Real Estate Listings in Payson Utah Drop by 50%

Posted on 05/14/2012 by

Less Homes are for Sale in Payson Utah

The number of homes for sale in Payson, Utah was 166 in December 2011.  This number has dropped to 83 in May of 2012.  Year after year the number of homes for sale in Payson is significantly higher in the Spring as compared to the Winter.  This is a huge drop that I have not seen before in Payson.

Number of Home Owners Selling Their Homes in Payson

The number of homeowners selling their homes in Payson in December of 2011 was 127.  The number of homeowners selling their homes in Payson in May 2012 is 50.  This number has really dropped.  The homeowners are not selling in Payson.  This lower supply of homes will put tremendous upward pressure on the prices.  It is all about supply and demand.

payson-utah-listings

payson-utah-listings

Short Sales in Payson Utah Drop!

The number of short sales in Payson Utah have also slightly declined.  This decline is not as sharp as the decline in homeowners selling their homes.  However, we are seeing less short sales in Payson, Utah.

Bank Foreclosures in Payson Utah Drop!

The number of bank foreclosures for sale has slightly dropped in Payson.  In fact, the number of bank foreclosures have dropped across Utah County.  As our market heats up bank foreclosures are becoming increasingly more difficult to find.  If you can find a good bank foreclosure it tends to have several offers on it and will sell for a price much higher than the listing price.

Hire a Realtor in Payson Utah

Are you looking for a good Realtor in Payson Utah?  Contact Paul Teasdale with Team Teasdale Realty he will help you find a good deal on a home in Payson.  It is still possible to get a bargain on a home in Payson.  It will take a little patience.  Paul will add you to his email list that sends you a list a new listings in Payson the day they are listed on the MLS.

Listings Increase in Santaquin but Decline in Payson Utah

Posted in Homes for Sale in Payson Utah, Payson Utah Bank Foreclosures, Payson Utah Short Sales | Tagged , , , , , , , , , , , | Leave a comment

Multiple Bids on Homes for Sale in Payson Utah

Posted on 04/25/2012 by

Competing Home Offers in Payson Utah

Competing against other buyers for a home in Payson, Utah is often a struggle.  You might even have second thoughts about writing a purchase offer at all.  However, if you really want a home in Payson, the effort and the time you put in would be totally worth it.  Here are a few tips on how to write your purchase offer when you are trying to buy a home in Payson UT that has other interested buyers as well.

Writing a purchase offer that would stand out in a seller’s market in Payson, Utah

In a seller’s market, the seller of a home in Payson, UT might receive more than 2 offers at a time.  This makes it quite hard to write an offer that will stand out.  The first thing you need to improve on your purchase offer then is to increase the earnest money deposit that you are offering.  Seller’s are always cautious about buyer’s in Payson who might default on the purchase so increasing your deposit would show the seller that you are serious about your offer and that there is very little chance that you would default on the contract.  Also, accept the home as-is and don’t ask the seller to make repairs to the home.

You should also include a lender’s letter with your purchase offer.  If you can secure a letter which indicates that you are already preapproved for a loan in Payson Utah, this would be so much better.  As a preapproved buyer, you would look a lot more appealing to the seller than the other buyers who only a prequalified loan letter.

You can also offer to shorten some contingencies or to waive them altogether.  Of course, you should have the home properly inspected but you can make this a fast and hassle free inspection.  You can also ask your agent for help in deciding on whether you should waive other contingencies such as the appraisal contingency.  In terms of possession, you can make your offer more acceptable to the buyer if you offer to provide enough time for the seller to move out of the home in Payson after you have closed the transaction.  Enough time usually means two or three days after the close.

I often ask the listing agent what would be a perfect offer when they have multiple offers on a home.  They will sometimes divulge more information that they should and this could really help your bargaining situation.  Make sure you are working with a skilled Realtor.  I once told a Realtor I was going to come to his house and wait in his driveway until he signed a deal with my clients.  My clients loved the home.  The only problem was it had three offers in two days and I realized we were probably not going to get the home if we didn’t make some quick adjustments.  I called the Realtor every hour to make adjustments and really pushed to get my deal signed that evening.  The squeaky wheel gets the grease.  My buyer was thrilled with her new home in Saratoga Springs and really appreciated my efforts in her behalf.

