Orem Real Estate Inventory has Dropped 41% Since December!

Posted on May 10, 2012 by

Orem Utah has 259 Homes for Sale in May 2012

The number of homes for sale in Orem Utah has decreased since December 2011.  The number of homes for sale in December was 440.  Thus, we have decrease the number of listings for sale in Orem by 181 homes or 41%.

However, the inventory in May is typically much higher than we are experiencing.  This is a strange anomaly in the market that the inventory is so low in the Spring.  These are clear signs the market is changing.  We are seeing a shift from the type of homes for sale.  For example we are seeing less Bank Foreclosures, short sales and HUD homes for sale and seeing more home owner selling their homes.  The home owners are finally able to breathe after being smothered by distressed properties for the past five years.  The Orem Utah real estate market is finally stabilizing and improving.  The prices are on the rise and the market is the strongest it has been for five years.

Orem Real Estate Listing Inventory

The graph below shows the number of homes currently for sale by the home owner which is currently at 259.  Orem Utah currently has 78 short sales for sale and 5 bank foreclosures and 4 HUD homes.  Orem does not traditionally get very many HUD homes for sale.  The number of short sales and bank foreclosures has been declining throughout Utah County over the past six months.

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orem-listings

New Wave of Buyers Wanting to Move to Orem

We are getting many more buyers looking for homes in Orem.  Many buyers that want new construction are moving to the Vineyard area.  The new construction sector of the Orem Real Estate market has been completely dead for the past five years.  However, it is alive and well today.

Hire a Orem Utah Realtor

Are you looking for a local Orem Realtor?  Paul Teasdale has been selling homes in Orem Utah for 18 years.  Paul has lived in Orem and is familiar with the schools, neighborhoods, restrictions, city and recreational activities.  It is often difficult to shop with a Realtor in Orem that is from Salt Lake City or some other area.  A local Orem Realtor can really help you find that home you are looking for.

Mapleton Listing Inventory Slightly Increases
Listing Inventory Declines by 12% in Spanish Fork

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Contingent Upon Selling Buyers Home

Posted on May 4, 2012 by

Selling a Buyer’s Home with a Contingency to Purchase another Home

With the unpredictable situation in the market, Realtors in Orem Utah advice that it is better to sell your home first before acquiring a new one. It is also considered a rule of thumb for you to come up with a contingent contract when purchasing a new home in Orem. This means that a home is only considered sold when all the contingencies have been removed and the home has closed.

To protect the right of both Orem Utah sellers and buyers in a contingent contract, there are legal documents required. More often than not, many people see contingent contracts as more advantageous to the buyers than to sellers.

Contingent on the Sale of the Buyer’s Home

If there is one thing a seller would be very much interested in, it would be the status of the buyer’s property.  Needless to say that if the buyer’s property is not yet listed on the market as a subject for sale then the seller will not be giving your offer a consideration.

Check out some of these factors when entering a contingency contract in Orem, Utah:

  • The buyer’s home is contingent on the sale of their home but their home has not been listed yet. Never ever declare this or you have too little to no chances of getting the offer accepted.
  • The home is already in the market. When the home is already on sale and is listed on the ‘for sale’ properties, provide the following: the brokerage firm that represents you and the MLS number. You will have a possibility of getting rejected if you wish to represent yourself as a for sale by owner.  Your property needs to be listed to be taken seriously.
  • If you commissioned an escrow company for the sale. When a home or a property is under escrow, make sure that you provide the name of the service provider, file number and the closing date.

If a Buyer Under Contract Wasn’t Able to Sell

The closing date is quite essential. If you have to specify a date, be sure to have it closed within the time period. You may opt to set a date on your contract which is different from the closing date that had been specified. This is especially when the home or the property is in escrow. When the set date has come and the home has not yet been sold, sellers may issue and extension or cancel the contract.

72 Hour Kick Out Clause

It is also a part of the contract and the negotiation process that the sellers have the right to cancel the agreement should there be another offer presented.  The seller must notify the buyer and give them 72 hours to cancel all contingencies and make the earnest money non-refundable or cancel the contract.  This is only applicable if the 72-Hour kick out clause is present on the addendum.

