your home stand out - ultimately helping you sell your home faster and for more money.

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See full article featured in Inman News, "3 tips for staging your home to sell"

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting.

The Wall Street Journal's third-quarter survey of housing-market conditions in 28 of the nation's largest metropolitan areas. It found that home values declined, rent levels have risen, and mortgage rates are the lowest in six decades.

Home ownership is looking more affordable because after several years of declines, apartment rents will rise by around 4% this year, says Mr. Nadji. He says rents are poised "to pick up even more momentum across the country next year."

A new development in Canonsburg, Pa. The inventory of homes on the market has fallen from levels seen a year ago, as prices and mortgage rates continued to decline.

Mortgage rates are a big reason why affordability continues to improve. In 1991, a $200,000 mortgage would give someone a $1,700 mortgage payment. Today, with current interest rates, the payment equals about $1,200 - $1,300/month, a 25% cost decrease for the same loan.

Inventories have fallen from their bloated levels of one year ago. All 28 cities in The Wall Street Journal's latest survey saw homes listed for sale fall from one year ago, when markets were reeling with a substantial overhang of properties amid a big drop in demand.

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See full article featured in The Wall Street Journal, "Stronger Lure for Prospective Home Buyers"

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