Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 15, 2019

Just How Good Is Buyer Confidence Right Now?

Just How Good Is Buyer Confidence ​Right Now?

With mortgage rates at multi-year low levels, it's no surprise that buyers are very motivated at the moment.

What's less well known are the actual figures that support the current levels of buyer sentiment.

We can obtain a good insight into this if we look at the Fannie Mae Home Purchase Sentiment Index (HPSI), which tracks consumers’ housing-related attitudes, intentions, and perceptions, by asking six questions from the National Housing Survey® (NHS).

For the past two months, the index has been at the highest levels for over a year. In May the index figure of 92 was the highest since May 2018. 

June's figure showed a very slight drop to 91.5 but compares very favorably if we look at where the HPSI has been at over the past year:

July 2018 - 86.5
August 2018 - 88.0
September 2018 - 87.7
October 2018 - 85.7
November 2018 - 86.2
December 2018 - 83.5
January 2019 - 84.7
February 2019 - 84.3
March 2019 - 89.8
April 2019 - 88.3
May 2019 - 92.0
June 2019 - 91.5

What this clearly tells us is that buyers are wisely recognizing the opportunities that have opened up since mortgage rates descended below the psychological barrier of 4% during May.

There's no question that mortgage rates have a profound effect on buyer confidence. When they reached their 2018 high of 4.87% for a 30 year fixed home loan the December HPSI dropped to its lowest level of the year and for some time before then.

It makes so much sense to sell your home when buyers are in an upbeat mood, so don't hesitate to contact us and discuss your best current options.

June 13, 2019

Here's Why Falling Mortgage Rates Offer Such A Rare Opportunity

Here's Why Falling Mortgage Rates  Offer Such A Rare Opportunity

As you may already be aware, 30 year fixed mortgages rates recently fell below the key 4% mark and have continued to travel South since then and we are now seeing the lowest levels for about two years!

If we take a look back through recent history, we can see how incredibly cheap home loans are right now.

Using Freddie Mac's table of average monthly 30 year fixed rate mortgages since 1971, we can take a trip back in time, in five year increments, to gain a better appreciation of why there is such a rare opportunity right now:

May 2014 - 4.19%
May 2009 - 4.86%
May 2004 - 6.27%
May 1999 - 7.15%
May 1994 - 8.60%
May 1989 - 10.77%
May 1984 - 13.94%
May 1979 - 10.69%
May 1974 - 8.97%

The highest ever average monthly 30 year fixed interest rate since 1971 was a sobering 18.45% in October 1981...

In the past 48 years, the average annual 30 year fixed rate has been at 4% or below on just five occasions...

Unsurprisingly, therefore, the Wall Street Journal has just reported that falling rates have created what it describes as an "application frenzy".

If you're selling, there is a clear current chance to capitalize on the fantastic levels of buyer sentiment in the market. If you're a buyer, you need to be aware that there are no guarantees that rates will continue to fall, so it's wise to follow the example of so many fellow purchasers right now and lock in a low rate as soon as possible.

We have excellent connections with the best mortgage professionals in the area, so please don't hesitate to contact us.

April 17, 2019

Why Hiring The Right Agent Is Even More Critical In a Buyer's Market

Why Hiring The Right Agent Is Even More Critical In a Buyer's Market

There is a general consensus across the nation that we are seeing a change to buyer's market conditions, with home seekers becoming more resistant to asking prices, which have been continually rising in recent times.

In essence, what we are seeing is an, arguably long overdue, market correction. Here in Southern Utah, we have so far been somewhat sheltered from this transition, not least because so many are moving from other states to make our wonderful area their home.

Nonetheless, it does look like more challenging market conditions may lie ahead of us. Sellers therefore need to pay even closer attention to their choice of agent.

The boom in real estate of the past few years has made it very attractive for people to become agents. Unfortunately many of these people have zero experience of the more testing environment of a buyer's market.

It is often not recognized that many agents have other calls on their time and don't even work in the industry full-time. While this is never a good thing, it matters even more when tougher selling environment surfaces, as is inevitable from time to time.

Selling in 2019 is likely to be more testing and here's where the sales skills of the top producing agent will be more evident.

Sellers interviewing agents for the crucial job of selling their home need to ask searching questions about the agent's track record and what sort of daily effort is made to continuously market the home and to connect with the best buyer's agents in the area.

You should also establish how long the agent has been involved in real estate, especially if he/she worked successfully through the years of the Great Recession.

It's important to obtain a very clear idea of the agent's proven credentials not just in a busy market, but in difficult times too.

Here are some important facts about The Burnett Group for your consideration:

  • ​Bryan Burnett was ranked 12th out of all Century 21 agents nationally for individual producer performance in 2018.
  • Bryan was ranked #1 selling realtor in 2018 for the entire Century 21 Rocky Mountain region.
  • More than 15 years ​success in the Southern Utah real estate market, in both good and ​tough times.

We would be delighted to answer your further questions concerning our track record and proven marketing methods, so please don't hesitate to contact us today.