Back-Up Offers on Homes in Orem Utah

This does not give the seller the right to kick a buyer out of the agreement. The seller can still let you buy the property provided that you are able to sell your property within the date or time that had been specified in the contingent contract.

Writing an Offer on a Spanish Fork Home

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How to Make an Offer on a Home in Orem Utah!

Posted on April 17, 2012 by

Making Offers on Homes in Orem, Utah

Deciding on how much money to offer on a home in Orem, Utah could be quite a daunting task for some buyers. The main concern is that the buyer does not want to make an offer that is too high or one that is too low.  The buyer is often worried that he might end up overpaying for the home. But he also does not want give an offer that is so low that the seller might not even consider it. In these instances, most buyers would turn to a real agent for help.  If you hire a professional Realtor they will help give you their opinions of where to offer.  A good Realtor prepares a strategy in getting you the best price.  Paul Teasdale with Team Teasdale Realty has negotiated and close around 920 homes over the past 17 years.  Many of the homes he has sold have been in Orem Utah.  Consider his opinion when buying a home.  He is very wise in getting his buyers the best price and terms.

How Your Realtor in Orem, Utah Can Help You Buy a Home

Remember that your agent can only help guide you to make the decision. He can give you information such as the current price range for similar homes, the current market situation in Orem, and maybe some insight on how much other buyers have offered on homes of the same type in Orem UT. He cannot and should not however, tell you the actual offer that you should make on a home. That decision is yours and it is up to you to make it.

Why Realtors Do Not Determine How Much To Offer

Most Realtors will refuse to provide an actual amount for a buyer in Orem UT to offer because it is a “no win” situation for them. If they give an amount that is too low that the client ends up losing the house to another buyer the agent will automatically get the blame. The client might say that he was willing to pay a higher price but it was the agent’s idea to make a lower offer. On the other hand, if the buyer gets the home easily he might think that the agent made an offer that was too high. He will wonder if the Realtor suggested that amount just so he can make a bigger commission. Either way, the Realtor will not come out of the transaction in a good light. Thus, most agents will not want to put themselves in this position.

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offer-home-orem-utah

Another reason why real estate agents in Orem Utah will not give an actual amount to offer is because they know that they shouldn’t. Experienced agents know all too well about many instances where an agent is sued by a client because of this. It is not part of the job of the agent to determine prices therefore he can be sued if he does. Many regulatory agencies in the real estate industry advice agents not to determine the prices that clients should offer. Many real estate associations in Orem advice against this practice as well.

Finally, real estate agents understand that the decision on how much to offer for a home in Orem UT is the decision of the buyer. It is not the decision of the Realtor. The Realtor is there to provide the facts and help the buyer understand the implications of these facts. He is there to answer any questions or to find information that the buyer might have regarding the offer. He can help the buyer weigh the pros and the cons of a particular offer that the buyer might be thinking of. But that is all. Ultimately, you as the buyer will have to come up with the final offer. You will have to make the decision because it is you who will reap the benefits of owning a new home in Orem, Utah.

If you are looking for a Realtor in Orem Utah, then make sure that you call up Paul Teasdale. He has been in the real estate industry for over 17 years. He will give you professional advice regarding selling your home or buying a new one.

Writing an Offer on a Home in Springville Utah.  Are you looking to get a loan for a home in the Springville or Mapleton area?  A quarter of the homes in Spanish Fork Utahhave offers. Vacation Rentals in Vancouver BC Canada

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One Third of the Homes in Orem Utah are Under Contract!

Posted on April 5, 2012 by

Homes are Selling in Orem Utah

How things have changed in the Orem Utah market over the past few months.  Currently we have 367 homes for sale in Orem and 115 are Under Contract.  This means approximately one third of the homes in Orem are Under Contract.  The market is hot in Orem!

Orem tends to have less homes for sale per capita than it’s surrounding cities.  Orem has less developable land and therefore has less new construction.  For example Spanish Fork has a population of around 39,000 and Orem has a population of around 100,000.  However, Spanish Fork has 399 homes for sale compared to the 367 homes for sale in Orem.  A buyer will pay approximately 10-20% more to purchase a similar home in Orem compared to Spanish Fork.

