How Boomerang Buyers are boosting the St. George Real Estate Market

Want to see which St. George area homes are currently for sale? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You can always call us at (435) 215-4533 for a FREE home buying or selling con

Today, we're going to talk about “Boomerang Buyers” and how they affect the real estate market both locally and nationally. A “Boomerang Buyer?..What is THAT?” Great question.

A boomerang buyer is someone who lost their home in a foreclosure or short sale in the housing crash, and who needed time to improve their credit in order to purchase another home. Now that their credit is back in shape, it's really affecting the market. 

Starting in 2006, over 7 million homeowners went through short sales or foreclosures. In 2015, 350,000 homes were sold to return buyers. A.K.A. “Boomerang Buyers.”

According to the National Association of Realtors, up to 1 million consumers have restored their credit, and 2.2 million consumers are expected to restore their credit in the next five years. That means that there will be up to 2.2 million buyers coming back into the market over the next five years. 

In spite of going through a foreclosure, nearly all of these consumers say they want to buy a home again. They see the value of owning a home vs. renting. After all, if you're going to pay a mortgage, it might as well be your own!

The “boomerang effect” has sustained the St. George real estate market through the heat of summer – a time when we almost always see a fairly strong dip in St. George real estate sales.

During summer (June-August) 2014, 919 residential sales too place in Washington County versus 1136 during the same time period in 2015…an extra 217 home sales! That’s $54 million in total value, a serious figure. And we believe that boomerang home buyers had a strong part in that increase

If you have questions about this video, or about your home value, please give me a call or send me an email. I'd be happy to help you!

What’s Going on in the St. George Real Estate Market?

Want to see which St. George area homes are currently for sale? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You can always call us at (435) 215-4533 for a FREE home buying or selling consultation to answer any of your real estate questions.​

Hello, and welcome back to another edition of GoStGeorgeTV – the place where all of the “Smart Kids” are going to get their St. George Real Estate information! It’s April already and folks are asking, “what’s going on with the St. George Real Estate market this year? We’ll answer just that. Today's video comes to you from the beautiful Ballantyne resort in Charlotte! A few times a year, I travel across the country to receive intensive training, so I can continue to improve my service. I learn how to better market our clients' properties and how to better grow our business! One key element of being out here is having conversations about helping you, your family, or your friends find a great Real Estate Agent anywhere – and I mean ANYWHERE in the United States, even overseas! More on that later.

What's going on in the St. George Real Estate market?

The current market conditions would described, (in super boring terms), as “balanced.” 

There are currently 6.5 months of inventory (total real estate for sale) which indicates a neutral or balanced market. What does this mean? That OVERALL- when you average out every single St. George home sale, the market doesn’t necessarily favor Buyers OR Sellers. But remember that’s an average. The $200k market, for instance, is more of a Seller’s market. Whereas over $500k it’s definitely a Buyer’s market. 

But the current market is very active as we've seen 1,500 home sales in the last six months. At a $250,000 average sales price, that’s a LOT of St. George real estate changing hands. In fact, we were recently ranked the fifth fastest growing marketplace in the entire country! 

So how can we make you look really good with your friends and family across the globe?  

If you’ve got friends or family buying or selling anywhere on the planet where Real Estate Agents are actively available, we can connect them with the very best. Just let them know that your friends at The Larkin Group have a referral partner in that locale and we can save them the pain and drama of interviewing 10 agents!

If you have any specific questions about the St. George Real Estate Market, or if you need real estate assistance of any kind, give me a call! I would love to sit down and discuss your particular situation! We hope to hear from you soon!

2014 St. George Real Estate Market: What's the Future Benefit of Your Home?

Looking to buy or sell a home in St. George, Utah? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (435) 767-9821 for a FREE home buying or selling consultation to answer any of your real estate questions.

Welcome to the inaugural episode of GoStGeorgeTV! I’m your host, Jeremy Larkin and I am so excited about the information I will be bringing you. Every two weeks, I will be sending you a market report or important tips that will help you maximize your opportunities as either a buyer, future buyer or homeowner here in Washington County.

Another great feature of our blog is our free home search. This can be utilized at any time and you will be able to view every home available on the market. We also provide a home value tool that tells you what your home would sell for in the current market.

2014: Year of Growth

Everywhere I go, I am always asked about the current state of the market. To be honest, there is no simple answer. The answer always depends whether you will be buying or selling. However, 2012 was considered a “recovery” year for the St. George market, 2013 was considered a “stabilization” year and now we are banking on 2014 being a really strong “growth” year. What I mean by a “growth” year is that home values are still very strong, interest rates are still very low and buyers in the marketplace. 2014 has the potential to be a good year to both buy and sell!

 Five Month Supply of Homes

When we look at our current inventory, I like to put it into a numbers perspective. The numbers do matter! Currently, there are about 1,400 homes on the market; this consists of homes, townhomes and condos. This translates to a five month supply of properties or absorption rate. Basically an absorption rate is how long it would take to sell every home on the market if no one else listed a home. This is a very neutral number sitting right in the middle of the market leaning towards the favor of buyers or sellers.

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.