Lastly, give your best offer up front.  You will not have time to negotiate in a seller’s market in Payson UT.  With the amount of offer’s the seller will receive, the buyer is usually chosen solely from the purchase offer submitted.

Writing a purchase offer that would stand out in a buyer’s market in Payson, Utah

It is much easier to write an offer in a buyer’s market.  Usually, you will be the only one submitting an offer.  But if you really like a home in Payson, Utah, you should not take any chances.  There are many cases where a home that has been for sale for quite some time without any offers will suddenly get multiple offers on it that are just days or even hours within each other.

Since you are usually going up against 1 or 2 other offers in a seller’s market, it is an advantage for you if you write the seller personally about why you are the best buyer for his home in Payson.  Mention how much you love the home because sellers are usually emotionally attached to the property they are selling.  They would want it to be owned by someone who loves it as much as they do.  Show them that you are that someone.  You can make your offer even more appealing by finding out if the seller has any special requests regarding the sale of the home and try to accommodate as many of these as you can.

For expert advice, make sure that you call Team Teasdale Realty. Paul Teasdale has been in the business for over 17 years and you can make sure that you get the best possible advice on how to make a purchase offer in a buyer’s or seller’s market.

Making an Offer to Buy a Home in Lehi Utah

Rental Properties in Vancouver BC

Posted in Payson Utah Realtor, X Multiple Bids Homes in Payson Utah | Tagged , , , , , , , , | 1 Comment

Buying a Home in Payson Utah with a Realtor!

Posted on 02/20/2012 by

Tips for a First-time Home Buyer in Payson, Utah

Some people are surprised at how fast things can happen when they buy a home for the first time in Payson, Utah.  This is normal and you should not feel like you did something wrong, you might have missed something, or that you might have rushed the deal if you get this feeling at the end of a purchase.  You should instead savor the moment and enjoy your home in Payson, Utah. Forget about the problems for a while and relish the fact that you have now bought your very own home.  Read on to get some tips on how to make your experience as a first time home buyer in Payson a little less stressful.

What kind of home in Payson, Utah do you want?

When searching for a home in Payson, UT, you should do yourself a favor and check out as many of the available listings on the internet as you can.  Make sure that you have clearly defined the type of home you want and the type of neighborhood you want it to be in.  There are many available homes for sale in Payson so checking them out through the internet is the most efficient way to see them all.  You will get a lot of information about the homes that you like since most of the listings provide virtual tours of the house, answer to frequently asked questions, photos of different parts of the house, and even photographs of the neighborhood including aerial photos which show the neighborhood lay-out.  From information that you gather here, you will be able to trim your list down and you will be a step closer to getting your first home in Payson, Utah. If you search for homes on Team Teasdale Realty’s website the system will email you a daily list of the homes for sale in Payson, Utah.

payson-utah-townhome-for-sale

payson-utah-townhome-for-sale

How many homes in Payson, Utah would you like to see?

If you had done your homework and used the internet to check on the available homes for sale in Payson, Utah, you will have a good idea of how many homes you want to actually see.  A good rule of thumb though is to try to bring your list down to seven and below in one day.  Experienced Realtors say that looking at more than seven homes in a day will put your brain on overload and you will not be able to remember the details of the homes that you need to remember.  Furthermore, they also suggest eating meals that are high in carbohydrates while staying away from sugary foods on the day that you visit your prospective homes.  Carbohydrates help improve memory while sugar slows it down.  The Realtors at Team Teasdale Realty suggest driving by the homes in Payson prior to going inside the homes.  This will eliminate a lot of wasted time for the Realtor, buyer and home owner.

View the Payson Utah home twice before writing an offer.

After you have visited the homes in Payson, UT that you have put on your short list, trim it down again to around 2 or 3.  Take time to go back and take a second look at your 3 final choices.  You will find that they are not exactly the way you remember them because you might be thinking about different parts of different houses.  It could be very confusing especially if you had looked at more than seven houses per day.  So go back to your top choices and look again to make sure you are getting what you want.  Take the time to visit your choice several times and you will soon be enjoying your new home in Payson, Utah.

