Monday, December 29, 2008

2008 Cache County Real Estate Numbers

2008 is nearly over. The Logan Real Estate Market did slow down. Here are a few interesting stats and numbers that summarize what happened with Cache County Real Estate this year:

Price Ranges of Homes Sold in 2007

This is the break down of the current price breakdown of active Home Listings.

The largest discrepency is with homes priced over $750,000. No homes over $750,000 sold in 2008, and only 3 sold in 2007. There are currently 21 active residential listings priced more than $750,000. The other large discrepancy is with homes priced less than $100,000. There are more active Cache Valley homes in this price range (63) on the market than sold in 2008 (41). One possible reason could be that obtaining financing for for buyers who traditionally buy "fixer uppers" is more difficult, and demand by investors has gone significantly down.

This Graph shows the comparison of home sales for each price range of homes sold in 2007, 2008, and active listings. Home sales for properties between $180,000 and $220,000 actually went up this year, while home sales of properties less than $100,000 went down most dramatically, by 46%. Overall Home Sales in Cache County declined by about 18% when compared to 2007.

Number of Days Sold in 2007
The average days on market for homes sold in Cache County increased from 61 in 2007, to 75 in 2008. Cache County Homes for sale right now have been on the market for an average of 125 days.

Wednesday, December 17, 2008

Housing Sale: 25% off on all Cache Valley Homes!!!

If somebody told you that houses were having a 25% off sale, would you buy?

In a way they are consider this:

With the low interest rates prices, are almost 25% less than they were a few months ago.

At 6.5% interest, (a historically low rate for mortgage loans) the Principal and Interest payment on a 30 year fixed loan with 20% down would be $1011 a month on for a $200,000 house.

At 4.5% interest (possible interest rate Today), the PI payment on a $250,000 home would be $1013 a month with 20% down.

Now in this scenario the property taxes and insurance would likely be less for the $200,000 home, and the down payment on the $250,000 house would have to be an additional $10,000, but the point is that home prices are incredibly affordable right now. Also consider that Real Estate prices in Logan Utah in the $250,0000 plus range has dropped considerably over the past year. For the normal payment of a $200,000 house, you can buy what would have been a $300,000 house a year ago (and what will be again in a year or two).

To participate in this 25% off housing sale:

1, Begin shopping for Cache Valley Homes on Cornerstone Real Estate's Real Estate Search Site.

2. Get prequalified from a quality Logan Mortgage Lender.

3. Contact a Cornerstone Real Estate Agent to start viewing homes for sale.