Cedar City Real Estate Market Update

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We have seen a lot of change in our marketplace over the past year and today, it is very apparent just how much change when we look at the numbers. Below I have shared with you the snapshot of our average sales price, the number of listings sold, pending properties plus active listings – as they compared this year versus last.

For a more detailed look at the trends in our area with respect to these and more statistics, please visit the link included below.

Sales prices have declined year over year when looking at September figures. In 2011 the average sale price was $133,000 whereas this year in the same time frame the average sale price fell about $11,000 down to $122,000.

Sold listings have increased a modest amount to 5% higher this year versus last year in September. The 2011 number comes in at 843 listings sold whereas in 2012 we are reporting 887 sold properties.

We are also seeing an upward trend in the number of pending properties sold with an increase of nearly 15% this year, reflecting the difference year over year of 925 pendings in 2011 versus 1,061 pendings in 2012.

The combined total for both sold and pending listings amounts increased to a sizable 20% increase this year in September versus last.

As we progress further away from the housing crisis that seems almost like yesterday, we are slowly but surely moving through a lot of the inventory that once had been sitting stagnant for months on end. As it begins to get sold and move off the market we can expect to see the beginnings of rising prices once again.

The good news throughout all this is that while our sales continue to rise, our active listings continue to fall, resulting in a 11.2% slide this year from last. This is what makes it a seller’s market – fewer available properties in a market where there are significantly more buyers.

If you'd like to view the statistics in their entirety, Click Here >>

If you would like assistance in making your real estate dreams become a reality, please contact us today. We look forward to helping!

How Do You Know if You Have a Good Agent?

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In the many years that I have practiced real estate I have come across many clients that had no idea how much choice in the matter they actually had when it came to hiring their agent. The truth is that when you choose an agent to work with, you should treat it like any other job that you are hiring someone to do for you. It takes investigation, looking into that person’s worthiness in terms of experience and expertise as well as how they connect with you.

Majority of Agents Conduct No More Than Three Transactions In a Year
Keep in mind most real estate agents work in the profession on a part-time basis. With other careers as their main focus, in addition to their families and daily life – it can be challenging for them to provide the highest level of service to their clients. In fact, according to the National Association of Realtors, the number of homes sold by the average agent was no more than three for last year.

Look for Aggressive, Accessible and Active Real Estate Agents
It is important to seek someone that is able to manage intense marketing campaigns as well as go to bat for you when the need arises. Without an agent with the negotiation skills to support the needs of your transaction, you will be hard pressed to find success in your goals. Being accessible and active are also key pieces to the puzzle that you must look for or you stand to risk getting the short end of the stick with your transactions.

Consider the 90/10 Rule – Which Side Does Your Agent Fall Under?
As they say about the real estate industry, 10% of the agents are doing 90% of the work. So the important question to ask as you consider hiring is how much dedication, experience and willingness to serve is present in the candidate?

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Today marks our 100th closed transaction for the year and the year is not even nearly over yet! Together with my team, we are on track for accomplishing a very respectable 145 closed transactions for 2012 alone. This did not happen by accident – in fact, it was in part due to our many happy clients that referred us to their friends, family and neighbors. We were also able to achieve our goals because of what we have to offer our clients.

Remember, not all agents are created equal and not all put forth the same amount of effort to sell (or help you buy) your property. We invite you today to allow us the chance to demonstrate why we are the right choice for you. Please contact us at either 435.327.2090 or jared@jaredzimmer.com. We look forward to hearing from you!