Posted in Sell Your Home
April 4, 2019

Recent Dramatic Mortgage Rate Drops ?Are Great News For Buyers and Sellers

​Recent Dramatic Mortgage Rate Drops ​Are Great News For Buyers and Sellers

Last week saw the biggest single week fall in 30 year fixed mortgage interest rates for a decade.

It's hard to imagine better timing, just as the busy spring homes market is getting under way.

For buyers, there is currently an incredible opportunity to lock-in a low rate.

For sellers, now is a great time to be listing your home, with much higher levels of positive buyer sentiment than could even have been envisaged a few weeks ago.

It's always important to recognize, however, that a trend like this carries no guarantees in terms of how long it might last. There is speculation at the moment that rates could be on a downward spiral for a while, but things can change very quickly.

Our strong advice, therefore, is to recognize the current market as representing the best opportunity for buyers and sellers for some time now.

Please don't hesitate to contact us to discuss your best forward path in this exciting new situation.

Feb. 11, 2019

Two New Accolades for The Burnett Group

​T​wo New Accolades ​for The Burnett Group

We are thrilled to be able to tell you about two significant accolades we've recently received and to thank you for the key role you've played in helping us achieve them.

Bryan Burnett was ranked 12th out of all Century 21 agents nationally for individual producer performance in 2018.

In addition to this, Bryan been ranked #1 selling realtor in 2018 for the entire Century 21 Rocky Mountain region.

These fabulous results have been gained by our relentless approach to working hard for our clients to sell their property in the shortest time scale and for the maximum return.

​Reflecting on the accolades, Bryan commented: "All of this simply couldn't be achieved without so many clients entrusting us with handling their sale. We are extremely grateful to have such great relationships with customers and I​ believe this is ​a fundamental foundation of these latest successes."

Why not contact us today to informally discuss how we can help you to ​realize your real estate goals for this year!

Posted in News
Jan. 30, 2019

The Critical Importance Of Staging When Selling Your Home

The Critical Importance Of Staging When Selling Your Home

​Staging, or presenting, your home for sale is absolutely critical if you are to achieve top dollar and sell it in the fastest possible time frame.

It has been said that the home we sell often contrasts with the one we actually live in.

What that statement really means is that homes ideally need to be presented in a way that will appeal to the widest possible cross-section of qualified potential buyers.

This essentially means taking the "you" out of the way your home looks.

Decluttering your rooms and ensuring they are decorated in neutral color schemes, as well as taking out personalized items like family photos and any​ items demonstrating your favorite sports teams, for example, makes it much easier for potential buyers viewing your home to be able to envision themselves living there.

The importance of this shouldn't be underestimated. It's reckoned that only around 10% of home buyers can see beyond what's in front of them and imagine what they could do to the house.

First impressions are very important, of course, so attention needs to be paid to the "curb appeal" of your home, which means neat and tidy lawns and an immaculate external appearance, to match the improvements you've made indoors.

Here are some great staging tips that will cost you nothing, or next to it:

- Hang generic pictures, rather than family-specific ones.

- Disguise any worn out furniture.

​- Create room layouts that encourage social interaction between family and friends.

- Ensure your bathrooms and kitchen are especially attractive.

- De-clutter all rooms to help accentuate the floor flow of the property.

- Don't hide your clutter in one room - your potential buyers will want to see that room too!

- Ensure the house is filled with fresh air and doesn't feel stuffy.

- Attention to detail with house cleaning is vital.

- Use finishing touches such as bright tablecloths and fresh flowers.

There's no need to feel you on your own in this process. Advice on staging is something we offer to all our clients and it gets results.

Feel free to contact us today if you'd like some specific tips on how to ready your home for sale.

Posted in Sell Your Home
Jan. 23, 2019

Why It's Never Too Early In The Year To Appoint An Agent

​​​​​Why It's Never Too Early In The Year To Appoint An Agent

Sellers generally tend to start looking for a real estate agent just prior to putting their home on the market.

This is often a missed opportunity because, even if you're not planning to list for several months, there's a lot your agent can be doing for you right now:

Presenting The Home - The earlier you make preparations to stage, or present, the home for sale, the better. An experienced agent can advise you on the best way to do this, giving you maximum time to make things look perfect, well in advance of the sale.

Observing Market Trends - Forewarned is forearmed. A top agent constantly looks at market trends and opportunities for clients. Just recently, for example, mortgage rates have been falling, helping to create a very busy start to 2019. If you've established contact with an agent, you too can be advised of these trends, enabling you to make the most informed decision on when is the right time for you to list.

Creating Early Interest In Your Home - Great listing agents have very close connections with the best buyer's agents in the area. If they know your home is coming on the market, they can begin to talk with other agents even before you have listed. This can sometimes lead to sellers receiving firm offers even before formal marketing of the property has commenced!

Assisting A Smooth Move - Most sellers will inevitably also be looking for their next home. Early connection with an agent ensures that you will have exposure to homes that may be a perfect fit for your future aspirations. It also makes for a much smoother transition between homes. And even if you're moving out of the area, the best agents have strong national connections with other high performing colleagues who can hook you up with your next property in the most seamless way.