The market is healthier than it has been in the past five years since the economic depression started.  Our area has really gone through some rough times with a ton of bank foreclosures and short sales in Orem Utah.  However, the Spring is here and things are changing.  Interest rates are low and hovering around 4%.

The number of homes for sale in Utah County has dropped from around 4,000 homes for sale this time last year to 2,798 home for sale today.  The inventory is declining and the percentage of sales is rising.  The chart below represents active listings in Utah County and the percentage of listed homes that are selling each month.

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orem-utah-active-listings

Graph below represents the sold homes in Utah County.  Notice the upswing into 2012.

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orem-utah-units-sold-all-residential

Buying a Home in Orem Utah

If you are looking to buy a home in Orem Utah contact Team Teasdale Realty.  The inventory of homes for sale in Orem is changing daily.  If you would like to be put on a hot list of home let us know.  Our system will email everyday with new homes for sale in Orem.  Call us and let’s get started!

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Hire a Realtor in Orem Utah

Posted on March 28, 2012 by

Hiring a Buyer’s Agents in Orem, Utah

Buyer’s agents, just like listing agents, need to be compensated for their work, time, and effort that is spent with a client in Orem, Utah.  This is the main reason why there is a need for a formal buyer’s broker agreement to be signed between the buyer and the buyer’s agent before they start to work with each other.  Some buyer’s in Orem may dislike the idea of signing a buyer’s broker agreement but since these agreements are usually bilateral in nature, there is really not much to worry about.  Just as long as you meet with the broker first and you fully understand details of the agreement then you will be fine.  These types of agreements even allow the client to fire the broker in the event that the broker is not able to perform according to the details specified in the agreement.  If you are not comfortable signing a buyers agency agreement let your Realtor know before you start visiting homes in Orem.

Ways to Find a Buyer’s Agent in Orem, Utah

A referral is usually the best way to find a buyer’s agent in Orem, UT.  It is very reliable and it is based on the actual experience of the referrer with the buyer’s agent being referred.  However, those who are new to an area or who are looking to relocate to Orem, Utah may not know anybody there who could refer them to a good buyer’s agent.  Thus they are left to find a buyer’s agent using other means.  Fortunately, there are a lot of other ways to find a buyer’s agent that is reliable and will work with the client’s best interests in mind.

Finding an Agent in Orem, Utah Using the Internet

Just like in many other cases, the internet comes to the rescue when it comes to finding buyer’s agents in Orem Utah.  The best way to find a buyer’s agent online would be to use web sites that specialize in this industry.  These sites usually contain a list of Realtors and buyer’s agents with their complete profile information and with feedback from previous clients in Orem.  In the absence of a referral from a friend or family member, reading feedback about a buyer’s agent is the next best thing.  Some buyer’s agent though immediately emails a buyer the broker’s agreement as soon as they receive an inquiry.  Do not be pressured to sign immediately.  Always get to know and interview the buyer’s agent first before signing any kind of agreement.

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buy-orem-utah-home

Going to Open Houses in Orem, Utah

Open houses in Orem are great for finding buyer’s agents because you can immediately talk to the agent there and interact with him.  You can also immediately see for yourself how the agent works and how effective he is.  Of course, the main draw back here is that it would take a lot of time and effort to go around Orem, Utah and look at open houses.

If, after browsing the internet and going to open houses, you find an agent in Orem, Utah who you think will be a good match, you can start to talk about the buyer’s broker agreement.  In these discussions, make sure you ask if you get a short term agreement so you can be sure that both of you will be comfortable working with each other.  Furthermore, ask if you can get some sort of guarantee or non-exclusive clause.  Remember that there is a lot of room for compromise.

The ABR Designation: For Real Estate Buyer Agents

ABR Designation: For Real Estate Buyer Agents. The Accredited Buyer’s Representative (ABR) designation is designed for real estate buyer agents who focus on working directly with buyer-clients. You may want to search for a Realtor that has received their ABR Designation.  Paul Teasdale of Team Teasdale Realty is an Accredited Buyer’s Representative.

