So for the last 4 of us on the planet that still occasionally "write a check", I'm sure we've already inserted the wrong date on a check 11 times and 2012 is only 14 days old! How does an entire year get away so quickly?
Depending on the situation you're in, the 2011 St. George Real Estate market was either:
a. Fantastic - People in the "fantastic" class may have purchased their first home at a sub 4% interest rate, refinanced their current mortgage to a sub 4% interest rate, picked up an investment property at a FRACTION of 2005 prices or perhaps even narrowly avoided a foreclosure by way of a successful short sale of their home.
b. Painful - Those in the "painful" category may have lost a home(s) to foreclosure, built and "sat" on a spec home that wouldn't sell, or, depending on their perspective, short-sold a family home that they originally dreamt of staying in forever.
c. Lackluster - Those in this category probably wished they could refinance their home but owed too much on the mortgage, missed out on a great investment deal, or were just generally let-down that the market didn't recover more fully in the way of appreciation to their home's value.
Regardless of your situation, let’s talk about the good news in St. George Real Estate
1. RECORD HOME AFFORDABILITY – The combination of prices + record low interest rates made 2011 the most affordable time to own a home…EVER!
2 .Decreased Inventory – For Buyers, this is frustrating. However, this means home values are stabilizing, unemployment is obviously improving, and our market is returning to “normal” after a ridiculous boom which was followed by a harrowing crash. In more simple terms? Too many homes for sale = falling home values. Too few = increasing home values.
3. The St. George Replacement Airport Opens – After years of planning, fighting with environmentalists, and a lot of community nail biting, the new St. George municipal airport opened on January 12, 2011. We’re now “jetting” to Los Angeles and Salt Lake City on Jet aircraft instead of turboprop, and we have an airport site that will support jumbo jets in the future. This WILL be a huge benefit to our local economy; it will just take time for that impact to be felt as passenger loads increase. Our Video Blog about it: St. George Airport Grand Opening.
4. St. George Recognized over and over for being on the “great” places to: Live, work, retire, and vacation. Check out this article: St. George Among Best Places to Live - CNN.com
5. Finally, CONTINUED Strong Real Estate Sales: St. George area real estate sales were higher in 2011 than they've been in nearly 5 years. The Larkin Group alone closed over 170 transactions. People ARE...BUYING...REAL ESTATE in Washington County!
In summary, every homeowner, or would-be home owner’s situation is different. The question “how’s the market” should have a unique answer for everyone. If you’re seeking some professional guidance on your PERSONAL real estate situation, just confidentially ask! Email Jeremy at larkin@gostgeorge.com.
