Logan Utah Condo Market Update

Here's an update for the condo market in Logan Utah as of August 20, 2008:

Active Condos

There are currently 62 active condos listed on the MLS with an average asking price of $135,796 and an average market time of 98 days. 28 of these are in the 140K to 160K range (can you say Bridgerland Meadows?) and have been on the market an average of 109 days.

Under Contract Condos

There are 10 under contract condos with an average price of $137,340 and an average market time of 70 days.

Sold Condos

Over the last 12 months there have been 92 sold condos in Logan with an average price of $120,921 and an average market time of 43 days. 41 of these have been in the 90K to 130K range.....mostly the Blackhawk and Yorkshire Village condos.

Summary:

With a large number of new construction condos still sitting on the market, it seems that investment wise it is safer and more rewarding to go with a condo built in a well kept area that is around the 100K to 130K price range. Even these condos that are 10-15 years old are still moving better than any new condo that is over priced.

Common Mistakes Homebuyers Make

Here's a list of common mistakes made during the home buying process:

1. Buyers often don't question or compare lenders enough to make sure they are getting the best loan and deal for their situation.

2. Buyers don't act quick enough in making an offer on a property they like and are either outbid or lose out on a quicker offer.

3. Buyers often don't find the right Professional Agent who not only negotiates a fair price for them but doesn't educate them as they go through the buying process.

4. They don't make their initial offer 'look' good to the seller. Often times extreme low offers do more to hurt negotiating position than help.

5. Resale! The average buyer lives in their first home for 4-5 years. They need to make sure that the home they purchase has good resale potential.

Hope this helps any home buyers out there!!

Kaleb Kunz

Why Home Buyers Need Realtors

Here are a few real estate thoughts:

1. A real estate transaction is complicated. Most of the time, buying or selling a home requires tons of paperwork including disclosure forms, inspection reports, addendums and a 6 page (minimum) Purchase Contract. A Realtor has the knowledge and training to help you avoid delays or costly mistakes.

2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 75 days. And it usually takes another 40 days or so for the transaction to close after an offer is accepted.

3. Real estate has its own terms and vocabulary. If you don't know a CMA from a HUD or know what's the difference between title insurance and home owners insurance you can understand the importance of having the help of someone who does.

4. Real Estate Agents have gone through the process of buying and selling many times. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you've done it before, laws and regulations change. That's why having an expert on your side is critical.

5. REALTORS provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, homeselling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they'll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you.

6. REALTORS are members of the NATIONAL ASSOCIATION OF REALTORS, a trade organization of nearly 1 million members nationwide. REALTORS subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

$114,500 Logan Townhome

Very well kept 2 bedroom Yorkshire townhome. Has 2-Tone paint, newer carpet, central air, walk-in closet, fenced patio and is located in a beautiful, friendly community.



Logan Utah Real Estate