In this edition of the Utah Real Estate Podcast, we talked about:
- Current Utah housing conditions
- Housing shortage
- A buyers market
- Offers coming in quickly
- The value of the multiple listings service (MLS)
- For sale by owner and real estate agents
- The no hassle listing agreement
Press the ‘PLAY’ button to listen to Utah Real Estate #46: Housing Shortage
YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
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Sponsor: The Utah Real Estate Podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in the state of Utah, please call or text Patrick Wiscombe at (801) 874-7717.
Patrick Wiscombe: It’s the Utah Real Estate podcast, my name is Patrick Wiscombe. Thank you for tuning us in and taking us along wherever and however you’re accessing the podcast. Coming up on today’s edition of the Utah Real Estate podcast, we are going to be talking about market conditions. There’s a perception out there that houses are just not selling, and its simply not the case. Joining me for the podcast as he does every single week, one of the owners of Weichert Realtors at the Rockies, Ned Chidester. Hello.
Ned Chidester: How are you doing Patrick?
Patrick Wiscombe: I’m doing alright. Like I said a moment ago, there’s a perception out there that houses are not selling. I can tell you, and I know you’re going to say the same thing, that it’s simply not the case. What are the market conditions right now?
Ned Chidester: As you know, I’ve been selling real estate for 15 years in this market, and one of the things we are going through right now is that we have a shortage of inventory.
Patrick Wiscombe: Now when you say a shortage of inventory, I’m assuming you mean houses.
Ned Chidester: Yes, the number of houses on the market. Just to give you an idea, let me give you some quick percentages. As of right now, from 2007, which was the peak time in our market, meaning the number of homes for sale on the market, we are down nearly 60 percent.
Patrick Wiscombe: So, would you consider this a buyers market or a sellers market?
Ned Chidester: Well, I’d probably consider this a sellers market based on what buyers are having to choose from. We’re starting to see an increase in property values.
Patrick Wiscombe: To that end, I’ve noticed that the houses listed with us within the last 30 days, once its listed, we start seeing interest in those houses within 3 – 7 days. and offers start coming in within a week. Let me temper that by saying that it depends of what part of the valley you’re in. If you live way out in the sticks and need to drive a considerable distance, not so much. However, if you live near a city center, those houses are selling pretty fast.
Ned Chidester: I would say that is a true statement. And even in some of those cases, where houses are farther out, what we’re finding is if a property is not a short sale, or its in relatively good condition and it’s priced right, even in some of these extended areas, we’re seeing quite a bit of instant activity as soon as the sign goes up and goes on the MLS.
Patrick Wiscombe: How many people use the MLS? Is the MLS the main way people find houses these days?
Ned Chidester: The MLS is kind of a central location where agents are advertising their properties to other real estate agents. So, you have foreclosure properties on the MLS, you have short sales listed on the MLS, you have relocation properties listed on the MLS, and you have normal, active properties being advertised on the MLS. Basically you have every type of property is located on the MLS and can be accessed by real estate agents to assist buyers in finding a home. About the only kind of property not listed on the MLS would be a ‘For Sale by Owner’ property.
Patrick Wiscombe: Speaking of ‘For Sale by Owner’ properties, what I’m starting to see is that ‘For Sale by Owners’ don’t want the hassle of selling their own house. Maybe they’ve had their house on the market for a while, maybe they’re not getting the traction they were hoping for so they look to us and the MLS as a way to get their house sold. I know this will sound like a shameless, self-promotion because we want to inject our services here, it’s simply more effective to use a real estate agent and get your house listed on the MLS.
Ned Chidester: It really is. I think most ‘For Sale By Owners’ are finding that any buyer traffic they are getting, typically the buyer is being represented by the agent and what the ‘For Sale By Owner’ is trying to accomplish is to have some representation and some negotiating on their side for their benefit and on their behalf.
Patrick Wiscombe: What is the biggest objection ‘For Sale by Owners’ owners tell you why they don’t want to use a real estate agent?
Ned Chidester: It’s usually cost, they don’t want to pay the cost. Even deeper than that, its because they don’t understand how the system works, meaning the buyer pays the commission and if we can show them they will make more money by using a real estate agent, which every statistic and every study done, shows that a realtor to actually net the seller more money that they can if they do it themselves, and show them that we are actually paying our own way by negotiating a higher price for our clients.
Patrick Wiscombe: We started the podcast by talking about a shortage of inventory so let’s end the podcast by talking about this. If you’ve even considered selling your house, now is the time to do it because property values are going up and we can go over your specific situation. We can meet with you and tell you how much your house could sell for. Find out now because it doesn’t cost you a penny to find out.
Ned Chidester: Absolutely. We have a no hassle listing agreement, we can show you what we can do for you. We will have you sign an agreement with us because that is a typical standard. We also put our own feet to the fire because if you’re not happy with what we’re doing for you, then you can fire us because, as Patrick Wiscombe said, it doesn’t cost you anything unless we sell your house.
Patrick Wiscombe: When people have to sign an agreement, that’s when they start to get cold feet.
Ned Chidester: If your real estate agent isn’t performing for you, you should be able to go your separate way, the reason we’ve desigNed Chidester it this way.
Patrick Wiscombe: Alright, we’ll go ahead and wrap this edition of the Utah Real Estate podcast. If you have any desire to list your home or you know somebody, a friend, a family member, co-workers, who needs to sell or buy a home, please let us know. We can definitely help. The phone number to get a hold of me is (801) 874-7717. That number again is (801) 874-7717. So for Ned Chidester, one of the owner at Weichert Realtors at the Rockies, my name is Patrick Wiscombe. Thank you for listening, we’ll talk to you tomorrow.
COOL VOICE GUY: Helping you buy or sell a house, this has been the Utah Real Estate Podcast with your host Patrick Wiscombe, sponsored by Weichert Realtors at the Rockies.