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2014-05-09 08:08:56
Utah Move-Up Market on Fire

Cottonwood Heights, UT – The Utah move-up market is on fire, Salt Lake City Realtor Joel Carson said. He would know; on Wednesday Carson closed a record nine single-family home transactions.

Carson didn’t plan for all those transactions closed at Title One, Inc. in Cottonwood Heights on the same day. “It just sort of happened that way.” The nine transactions added up to a gross total of $2.938 million, a significant boost to Utah’s May sales volume. Carson is president and principle broker of Utah Real Estate. Wednesday’s closings were based on his own personal sales and not those of other Realtors.

Lori Pymm began working as an escrow officer in 1989 and this is a first for her. “I’m still recovering,” she said Thursday. “I’ve never seen this much come from just one person. He is an amazing guy with an amazing team around him. It was so much fun.”

In 2012 Carson made a transition from broker to salesman. He was back on the street selling for the first time in two decades. His gross volume contributed $21 million to Utah’s total sales. He completed about 130 transactions. In early 2013 the Salt Lake Board of Realtors (SLBR) named him Utah’s “Salesperson of the Year.” It’s an honor an agent can only win once in five years.

In 2013 Carson completed 110 transactions with a gross volume of about $30 million. These numbers tell a story about the overall market condition. Carson shows roughly 300 homes a month, “Nobody knows the Utah market and what’s going on out there better than I do,” he said.

Utah Housing Market Remarkably Balanced

“What’s happening in the market right now is there is a lot of move-up,” Carson said. “Last year people were just coming out of rental properties and purchasing homes. In some cases they had lost homes to short sales and foreclosures.” As the market improved, people were anxious to get out of high-rent homes and apartments so they settled for conservative homes they could afford.

Carson represented many on the purchase of their new homes and now clients are coming back to sell their recovery homes and purchase new ones. They are moving up. The economy is stronger and consumer confidence is up. Interest rates are hovering low around 4 percent. The job market is stronger and people are starting to be able to afford their dream homes. They are selling and upgrading; and all this shuffling feeds Utah’s economy.

“It’s the perfect storm for that homeowner who has waited until the market recovered so they could get what they wanted. Interest rates are amazing right now. They have improved over the last six months. The move-up market is on fire.”

Carson said today’s market is the most balanced he has seen for a long time. “The pendulum is right in the middle. Sellers are still willing to negotiate, and pay buyer’s closing costs; and, buyers are able to afford more because of low interest rates.”

May sales are looking great for Utah’s housing market. In 2012 and early 2013 Carson’s average transaction was around $300,000 each. “The average price is going up considerably. I’m seeing more buyers in the $700,000, $800,000 and $900,000 range.

Pymm said her closing orders have more than doubled in recent months, also indicating a change in the market.

Wednesday’s nine closings with one agent was a feat of amazement to Pymm, “It was just a smooth day. People were happy and laughing.”

-END-

NOTE: Joel Carson is an award-winning real estate specialist recognized at local, state and national levels in the real estate industry. He enjoys wisdom gained from 25 years of sales and management experience in the housing industry. After building and then selling Utah's largest real estate firm, Prudential Utah Real Estate, Carson recently founded Utah Real Estate. Carson specializes in buyer and seller representation. He is a social media marketing mastermind and embraces modern technology to market homes, solicit buyers and conduct legal transactions relevant to the home buying and selling processes.

 
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