Checking out houses and properties at Payson Utah can definitely take a toll on your energy and time. Make sure that it’s worth it by contacting Team Teasdale Realty. Paul Teasdale has been selling homes for over 17 years and you will be sure that your time and effort in checking out several homes in Payson, UT will not be in vain. It won’t be long until you are living in your dream home.

If you are looking for homes for sale in Santaquin Utah see our blog.
If you are looking for homes for sale in Spanish Fork Utah see our blog.

Posted in Buying a Home in Payson Utah, Payson Utah Realtor, Real Estate in Payson Utah | Tagged , , , , , , , , , | Leave a comment

Payson Utah Listing Inventory: Dropping Like a Rock!

Posted on 02/01/2012 by

Payson Utah is down to 109 Homes for Sales

The number of homes for sale in Payson, Utah is declining along with the number of homes for sale in Utah County.  The number of homes for sale in Utah County has dropped to a staggering 2978 homes for sale.  We are seeing less condos, duplexes, single family homes and twin homes for sale in Payson, Utah.

This is the lowest level of homes for sale in over five years.  The chart below represents the number of active homes for sale each month in Utah County over the past five years.  Notice the purple line.  This is the number of homes available in 2011.  This line has been sharply charting down.  Buyers are buying because of low interest rates, amazing deals on bank repos, hud homes and short sales.  Many of the best buys are gone and the market is starting to show some life after five years of being pounded.

payson-utah-homes

payson-utah-homes

Inventory is Declining in Santaquin and Spanish Fork

The declining inventory trend is also occurring in Santaquin and Spanish Fork.  The number of homes for sale in Santaquin is down to 111 and the number of homes for sale in Spanish Fork has declined to 283.  This is a very positive sign for those that are wanting to sell and have been waiting for the market to stabilize.

Search Real Estate for Sale in Payson Utah

If you are looking to buy a home in Payson and are looking for a Realtor consider contacting Paul Teasdale of Team Teasdale Realty.  Feel free to search our database of homes for sale in Saratoga Springs Utah. This database is a live feed from the Realtors MLS and has all 109 homes for sale in Payson, Utah.  You will also be able to search all 2978 homes for sale in Utah County.

Posted in Homes for Sale in Payson Utah, Real Estate in Payson Utah, Search Homes in Payson Utah | Tagged , , , , , , , , , , | Leave a comment

How to Price a Home in Payson Utah

Posted on 01/10/2012 by

Pricing a home in Payson

It is important to price a home correctly. Don’t overprice a house.  Have a Realtor help you determine your home’s value.  Team Teasdale Realty will help you evaluate your home’s value. When a home is first placed on the market in Payson, Utah it is very popular. The longer it remains on the market the less the buyer will typically want to see the home.  After 21 days, demand and interest may decrease. On the other hand, don’t worry about pricing it too low because homes in Payson priced below market value often will receive multiple offers, which will drive up the price in the Payson market. Pricing a home correctly is very important. Pricing is all about supply and demand. Realtors in Payson may not always agree on the price of a home.

Look for Comparable Listings and Sales

  • Check out similar homes that were listed for six months in a certain neighborhood in Payson, Utah
  • The list must include homes that were 1/4 mile to 1/2 mile farther, except if there are only few comparables in the particular vicinity or if the home is in a rural area.
  • Consider the dividing lines as well as the physical barriers within the home, such as the major streets and highways, freeways and railroads.
  • Compare the home’s similar square footage and determine if it is 10% up or down from your subject property.
  • Another thing to consider in pricing a home in Payson UT is to determine the age of the home – one neighborhood might have homes that were built during the 1950s, while another are built in the 1980s. The cost of two homes in Payson will differ significantly due to their age.

