Kim Novak's Utah Real Estate Blog

News, Trends & Discussions About The Real Estate Market in Northern Utah

Short Sale Market Share in Northern Utah including Salt Lake, Davis and Weber Counties

There are approximately 11,500 active home listings on www.UtahRealEstate.com (Wasatch Front Regional MLS) in Salt Lake, Davis and Weber Counties. Almost 2,500 of those home listings, are Short Sales = 21% ... one in five.

Additionally, at least 10% of the homes currently on the market are vacant.

What does this mean? It means that opportunity abounds for both home buyers and sellers. Yes, I really meant to include "sellers".

For buyers, the current market offers unprecedented opportunity to "buy low", in the areas which will most likely rebound first (and yes, the real estate market WILL improve - check back beginning in mid-2012).

For sellers, the increased "do-ability" of getting a bank to approve a short sale, and the current tax laws that allow you to avoid the inevitable 1099 for the deficit as income and Fannie Mae's credit forgiveness in place, gives underwater homeowners the opportunity for a fresh start.

Not good news, not bad news, just news. And opportunity.

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 17 2010 04:34PM

Salt Lake City UT Downtown Condo Real Estate Update

* Only 20% of the current condominium MLS listings are under contract
* None of those listings under contract are "short sales"
* 38% of the listings under contract are vacant
* The median price of the listings under contract is $179,900
* The median price of active listings is $187,800
* There is a 4.4% disparity between what sellers want to sell their condos for and what buyers are ready, willing and able to pay for a condo

SLC Downtown Condo Market Summary Report - Under Contract Listings SLC Downtown Condo Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 13 2009 10:20AM

Hyrum UT Real Estate Update

* Only 14% of the current single family home MLS listings are under contract
* None of those listings under contract are "short sales"
* 18% of the listings under contract are vacant
* The median price of the listings under contract is $169,900
* The median price of active listings is $180,000
* There is a 5.9% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

Hyrum Market Summary Report - Under Contract Listings Hyrum Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 13 2009 09:03AM

Clinton UT Real Estate Update

* 26% of the current single family home MLS listings are under contract
* 16% of those listings under contract are "short sales"
* At least 26% of the listings under contract are vacant
* The median price of the listings under contract is $192,500
* The median price of active listings is $194,000
* There is an less than 1% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

If it weren't for the high percentage of "under contracts" that are short sales, Clinton would actually be experiencing healthy real estate market conditions right now.

Clinton Market Summary Report - Under Contract Listings Clinton Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 13 2009 08:38AM

South Weber UT Real Estate Update

* 23% of the current single family home MLS listings are under contract
* None of those listings under contract are "short sales"
* At least 1/3 of the listings under contract are vacant
* The median price of the listings under contract is $236,450
* The median price of active listings is $267,500
* There is a 13.1% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

South Weber Market Summary Report - Under Contract Listings South Weber Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 12 2009 10:56PM

Kaysville UT Real Estate Update

* 29% of the current single family home MLS listings are under contract
* 11% of those listings under contract are "short sales"
* At least 37% of the listings under contract are vacant
* The median price of the listings under contract is $284,450
* The median price of active listings is $278,120
* There is only a 2.3% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

Important Note: 21% of the homes under contract are new construction

Kaysville Market Summary Report - Under Contract Listings Kaysville Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

5 comments • Kim Novak, REALTOR® • November 12 2009 10:25PM

Roy UT Real Estate Update

* Only 19% of the current single family home MLS listings are under contract
* 11% of those listings under contract are "short sales"
* At least 28% of the listings under contract are vacant
* The median price of the listings under contract is $169,500
* The median price of active listings is $170,000
* There is an less than 1% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home (see below)

Roy Market Summary Report - Under Contract Listings Roy Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

The lack of disparity between the median active and under contract list prices is interesting in that there are still 10 months of inventory on the market in Roy. This area of Weber County has always weathered the ups and downs in normal real estate cycles here locally, including those times when our largest employer, Hill AFB, has experienced reductions in force, loss of defense contracts and even a BRAC threat or two. Does anyone have any insight they can share with me to pass on to my seller-clients in this community? Thanks in advance ...

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 12 2009 09:36PM

Weber County UT Real Estate Update

* Only 17% of the current single family home MLS listings are under contract
* 10% of those listings under contract are "short sales"
* At least 28% of the listings under contract are vacant
* The median price of the listings under contract is $159,000
* The median price of active listings is $186,500
* There is an 17.3% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

Weber County Market Summary Report - Under Contract Listings Weber County Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

5 comments • Kim Novak, REALTOR® • November 12 2009 08:37PM

Ogden UT Real Estate Update

* Only 19% of the current single family home MLS listings are under contract
* 8% of those listings under contract are "short sales"
* At least 36% of the listings under contract are vacant
* The median price of the listings under contract is $123,500
* The median price of active listings is $139,900
* There is an 13.3% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

Ogden Market Summary Report - Under Contract Listings Ogden Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

5 comments • Kim Novak, REALTOR® • November 12 2009 05:50PM

Layton UT Real Estate Update

* Only 18% of the current MLS listings are under contract
* 4% of those listings under contract are "short sales"
* At least 21% of the listings under contract are vacant
* The median price of the listings under contract is $199,900
* The median price of active listings is $219,900
* There is an 10.0% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home

Layton Market Summary Report - Under Contract Listings Layton Market Summary Report - Active Listings

Source: Wasatch Front Regional Multiple Listing Service

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Knowledgeable & Professional Representation ... Aggressive Negotiation

Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

0 comments • Kim Novak, REALTOR® • November 11 2009 05:02PM