First let me start out by apologizing. I haven’t updated the blog in over 3 months. In a way thats a good thing because it means I have been super busy growing and expanding my business but on the other hand I have been neglecting my bread and butter (internet lead generation).
Anyways for the June Cedar City Real Estate market update. Currently in Cedar City we have 327 active homes for sale. In May we had 37 homes sell. That is just under a 9 month supply of homes. (if no new homes came on the market). In my opinion that is a pretty healthy market. If you need to sell now is a good time to do it. While you may not get the high price you would have in 2007 you will also be able to purchase at todays lower prices. If you are upgrading that could be a significant savings.
So most of you are thinking “how am I saving money by losing money?’ Well let me show you the math. Lets say you purchased a $100,000 dollar home in 2006. Our market has dropped about 25% since the highs. So your home is now worth $75,000. So you lost $25,000 in value. Now lets say you want to move up and purchase a $250,000 dollar home. Well you get to purchase that $250,000 dollar home at todays values. So that home would have cost $312,500 in 2006 or 62,500 dollars more. Take that number and subtract it by the $25,000 you lost and you actually come out ahead by $37,500 dollars as opposed to purchasing the same home in 2006.
Well that is all I have for you today but please check back often. I will try to update this website regularly but in the mean time if you have any questions or if there is anything I can do to help you please feel free to call me.