Sold Comps in Payson Utah

  • Check out the history of expired homes in Payson as well as withdrawn home listings so you would know if they were taken from the listing and were just relisted. If they are, add up the number of days they were taken off to the listing time period so as to arrive with the exact number of days the property was listed in the Real Estate market of Payson, Utah.
  • Compare the property’s original list price to the final sales price so as to figure out the price reductions.
  • Compare the final price of the home to its actual selling price in order to determine the ratios.
  • Adjust the pricing in accordance with the variances of lot sizes, configuration as well as the amenities and upgrades of such home.

Withdrawn or Expired Homes in Payson Utah

  • Find out the reasons why these homes did not sell in the Real Estate market of Payson and determine the factors that these expired homes have in common.
  • Determine the brokerage firm that had the listings – Is it a company that sells everything in its listings or was it just a discount brokerage company that spends all their money on marketing the homes?
  • Look for ways on how you could prevent your home from being part of the listing of expired or withdrawn homes in Payson, Utah.

Pending Sales in Payson, UT

  • The selling prices of pending sales in Payson are unknown; until such time that the transaction deal is closed. However, there are some people who will still contact some agents in Payson UT to ask for the selling prices of such homes.
  • Be wary of the number of days in the market, for this may have a direct impact on how long it could take before you will see an offer for such home.
  • Look at the history of the home listings in Payson UT to figure out the price reductions.

Paul Teasdale has been selling homes in Payson Utah since 1995 and would be happy to take a look at your home and help you determine the value.  Request a FREE comparative market analysis of your home for sale in Payson UT. Feel free to review our marketing plan to sell a home in Payson, Utah.

Posted in Homes for Sale in Payson Utah | Tagged , , , , , , , , | Leave a comment

6 Bank Foreclosures and 30 Short Sales in Payson Utah

Posted on 12/30/2011 by

51 Short Sales in Payson Utah and 6 Bank Foreclosures

Payson Utah has 166 homes for sale. The number of short sales in Payson has climbed as we enter the new year. Payson, UT currently has 30 short sales and 6 bank foreclosures for sale. The city has 127 home owners selling their homes. Several years ago short sales and bank foreclosures hardly existed. Short sales and bank foreclosures are abundant in Payson. This is great if you are a buyer in Payson but terrible if you are a seller. Currently Pleasant Grove and Eagle Mountain have the most short sales for sale in Utah County.

payson-ut-bank-foreclosures

payson-ut-bank-foreclosures

Pre-Foreclosure – Short Sale Properties in Payson, Utah

It usually takes about 6 months for a bank to complete the legal and administrative steps necessary to finalize a bank foreclosure in Payson Utah. A short sale is often referred to a pre foreclosure in Utah County. During the pre-foreclosure period, the seller may be able to negotiate a deal to avoid the potentially negative results of a bank foreclosure. A bank foreclosure can tarnish a seller’s credit report. A seller can also lose equity when losing a home into foreclosure.

Buying a pre-foreclosure property in Payson UT can be beneficial to both the bank and the buyer because it eliminates the often lengthy bank foreclosure process.  Since the bank avoids having to maintain and later sell the property, they may allow a new borrower to take over the current mortgage payments. Banks also tend to be more willing to negotiate favorable loan terms and rates for pre-foreclosure properties. A pre-foreclosure is either an approved or an unapproved short sale.

It is important to note that the buyer must obtain permission from the seller if they are interested in a pre-foreclosure or short sale. This is because banks are not allowed to disclose financial information about homeowners to potential buyers. This is handled by the Realtor. Team Teasdale Realty has a short sale agent that handles all their short sales. Our short sale specialist is very knowledgeable in negotiating short sales.

Bank Repossessed or Real Estate Owned (REO) Foreclosure Homes in Payson, UT

Perhaps the saddest part of a bank foreclosure occurs when the bank notifies a homeowner that it intends to seize the property and begin eviction proceedings. After all the legal documents are filed, the bank foreclosure process is completed and the homeowner is evicted. The home is then referred to as “bank repossessed” or “Real Estate Owned” property. Many homeowners are long gone by the time the bank comes to repo the home. In fact, all the homes currently for sale in Payson are vacant and the tenant and home owner are gone.