Someone You Can Rely On - Selling and/or buying a home is generally the largest financial transaction people ever make. It's therefore only sensible to be able to call on the agent's extensive experience and knowledge as early as possible in the process. Why wait for that?

We hope the above points help to convince you that it's never too early to get in touch, so why not contact us today for an informal discussion of your real estate aspirations in 2019.

Posted in Sell Your Home
Jan. 14, 2019

Mortgage Rates Are Falling Again!

Mortgage Rates Are Falling Again!

​​​​It's great to be able to tell you that mortgage rates are currently the lowest they've been for nine months, after a six week plus decline.

Indeed early year stats indicate that there has been a 23.5% national spike in mortgage applications!

This is of course having two significant effects on the market as 2019 gets under way.

If you're a buyer, then now is clearly a time to act. There are never any guarantees as to the future direction of rates, so it's wise to act while they are definitely in your favor.

If you're planning to sell and haven't yet listed, you may wish to review this. Buyers are out in significant numbers very early in response to the recent fall in rates. If you​r home isn't on the market, you're missing a potentially great opportunity to capitalize on this current and very positive trend.

Whatever your situation, we can help you make the most of this very welcome development in the real estate market. Why not contact us today for an informal chat.

Posted in Market Updates
Jan. 10, 2019

Have a Safe and Secure Holiday Season Around The Home

H​ave a Safe and Secure Holiday Season Around The Home

With the holidays almost here, it's such a busy time of year with all sorts of extra things to do.

This can mean that there's little time to think about seasonal safety and security around the home.

Therefore here are some great tips to help you:

Away for the holidays? - It's not a great idea to advertise that you'll be away via your social networking channels. Wait until you get home before posting all the great photos etc. You also should be creating the illusion that someone's still at home, especially at night, so timed lighting switches are a great idea. Also make sure you ask a friendly neighbor to collect items such as newspapers and flyers ​from your lawn or drive.

Electrical fire risks - Did you know that December is the worst month of the year, statistically, for electrical fires! Make sure you check your holiday lights for any faults prior to hanging them up. They should also not be left on overnight, so switch off before you retire.

Electrical cords - Avoid the temptation to string multiple cords together to reach an outlet. Use a suitable single length cord with sufficient inlets for your needs. Also position cords so they don't present a trip hazard.

In the kitchen - Meats should be thawed in in a refrigerator and not stored at room temperature for an unsuitably long time. Avoid placing hot foods at the edges of countertops and tables - they can be a scolding hazard to children and pets. Try to limit the time the kids and animals spend in the kitchen as much as possible at the busiest times.

Gift wrap - It looks harmless, but unless it's collected and disposed of at present giving time ​gift wrap can present a flash fire hazard if ignited in some way. Tinsel ​may be fatal if swallowed by cats and dogs, so don't leave it lying around either.

Toys - Make sure you study any safety instructions prior to wrapping toy gifts. There will probably be little or no time for this on the big day, so it's best to be prepared in advance.

​​We hope you find some of these simple tips helpful as you make your preparations. As always, please don't hesitate to contact us if you have any questions related to real estate.

Nov. 27, 2018

Home Pricing Mistakes To Avoid?

Home Pricing Mistakes To Avoid​
While still very buoyant, our local real estate market has seen a change in dynamics in recent months whereby buyers find themselves in a stronger negotiating position.

This has occurred due to a market correction that followed reports of home prices rising at roughly double the pace of wages.

That situation was, of course, not sustainable and, although still highly motivated, buyers are consequently now looking even more closely at value for money.

If you're currently selling, or are about to, this means that pricing your home competitively is even more critical.

Here are some common mistakes to avoid:

Asking too much ​at first - Some sellers like to aim very high with their initial asking price. This leads to their home looking much more expensive compared with similar properties and leads to greatly reduced, or quite possibly zero, interest from buyers. As mentioned earlier, buyers are now extremely price sensitive, so it is imperative that your property is priced "in the market".

Over-reliance on generic home price estimating websites - Let's face it, we all take an occasional look at our home's estimated value on the various generic home pricing websites out there. While these can provide a very, very rough ballpark idea of price, they are by no means accurate and, because of the way they are compiled, are based on historic and not current market information. These estimates also cannot take into account any special features of your home in the valuation, or indeed its current condition, simply because they have no way of knowing about them.

Totally basing your price expectations on other local sales - Condition is critical to how realistic your asking price is. Prices recently achieved by other sellers in your area are an important consideration, but they are only a true guide if your home has a very similar feature specification and condition. It follows, therefore that your home could in fact be worth more or less than what others have sold for.

Hiring the wrong real estate agent - All the above pitfalls can be easily avoided by hiring the right agent. A first class agent will have an intimate knowledge of current market conditions and where your home positions in the market, relative to others that are available and what's happening with buyers at the moment.

Here at the Bryan Burnett Group, we conduct multiple sales each month and talk to qualified buyers every day. This gives us a very in-depth understanding of market dynamics. We can visit you to carry out an extremely thorough pricing assessment that ultimately puts you in the best position to achieve best price in the shortest possible time.

Why not contact us today for a free, no obligation valuation and informal discussion of how to get the very best returns.

Posted in Sell Your Home