Sandy City Ut, Short Sales Are Different !!
In Sandy City Utah, short Sales are different than the homes for sale (short) we talked about yesterday in Herriman. South Jordan and Riverton Utah.
Yesterdays Blog, "the truth about short sales" got a lot of comments. Not all were favorable. No surprise there, I expected that.
I was surprised though at the number of you that wanted some stats on Sandy, and wondering why I had not included Sandy City in the report. The answer !!
Not as many New Homes.
New Construction takes the biggest hit in a down market, as the New Home Builder NEEDS TO SELL. The interest clock is ticking on a short term loan for a new home builder, and each month the Interest charges take a bigger bite of the profit, and increases the cost of the home.
In an area like Sandy, while many sellers would like to sell it probably isn't as important, and a decision not to sell is usually an option.
I say usually because with the current less than prime mortgage mess we find ourselves in, the rules have changed.
With that in mind then, lets look at those homes for sale in Sandy that yesterday we defined as distressed homes. IE: Bank Owned, HUD Homes, REOs, Foreclosures, Short Sales, and Homes or Condos that need a third party approval before a house can close.
Number of homes listed for sale In Sandy UT:
There are currently 713 homes for sale as listings in the Wasatch Front MLS.(5/17/08)
Number of distressed homes listed:
There are 43 homes listed in one of the subject categories. That represents 6% of the homes for sale.
Last 136 days activity:
In the last 5 and a half months, Thirteen houses have sold and 8 new contracts have been signed.
Unlike the Riverton, S.Jordan, Herriman ares, almost all of the homes sold and closed in Sandy were previously owned. The homes ranged in price from $118,000 for a 47 year old cottage, to $1,200,000 Dimple Dell luxury home.
Investment opportunities, and the chance to "move up" are no better or no worse in Sandy than other cities in Utah , they are just different. Ask a Realtor about that difference.
If a mature, well maintained home in an established neighborhood is your dream, then Sandy might be your dream city. If New Construction is what your looking for, it's easier found across town on the south west side of the Salt Lake valley. If relocation is in your future, call me at 801-567-0946. We'll look at them all.
If you want to see all of the 713 Sandy homes for sale, visit my website @ Salt Lake Homes. You can search for Homes, ask Real Estate Questions, find home buying tips, or Investment advise. Enjoy !!
As far as the answer to yesterdays question of why I didn't include Sandy in my report. Sandy City Utah Short Sales are different.