Mark Jones and Monte Jones Blog

Every buyer we are working with understands how competitive the Salt Lake Real Estate market is.   The Jones team’s buyers have an advantage because they get any new listings that meet their individual search criteria emailed to them daily.   Everyday when new listings hit the market we go through them and shoot our buyers the ones that match their individual search criteria.   This is a huge advantage over most other buyers who get a list once a week or the day they are planning on touring homes.   When real hot properties hit the market the Jones Real Estate Team knows our buyers need to see them that day so they don’t miss the perfect opportunity or home!      

In a competitive market like Salt Lake's you need to have an aggressive agent that knows the market and that is exactly what you get with the Jones Team on your side!

The Salt Lake Real Estate market continues to gain strength!   The graph below charts the number of active single family homes, number of solds and the median price of sold single family homes in Salt Lake County.

For the home buyers shopping in Herriman, Riverton, Bluffdale, Draper, Sandy, West Valley, Midvale, South Jordan, West Jordan, Holladay and Cottonwood Heights you already know there are very few homes to look at and we expect more demand as spring approaches!  Hopefully spring also brings more supply otherwise prices will increase even faster!

Thinking about buying a selling a home call or email Mark Jones or Monte Jones today!

Today KCM posted a graph comparing 2011 real estate market to 2012.  This was what the post read: 

Was 2012 a Better Year for Real Estate Than 2011?

Posted: 11 Dec 2012 04:00 AM PST

There are still those questioning whether the housing market is truly making a comeback. We have decided to graph home sales over the last two years based on the National Association of Realtor‘s Pending Home Sales Report. We believe the graph removes all doubt.

 and posed the question is our Is our market recovering?

We at Jones and Associates look forward to what 2013 brings to the Utah Real Estate Market!

Trulia sent out an email today about profile mistakes Real Estate Agents make.  It said glam shots and 20 year old photos on profile page might not be the best way to represent yourself.   One of the points the article made is it is better to stand out by doing something different or crazy than to blend in on a profile page.  To the left is a copy of the picture in the article.   That is some funny stuff!   The crazy thing is it wouldn’t surprise me if this is a Real Estate agent and her profile picture.

A few weeks ago they sent out another article about how you should dress for success and drive an expensive car.  What you wear, drive and the type of profile picture you have has nothing to do with how good of a real estate agent you are.    At Jones and Associates Realty we wear jeans and don’t drive showy expensive cars in fact I got rid of the Porsche 911 and Escalade to get a Honda that gets 35 miles a gallon.   Even though we don’t have the clothes or cars we are Fantastic agents.   We know this from the past clients we work with over and over again and from the referrals and testimonials they send us.  We know that providing a professional service and truly caring about our clients needs is more important than having a ridiculous glam shots or showy car.

If you are thinking about buying or selling a home in Salt Lake, Davis or Utah County call Jones and Associates to interview true real estate professionals.  

The THREE Biggest mistake buyers make in a competitive market:

1. Procrastination - Don’t procrastinate looking at what might be the perfect home!   The Jones Team looks daily and sometimes hourly for homes that meet our buyer’s specific needs.   Many times new buyer clients respond with, ”set up a time next week to see it!”   Mistake Number One!  Don’t procrastinate when the right property hits the market!  The good ones wont be available a week from the time they are listed in a competitive market.   If you are just starting to look you will learn this fast!
2. Find an agent you trust then listen to the information and advise they give you.   An agent’s fiduciary responsibility is to look after your best interest, to have full disclosure and to be honest with you.   If you think your agent is just trying to sell you a home so they can earn a commission find a different agent!   The client’s best interest should always be the agent’s number one priority.  A good agent should never tell you what to do but should give you the options, information and let you make the decisions!   Like with other professionals you hire for instance Dr’s, Lawyer or accountant ask questions and find one you trust then listen to the advise they give you so they can help you.
3. Tripping over Dollars to chase pennies!  Every buyer wants the best possible deal.   As a buyer in a competitive market look at the big picture.  Too many times buyers miss out on making tens of thousands of dollars in equity over repairs that would cost $100.   Also buyers in multiple offer situations always put your best foot forward.  You will be upset with yourself if you miss the perfect home for your family because your offer was beat by $100.  Keep your eye on the dollars and overlook some of the pennies in a competitive real estate market!

Don’t make these three mistakes while shopping for your perfect home or investment property!  If you would like to schedule a no obligation interview with the Jones team to see if we are the right professionals to help you find that perfect home or if you have real estate questions feel free to call, text or email Mark Jones or Monte Jones anytime.

This absorption report is single family homes located in Salt Lake County that are not listed as Short Sales.  

Under 5 months of inventory available!    Where is that shadow inventory everyone is worried about?  Bring it on we need it!  