If you are looking for a buyers’ agent and still don’t know where to start, you can make the first step by calling Team Teasdale Realty. You can be sure that you can get the Realtor that you want! Paul Teasdale has been at the real estate industry in Orem, Utah for over 17 years.

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Solar Panel and High Efficient Windows: Buy a Green Home in Orem!

Posted on February 28, 2012 by

Buying Green Homes in Orem, Utah

Green homes are becoming more popular in Orem, Utah due to the fact that more and more people are becoming concerned about the environment and are willing to do their share to help maintain and improve it.  Of course, at this point, it is not yet that easy to buy or to build a home that is 100% environment friendly and energy efficient.  However, there are already many home building materials that you can use to make your home in Orem a lot more environment friendly.  From solar panels, to flooring materials, and to windows, there is a “green” solution that is available.  You should however, be very vigilant in buying these materials.  There are many brands that claim to be green and good for the environment even though they are not just so they could make a quick buck.

Solar Energy in Orem, Utah

Solar energy is one of the most accessible alternative sources of energy that is available in Orem, UT.  In the Spring and Summer Utah County gets lots of sun. This is the type of energy that can be harvested from the sun which makes it very abundant and accessible.  It can be used easily and directly in traditional passive ways such as heating the house and the pool and in drying clothes. It could also be used actively with the use of solar panels and solar cells.  Much research and studies regarding this source of energy have been done for a lot of years now and these have resulted in many other solar energy technologies.

Harnessing solar energy for your home in Orem, Utah is best accomplished with the use of large solar panels that can be installed on the roof.  These panels are made up of smaller solar cells which absorb the solar energy of the sun and convert it into electrical energy.  After conversion, the solar cells can now send the electricity to the main power switch of the house so it can power the connected electrical appliances.  The better solar cells that are now available in Orem are able to store the solar energy that they absorb.  This enables them to provide energy to the home even at times when direct energy from the sun is not available such as on very cloudy days and at night. In fact, the other day I saw a new home that had just been built in Orem will solar panels on the roof. I would love to see their utility bill.

Energy Efficient Windows for Your Home in Orem, Utah

You can also make your Orem home a little bit more environment friendly by making your windows more energy efficient.  Of course, your windows do not use any energy but they can help by keeping the energy use of your other appliances down.  For example, a dual pane window for your home in Orem Utah can offer better insulation than a regular window.  This means that it will be able to keep the heat in at night and keep the heat out during the day.  Because of this, you air conditioner would not have to work extra hard to keep your home cool on hot days and you can keep your home warm at night without having to overwork your thermostat either.  If you are reluctant to change your windows entirely, you have the option to use “Low-e”.  This is a type of hard glaze that you can use to coat your existing windows.  Once your windows are coated, they will be able to block the damaging UV rays from the sun and they will also be able to insulate your home in Orem, Utah better.

Search Green Homes in Orem Utah

If you are thinking about buying a green home in Orem, Utah, why not give Team Teasdale Realty a call? You might be thinking whether to buy a green home or convert the home you’ll buy to become energy efficient. Paul Teasdale can give you his expert opinion on which areas in Orem you can maximize your solar panels or your energy efficient windows.

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Avoiding Overpriced Homes in Orem Utah!

Posted on February 21, 2012 by

Looking Twice at Overpriced Homes in Orem, Utah

If a particular home in Orem, Utah stays on the market for quite awhile, it is easy to assume that there must be a problem or several problems about it.  It is also easy to assume that the problem must have something to do with its physical condition or the location where it was built.  These assumptions though are not always correct.  Sometimes, a good home stays on the market in Orem, Utah because of its list price.  Many homes in Orem are not sold even if they are in very good condition and in very good locations because they are so overpriced that buyers don’t even take the time to make an offer on them.

But why don’t potential buyers make offers on good but overpriced homes in Orem Utah?  They don’t for a few reasons:

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Offering a lower price on a home in Orem, Utah is not offensive

First, most home buyers in Utah County do not want to offend the seller of the house by giving a much lower offer than the asking price even though they think that their offer is reasonable.  Buyers usually assume that the seller might get insulted and they feel it might be embarrassing for them to be thought of as low-ball buyers.

