Where's Our Market Heading in 2024?
First off many of you in Southern Utah will want to instantly check the current value of your home (yes values are have changed).  Due to the volume of requests that we receive it may take up to 24 hours for an accurate and in-depth report. If you want a report that has very little to do with reality, please check our friends at Zillow because once in a while they're within 10-15% of the correct price. (-;
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NEW Youtube Shorts Video: "Just the Facts Mam"

This past week:

New Listings: 184	New Listings Under Contract or Closed: 13 
Pending / Under Contract: 165	Closed: 117

This a a quick visual that I get when searching residential units each day. Last month it was at 1,416. Right now we're at 1,541.
I've included a detailed look at the current numbers from our MLS in my video above.
CLICK ON REPORTS TO SEE SOURCES:



2024 It's Here...The Market is Heating Up!  We're seeing the Spring market come into full play here in Southern Utah. Both the weather and the market are playing a game of tag with Winter and Summer. It looks like it's going to be a busy couple of months for our market, that's for sure!
Here's the reality for sellers for the next 1-2 months: We are in our Spring-Summer selling season. Buyers who are looking at like properties to yours are probably way more in tune with pricing that you are unless you've toured like properties that are active on the market with your agent. Many of our new listings coming on the market are over-peculating on asking price and this most likely will continue for several months. Meanwhile buyers will be purchasing homes that are priced more in line with the SOLD LISTINGS of like properties CLICK HERE TO SEE MARKETING SAMPLES If you are considering your options we have an excellent online evaluation tool called HOMEBOT that you may use without obligation FOR FREE. Click Here to Set Up Homebot and best of all it only takes about 3 minutes for you to set up!
Here's the reality for buyers for the next 1-2 months: We are entering into our peak season and as mentioned above it's a good idea to get serious NOW! What you don't want is to competing with 10-15 offers on each property you put an offer on and this could be a reality in the next few months. Interest rates may seem too high and compared to the past few years, they are! But guess what?... they most likely will never to the 3-4% range  EVER AGAIN. Your best option is find the home you want, put a reasonable offer on it and ask for the seller's to contribute to a rate buy down and/or closing costs. This can bring your monthly payment within reach and if or when the opportunity arises in the future to re-finance at a lower rate you will be able to capitalize on it then.

Newsworthy: (click on headline links for the full article)

National Association of Realtors Lawsuit Settlement: The recent splash in the news makes it appear that commissions in the real estate industry could be soon going away for buyer’s agents because of fixed, or high commission rates. The simple fact is that commissions have always been negotiable and in fact it’s a tenant of our NAR code of ethics ever since I’ve been an agent over 21 years ago and nowhere has it ever been touted as anything but negotiable. The seller, upon signing a listing agreement, has always negotiated what rate they were willing to have the listing brokerage pay the buying brokerage. Now, starting in July of 2024, we will no longer be able to publish what the seller has authorized but will have to verbally confirm on each showing as well as have an additional form with the offer confirming what that will be. Will it change the business or benefit the seller? In my opinion nothing will change other than the extra hassle of inquiring and confirming the buyer brokerage’s commission. In Utah we’ve used a Buyer-broker agreement that clarifies the duties and expected commission of the buyer brokerage with the buyer so unlike other states that don’t require this, we’ve always been transparent about this. There have always been “discount” selling brokerages that have offered lower commissions to the buying brokerage and more often than not those homes just don’t get shown as much and usually yield a much lower sales amount due to lackluster activity generated by a lackluster commission rate being offered. Smart sellers have always been willing to pay a reasonable commission in order to attract the best pool of buyers and buyer’s agents so that won’t change anytime soon in my opinion. So while it makes for catchy headlines it will mainly serve no purpose and just muddy up a system of transparency that we’ve always enjoyed in Utah.
Housing Costs by State  Well for those of us in Utah who haven’t been in a coma for the past couple of years it might not surprise you to find that we are the 6th least affordable state to live in the U.S. We are a unique market for the U.S. especially in Southern Utah because of the lifestyle that we have to offer being temperate in the winter and having so many recreational options available to us within such a short distance. But not everyone wants to stay here and some seek out places to “cash out” and downsize. Curious about what states might be your best option? CLICK HERE to see the rankings of housing affordability. There are creative ways to get into ownership. Each individual situation is different so it's not like there's a "one-size-fits-all" solution so if you are considering some practical strategies for entering the home ownership market give me a call at (435) 703-4041 and we can get a game plan going. 
Self Directed IRA's for Real Estate Investing? Many high net worth investors are using this trick to both provide security and boost returns by using a self directed IRA for obtaining real estate verses stocks and bonds. There are several advantages to this if you're the right candidate. Check with your tax planning professional to see if it's right for you. If you need a local legal strategist feel free to reach out to me for a referral. (this important strategy is carried over from my February monthly report)

Together Let's Make 2024 Rock! My self and my agent associates are fluent with securing both listed and non-listed properties for our concierge buyers  (call me for details if you feel this would apply to you and I'll explain how it works 435-704-4041. Buyer's that have to sell a house first (contingent) need to be aware and avoid the hidden pitfalls that they might encounter and learn the strategies that protect you while giving you a good chance of success. 

Interest rates are most likely going to gradually lower but not likely to be by much. "Date the rate but marry the home!"  FIND YOUR RATE HERE
May God richly bless you in 2024!

Dave Diegelman - The Diegelman Synergy Group

Equity Real Estate
(435) 412-1722 office (435) 703-4041 cell

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*©️2024 Dave Diegelman. If your home is listed or you are engaged with a real estate brokerage for your real estate needs this is not intended as a solicitation.  We at the Diegelman Synergy Group have made all of our listings available for online viewing and even online offers.  These newly enhanced features actually make it feasible to put forth an offer, get it accepted with a contingency of being able to view and/or inspect the property within a period of time (usually 15-20 days) and be able go forward or back out and recover one's earnest money without conflict.