Herriman Homes For Sale... Report 3/15/08
As of March 15th 2008 there were 401 Homes and Condominiums for sale in Herriman Utah. That doesn't count homes that are for sale by owner (FSBO) or new construction homes unless they are in danger of foreclosure. When foreclosure looms, or a builder is negotiating a short sale the lender will usually require that the builder has the home listed with a Realtor to obtain maximum exposure.
Foreclosures, Bank Owned Homes and Short Sales are a big part of this report as they are a big part of the Real Estate story in Herriman. I'm not sure the story is near the end yet either.
The stats I'm sharing with you tonight are provided by the Wasatch Front Regional MLS, but the commentary is ours and is based on the many years of experience of members in this office. Some of the facts are....
In Herriman, Utah there are 401 homes listed on the MLS.
Twenty five are Condos, three hundred seventy six are homes.
Fifty four are Bank Owned or Short Sales.
Two hundred sixty seven of those were written in the last 75 days.
Thirty seven of those were short sales.
Herriman had 72 homes that closed this year, 9 were short sales.
Sixty eight Herriman homes are under contract, 53 of those in the last 75 days.
Eleven of those are short sales. (21%).
Using homes sold as the indicator, Herriman appears to have about a 14 months supply of homes for sale. This is the most obvious warning sign, but there are others. An example of other negative indicators possibly would be that 22% of the contracts written are over 75 days old. It is possible that these buyers were sub prime home buyers and when lenders cut out many of those programs they did not say "any one on the books by such and such a date will still qualify". They just said, it's over !!! No grandfathering.
Forty four % of the short sales listed are above $ 400 thousand, thirteen per cent are over a half a million dollars. This is NOT where the market is, and could double the absorption rate to over 2 years.
Possibly the most troublesome observation we made was when we did our latest drive thru of the area. Construction, is still going on. Building has not stopped. Homes in the 500 and 600 thousand dollar price range are under construction. Some of these housing starts have begun in the last 30 days. I know why builders want to keep on, but I don't understand why Banks continue to loan.
The good news from all of this is that a few home buyers are going to pick up some sweet deals during the next couple of years. They will own a home they never thought possible.
If you are, or want to be one of those buyers, or investors, or If you are relocating to the Salt Lake area, my advice would be to connect with a Realtor that knows the area, that understands short sales, and is willing to be patient. Let that Real Estate Agent know exactly what you want, and what your willing to pay for it. Position yourself to be ready to move when opportunity knocks. Let your agent to find that opportunity.
If you dont have a favorite Realtor, we'd like to be considered. You can find out about us by going to our website, Salt Lake Real Estate, or call me at 801-567-0946.
If you would like to view the 400 Herriman homes for sale with no obligation, click on Salt Lake Homes (this page will actually send you pictures, prices, and the location of thousands of homes for sale around the SL Valley).
Thanks for being here, I look forward to sharing next weeks "Herriman homes for sale" report.