There may not be any offers on your Orem home.

Second, most home buyers who see the listing at a later date think that other buyers had already offered to buy the house at a lower price and got declined.  They assume that many offers had been given to the seller as soon as the house was listed on the market.  The fact is that over priced listings in Orem usually get no offers submitted at all.  It is better to offer a price that you want.  You never know the seller may take it.

Sellers may not have overpriced the home intentionally

Third, most buyers assume that the seller had overpriced the home intentionally.  They believe that there is no use in negotiating with a seller that marks the price up so high.  Thus, they don’t write out offers and just move on to the next listing that they could find in Orem, Utah.

However, all of these assumptions about sellers of over priced homes in Orem, Utah are usually wrong.  Most of the time, sellers do not know that there listing is overpriced.  If you find a home that suits your needs and you fancy but you think is over priced do not be afraid to make an offer.  Tell the seller why you think the home is over priced by pointing out conditions that support your side.

Show the seller price listings of homes similar to the one you want or homes that are in similar locations in Orem, UT.  This will give the seller a better idea about the value of the home he is selling.  It will also make him more open to negotiation.  Furthermore, most sellers do not get a single offer if they are selling over priced homes.  Do not assume that somebody has already given the seller a reasonable offer before you found the listing.  Instead, assume that you are the first one to give an offer and that you are the only one that the seller will ever get because of the problem with the price.  This will make you more confident in making your offer and this will increase your chances of a new home in Orem, Utah.

To make things easier for you, call Paul Teasdale so he could help you get the house you want at the price that you want. Paul has been in the industry for 17 years and he knows if the house is overpriced. He also knows if you have a chance in getting that home for less if it is indeed overpriced.

List of schools in Orem Utah
Are you looking for a home in Provo Utah.
Bank Foreclosures in Lehi Utah

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Sell Your Home Before Purchasing a Home in Orem Utah

Posted on February 9, 2012 by

Reasons to Sell Before Purchasing a Property in Orem, Utah

Majority of experts prefer for you to sell first before buying another property.

“Are we going to buy or sell first?” This is normally what homeowners in another city are asking themselves specifically when they plan to move to Orem, UT.  Also, there will be a lot of Realtors who will be convincing you to buy first rather than to sell, and this is actually in their best interests.

This is indeed a real dilemma because even though you decide to buy a property in Orem Utah first, you will eventually have to sell the old one. And so, the real estate agent will have two guaranteed sales, no matter how much it will cost you.

While on the other hand, if you choose to sell your property first before buying a new one, you will have all the time in the world to choose a house in Orem, UT that you like best. Consequently, if your home won’t sell or would only appeal to very low offers which you don’t want to accept, you have the option to decline.

It is a financially conservative move to sell your home first.  I recommend to all my clients to sell their home first before buying unless they own the first home free and clear without a mortgage.

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buy-orem-condo

Why you Need to Sell First before Buying a Home in Orem, Utah

  • To Be Able to Negotiate Well

The luxury of time is yours if you decide to sell your home first. You won’t need to rush and accept every the first offer that comes first because at moment, you still have a place to stay and that’s your home.

  • Higher Sales Price

If you are not pressured to sell your house to pay off your new property in Orem Utah, you will be most likely to gain a higher sales price because your prospective buyers would realize that you are definitely not desperate to sell your home.

  • Contingent on Concurrent Closing

If you decide to sell your home depending on closing concurrently with your prospective home in Orem Utah, it would be like telling your buyer: “If I won’t be able to find a home that I badly want to purchase, I am not oblige to sell my home either.” Just remember not to mention the address of your property. Thus, you simply can say: “This sale is contingent on closing concurrently with the seller’s purchase of the replacement home.”

Nonetheless, if a buyer’s Realtor is smart enough, he will not let his buyer sign a contract with a contingency clause.

  • Contingency Period

For example, if the buyer’s Realtor is smart enough and he was able to notice the concurrent closing clause stipulated in the contract, the best thing to do would be to ask for enough time to look for a new replacement home. This is called a contingency period which normally happens within 30 days. During that period, if you were not able to find a perfect house for you and your family, you have the option to cancel the contract.

