Thursday, June 19, 2008

St George Utah Real Estate, Mortgage, Forclosure News, Internet Traffic, St George Utah Retirement Trend

St George Utah Real Estate

St George real estate values are somewhat stale. Oh to elaborate is to speculate and to speculate is to perception. Can it get any more infallible than that. Indeed the human factors influencing buying are all over the place. Some general news nationally regarding new jobs, average incomes, increase in population etc. all could point to better house values ahead. But combine it with the current flow of transactions which are way down, foreclosures staying steady on the horizon, although not increasing a whole lot, new housing comparable solds on the market at lower values and it is a mixture conglomerate of hodge podge.

One indicator I find locally leads me to believe at least a slight break in the stale movement of homes here in the Greater St George area. And that is I have heard several reports from realtor's on short sale homes, that where as few offers on them existed before, now they have multiple offers. People have got to be anxious too, to get into a home at a decent price. So, as these Short Sales and REO Bank homes drop in price, I think a kicker is evident below it all, and that is that there are quite a bit of buyers that would prefer to change their current situation if prices come into a line-up that indicate 'not losing' on the situation. Kind of a far off example, a California builder offers the incentive that if homes ever get sold for a lower price in the same development, they will refund previous buyers the difference and this has sold three times as many homes in the first two weeks, than in the prior three months combined.

St George Utah Lenders

St George Lenders are really reeling with what to do about the situation with interest rates going higher. My local Lender whom I refer as very reputable, competitive and experienced indicated to me that business was able to maintain somewhat in the recent past because of all the people needing to refinance off of their coming-due option or now, variable higher interest loans. However, this may not be offsetting enough for St George Lenders because as the interest rates have gone higher now, fewer may not see it as viable an option it once was.

St George Utah Foreclosures

St George foreclosures are still happening at about the same rate from my observations, without looking at the stats. Notice of default stats have been going strong, so I'm assuming from that and the Short Sales I've put offers on that they still exist at about the same rate. I have noticed that foreclosures and short sales in the low 300's have decreased from a former time. While I've noticed foreclosures and Short Sales above the 400K mark increase. Remember, while the jumbo loan rate has increased up into the 700K range up in the northern part of Utah, Southern Utah has by Federal government stipulation, been left at 416K. Well, the jumbo loan interest rates are higher, making the loan that much more unaffordable for that customer base.

Nation wide foreclosures reveal a dip in the number of foreclosure filings from January to February. Not a significant variance when they are projected to continue. Nevada, California and Florida continued to show the highest number of foreclosure filings during the same period.

Real Estate Internet Traffic

Traffic on real estate web sites has gone up since January, according to Internet data collector an overall 28% gain!

St George Utah Retirement Trend

A St George Utah retirement trend seems significant with our local Sun River builder showing steady building compared to the rest of the builders and is the top builder if not next to the top here in St George Utah. This would seem to depict that, while hustle and bustle 'bee workers' will not and do not transfer much among beehives, our 'humming' retirees are still coming on strong. The retirement industry is going strong here, I would say. Although let me couch that into some context, noting lots of resales looming also in the Sun River community. Now is a good time to take your pick. The development center does have new models to chose from.

What is pretty cool about Sun River too is that competing with adult communities nationwide, SunRiver St. George earned a silver award from the National Association of Home Builders for the design of its new clubhouse and Riverwalk Grill. The award was presented at the association’s May meeting in New Orleans, honoring SunRiver’s achievement in the category of “Best Facility under 5,000 Square Feet.”
Designed by Frank Fisher, the new clubhouse, with its expansive views of the community’s golf course and the mountains beyond, has quickly become a popular gathering place for residents and non-residents alike. Visitors to the grill can dine in the elegantly appointed main dining room, the more intimate bar area, or outdoors on a patio cooled in the summer by a misting system. The adjacent pro shop offers a full line of golf equipment and accessories and golf and casual clothing.

REMEMBER, if you plan on making a move, I am Brian Habel, here in St George Utah and I would love to represent you as your St George realtor of choice! Thank you!!!