St. George Real Estate Sales dip…should you panic?

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St. George Real Estate Market Update

For this month’s Real Estate Report, home sales both nationally and for Washington County are down from last year. To be specific, residential sales in Washington County were off by over 10% from the first quarter of 2013…but don’t panic just yet! There’s actually a silver lining here. 

WHY are home sales down? 

1. One factor is the continuous decline of foreclosures and short sales and in turn, this has left fewer homes available for the long-term. That is good news!
2. Washington County home values have COME UP nearly 20% since 2011…also great news! But because they’re up, some Buyers are getting priced out of the market, which in turn slows the total # of sales down. But it’s healthy for the market as it prevents another outlandish housing bubble like 2005. And Washington County cannot face another housing bubble – it’s unacceptable! The decline in home sales year-over-year is actually a sign of a healthy, self-balancing real estate market!

Are 4.2 million buyers about to purchase real estate? 

However the big question is what’s next. After doing some research, I found the following:

• In 19 of the top 20 major metropolitan areas nationwide, more than 5% of all residents planned to buy within the next year. 
• 10% of renters nationwide (yes that’s HUGE) said they would like to buy in the next 12 months. 
• If every one of those people surveyed actually did purchase a home, it would represent 4.2 million first-time buyers. More than DOUBLE the 2.1 million first-time Home Buyers in 2013! 

Yes, it’s crazy when you really think about the possibilities. Even MORE WILD?  That 57% of Baby Boomers want to sell the home they currently own, which means they would replace it with another, and 25% say they’d like to purchase a 2nd home. There is going to be a lot of activity ahead for the market!

If you have any more questions, feel free to call or e-mail us with anything Also, don’t forget to utilize our FREE MLS home search and home value report links on our website. And our full, detailed St. George Real Estate report is always available 24/7 so you can be the smartest kid on the block! Check it out here: St. George, Utah Real Estate Report

Our contact info once again, (435) 215-4333 or email us: larkingroup@gostgeorge.com.