  • Renting the Property in Orem After Closing the Deal

Lastly, there are sellers who would rather take their time to locate the ideal home for their families. In fact, one of their options would be to rent a property in Orem, UT right after closing the deal. Sometimes, if the new owners of the house do not really require an immediate occupancy, the seller can simply rent back their previous home for the renting price of the mortgage payment. Or another option would be to move out and just keep their belongings in a storage place and then just rent an apartment in Orem for short while.

Lenders will not allow a rental contract as part of the purchase.  In fact, if you state that the seller will be renting the property for a period in the purchase contract you may not be able to get the loan.  It is best for the buyer to take occupancy once the loan has been closed or shortly thereafter.

Are you looking for your dream home in Orem, Utah? Are you searching for an apartment that you can rent? Or are you just confused whether to sell or to buy first? If you answered yes to any of these questions you might as well get expert advice from Team Teasdale Realty. Paul Teasdale has been selling homes in Orem, Utah for over 17 years. He is familiar with every nook and canny, and every neighborhood in the area.

Here are some other great sites to search when looking for a home in Utah County:

Buy a Home or Condo in Provo, Utah
Buy a Home or Condo in Pleasant Grove, Utah

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Are You Searching for a Home in Orem Utah?

Posted on February 1, 2012 by

New Listing in Orem Utah: MLS# 1073611

Prepared by Paul Teasdale 491-7653 www.UtahCountyListings.com

List Price: $199,900 Status: Active
Address: 52 E 1535 N Project: WINDSOR PARK EAST
City: Orem, UT 84057 Type: Single Family Style: Tri/Multi-Level
Property Tour: Tour NS / EW: 1535 N / 52 E
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buy-orem-utah-home


Total Sq Ft: 2064
Total Beds: 4
Total Baths: 2.00
Family Rooms: 1
Fireplace: 0
Garage | Car Port: 2 | 0

Year Built:  1983
Taxes: $1,094
Acres: 0.20
HOA Fee: $0
Construction Status: Blt./Standing
Finished Basement: 100%

Exterior: Aluminum/Vinyl; Asphalt Shingles; Brick

Lot Facts: Corner Lot; Curb & Gutter; Fenced: Full; Road: Paved; Sidewalks; Sprinkler: Auto-Full; Terrain, Flat; View: Mountain

Inclusions: Humidifier; Refrigerator; Storage Sheds; Window Coverings; Wood Stove; Workbench

Features & Info: Den/Office; Dishwasher, Built-In; Disposal; French Doors; Kitchen: Updated; Range/Oven: Free Stdng.

Remarks: Live in a wonderful established neighborhood in NE Orem. Prime location with excellent schools. This 4-level home has an extra room next to the family room that could be used as a 5th bedroom or office. Goregeous Remodeled Kitchen with updated cabinetry and tile backsplash. Hardwood kitchen and dining room floors. Family Room Features a Woodburning stove for those cold winter nights. Extra storage space in the backyard shed is included. Be sure to look at the nice sized and usable yard! Enjoy the views from the spacious above grade patio in the backyard. Must see on your tour!

Virtual Tour of this Orem Utah Home for Sale

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Real Estate Listings in Orem Utah are in Decline!

Posted on January 30, 2012 by

Orem Utah is down to 273 Homes for Sales

The number of homes for sale in Orem Fork, Utah is declining along with the number of homes for sale in Utah County.  In fact, Orem has less homes for sale than Spanish Fork Utah.  Can you believe that!  Historically Orem has always had way more homes for sale that Spanish Fork.  Consider Orem has approximately four times the population.

The number of homes for sale in Utah County has dropped to a staggering 2978 homes for sale.  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.

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orem-utah-homes

Inventory is Declining in Provo and Springville

The declining inventory trend is also occurring in Provo and Springville.  The number of homes for sale in Provo is down to 400 and the number of homes for sale in Springville 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 stabalize.

Search Homes for Sale in Orem Utah

If you are looking to buy a home in Orem 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 Orem Utah. This database is a live feed from the Realtors MLS and has all 273 homes for sale in Orem Utah.  You will also be able to search all 2978 homes for sale in Utah County.

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