Before a house becomes REO property, it must be put up for sale at a foreclosure auction. This auction occurs in Provo, Utah at the sheriff sale. Bank foreclosure auctions are typically conducted by a local sheriff. These days, however, there are few (if any) bids on properties at auctions ― so the home typically reverts back to the bank and is classified as an REO property. This step helps the bank clear any secondary liens. These liens are usually the home equity liens home owners took out in years ago.

A Real Estate Owned property may be in need of repair, since the last homeowner probably stopped spending money on general maintenance ― the landscaping may be overgrown and the home’s interior could be damaged, or even trashed.  You can always spot a bank foreclosure in the summer because the grass is dead. Banks generally want to sell these types of foreclosure properties as soon as possible, in order to reduce their inventory of non-performing assets and to stop paying for property maintenance. Because of that, banks are usually willing to accept below-market offers from new homebuyers with good credit.

It is an excellent time to buy a bank foreclosure in Payson, Utah. If you are looking for a bank foreclosure or short sale in Payson, Utah contact Team Teasdale Realty.

 

Posted in Payson Utah Bank Foreclosures, Payson Utah Short Sales | Tagged , , , , , , , , , , , | Leave a comment

Short Sales in Payson Utah: 25% of the Homes for Sale

Posted on 12/27/2011 by

Short Sales Rise to 25% of the Real Estate Market in Payson, Utah

Short Sales in Payson Utah have climbed and continue to climb. They have reached 25% of the real estate market. One in four homes for sale in Payson are short sales or bank foreclosures. A few other cities in Utah County are experiencing many more short sales. In fact, Eagle Mountain, Utah is experiencing 39% of the homes for sale are short sales and a whopping 46% of the homes for sale in Pleasant Grove are short sales.

As of 12/26/2011 the Payson, Utah real estate market had 30 short sales for sale out of 118 homes.  This means that about 25% of the homes for sale in Payson, Utah are currently short sales.  We have two types of short sales for sale in Payson.  The first is called an approved short sale and the other is an unapproved short sale. Many Realtors call an unapproved short sale a pre-foreclosure.

An unapproved short sale doesn’t always get approved and often ends up as a bank foreclosure before it gets to the end of it’s short sale life. An approved short sale was previously approved and the original buyer backed out. This is the best type of short sale. Approximately one out of eight short sales in Utah County are approved and needing an offer. Buyers need to understand the difference between the two types of short sales and hire a Realtor in Payson that can help them purchase a short sale.

payson-utah-short-sales

payson-utah-short-sales

See the current list of short sales in Payson, Utah
When you visit the link above you will see a word that says, “count.” The count represents the number of current short sales available in Payson. This number often changes on a daily basis. Here you will find a map showing the location of all the short sales available in Payson UT. If you click the “view details” you will be able to see much more information about each individual short sale in Payson. If you would like some help finding a short sale in Payson contact Paul Teasdale with Team Teasdale Realty. Paul has been selling homes in Payson since 1995.

Posted in Payson Utah Short Sales | Tagged , , , , , , , , , | Leave a comment

Get the Listings in Payson Utah First!

Posted on 12/23/2011 by

Beat the Payson, Utah Buyers to the Listings

Get the Short Sales and Bank Foreclosures first. Get Access to all new listings in Payson, Utah Before other Buyers, Free of Charge with NO obligation!

You will receive new MLS listings of homes for sale In Payson UT complete with pictures emailed to you within hours of them being listed. You pick the homes in Payson you want to view. This list includes Short Sale, Bank Foreclosures and HUD homes. Instead of driving around from house to house and viewing homes that you are not interested in, you can receive NEW listings with pictures and many with virtual tours of all MLS homes for sale that specifically match your criteria in Payson.

Seeing homes first means that you have the jump start on other buyers and can get your offer in first. Get started now by following the link below. You will begin receiving your customized free Payson home list by email. If you would like to just browse homes feel free to do that too. The benefit to registering is getting the new listings first.

payson-utah-homes-for-sale
payson-utah-homes-for-sale
Posted in Homes for Sale in Payson Utah, Payson Utah Bank Foreclosures, Payson Utah Short Sales | Tagged , , , , , | Leave a comment