Local Utah Market Update - July 2015 The Utah Association of REALTORS just released the real estate market statistics for the entire State of Utah for the month of July 2015. The number of new listings in July 2015 were 6,473 as compared to July 2014 with 6,288 this is a 2.9% increase. The median sales price increased 6.4% for July 2015 as compared to $219,000 this same time as last year. In July 2015, on an average it took sellers 4.6 months to sale their home. This is a decrease of 32.4% from July 2014 which had an average of 6.8 months. The average absorption rate is between 4-5 months. Learn more about the Utah economy by reading the 2015 Economic Report To The Governor.
Ever wondered what your home is worth?
Want to know where to start looking?
Whether you’re just curious or are eager to find a competitive listing price, using the best resources to find your property’s value is crucial.
Today, we’re going to be talking about two types of home evaluation tools: neighborhood sold reports and comparative market analyses.
Comparing Your Home with Your Neighbor’s
A neighborhood sold report is a detailed list of homes that have recently sold in your area. They include information about the square footage, number of bedrooms and bathrooms, address, neighborhood, and, of course, the sold price.
Since sales prices are determined in part by your home’s location, as well as a neighborhood’s housing supply and…
Before you start your home search, you want to know how much you can afford, right?
There are two ways to do this: with a mortgage pre-qualification and a mortgage pre-approval. As a home buyer, the pre-approval is more valuable to you during your home search.
How Pre-Approval Helps You as a Home Buyer
One of the main differences between mortgage pre-qualification and mortgage pre-approval is how the lender gives you the mortgage amount.
For pre-qualification, you give the mortgage lender your general financial history (including debts and income), and the lender gives you a mortgage estimate. For pre-approval, the lender digs deep into your credit report and gives you the exact loan amount.
If you’re choosing between getting pre-qualified…