1-4 months of inventory is a seller’s market

4-6 is a neutral market

Over 6 is a buyer’s market

Last week my home was broken into burglarized and ransacked.  Ironically even though I mail letters to past clients explaining the importance of inventorying personal belongings I hadn’t done it.   Regrettably, because I didn’t have serial numbers, photos, receipts or other proof of the items stolen I most likely will not get them back or replaced by my insurance.  Even scarier my family is still discovering missing items since we didn’t have an inventory list.  It’s amazing how you forget about the diamond ring you gave your wife 25 years ago for Christmas not to mention things like car keys and iPods you don’t notice missing until you go to use them and they are gone!

To the looser that broke into my house I hope it was worth it!    SERIOUS street value on the items you took is maybe three or four hundred dollars nothing compared to the damage you did to my carpets, wife’s car and making it so my son is afraid to sleep in his own room!   I am a true believer in karma and you will get yours my friend.  This is the letter we at the Jones Team mail to past clients please read it and more importantly do it.   I never thought it would happen to me is no excuse!

Just writing to say "Hi" and to remind you of the importance of making an inventory of your belongings in case you ever need to make an insurance claim.

The reason I mention it is that I recently heard about a family whose home was broken into.

Unfortunately they never got full replacement value for their losses because they couldn't supply the insurance company with reasonable proof of what they owned. In order to avoid such claim problems, insurance companies suggest that you make a complete inventory of your belongings and also video or photograph them for visual proof.

No one ever likes to think about having their home broken into, but in the event that it happens, it pays to be prepared. If I can be of any service to you in this regard, please call or email me.

Thanks,

As expected from the busy spring and summer months the number of available homes in Salt Lake County is very low.  Although teetering on the edge of a seller’s market when you lump all price ranges and areas together there are many micro markets you should know about before you start shopping or thinking about selling a home.  If you are one of the buyer's looking for a home under $200,000 you know how competitive the market is!    Likewise, our seller's with homes over $600,000 understand all too well how few buyers are shopping that market.       

For those of you looking in the strong seller markets with the season change to fall and winter there is less competition and more opportunities for you to find the perfect home and if you are a seller in the higher price range fall and winter buyers are serious buyers not just lookers so although there are fewer showings those buyers need to buy a home and it might be yours!  

To find out what your particular market neighborhood or price range is doing call or email the Jones team today. 

Absorption report for single family homes in Salt Lake County

Cost of a Home: Impact of Interest Rates

Love this KCM post from Tuesday titled Cost of a Home.    For all you renting please consider what your rents were five years ago and imagine what they will be five years from now.  We have a few rental properties worth around $200,000.  They  rent for $1,200 a month and the same home you could own for $900 a month principle and interest! 

 This is the post and the chart enjoy!

The buyer should always look at the COST of a home, not just the PRICE. The cost is determined by the price and the mortgage interest rate which is available at the time. Below is a list of the interest rates over the last ten years and the impact they have on a $100,000 mortgage payment.

Call, text or email Mark or Monte with the Jones team today to learn how to stop renting and start owning!   We specialize in helping buyers all along the Wasatch front including:

Salt Lake County areas and homes the Jones Team Covers:
Salt Lake, Bluffdale, Draper, Holladay, Kearns, Magna, Midvale, Murray, Riverton, Sandy, South Jordan, South Salt Lake, Taylorsville, West Jordan, West Valley, Herriman, Cottonwood Heights

Davis County Areas and Homes the Jones Team Covers:
Bountiful, Centerville, Clearfield, Clinton, Farmington, Fruit Heights, Kaysville, Layton, North Salt Lake, South Weber, Sunset, Syracuse, West Bountiful, West Point, Woods Cross, South Hooper

Utah Counties and Homes the Jones Team Covers:
Alpine, American Fork, Highland, Lehi, Lindon, Orem, Pleasant Grove, Provo, Vineyard, Saratoga Springs, Eagle Mountain,

Today the KCM blog had a very good post we wanted to share with you.   Remember it is free to have the Jones team tour your home and prepare a CMA so you know what your homes current value is.  You may be surprised values in the Salt Lake Davis and Utah county have been going up and inventory is lower than it has been since 2006! 

Many sellers feel that the Spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the Fall and Winter have their own advantages. Here are five reasons to to sell now.

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers’. The lookers are at the mall or online doing their holiday shopping.

There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. This year will be a little different as some of the distressed properties being liquidated by the banks (in the form of foreclosures & short sales) will enter the market. However, for those buyers looking for a non-distressed property, the choices will be limited. Don’t wait until the spring when all the other potential sellers in your market will put their homes up for sale.

The Process Will Be Quicker

One of the biggest challenges of the 2012 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.

There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 15% from now to 2016. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.

It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.