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Sum­mer heats up lo­cal real es­tate mar­ket By Karen L. Wil­loughby

Low mort­gage rates, high de­mand and the sum­mer buy­ing sea­son have com­bined to in­crease house prices some­what in south­ern Utah County, area Real­tors say.

“Sold prices re­ally jumped up in the first quar­ter of 2016 and lev­eled off un­til the fourth quar­ter of 2016,” said Tony Wardell, a Re­al­tor for 15 years in South­ern Utah County. “Now we are see­ing a slight jump in prices in 2017.”

This is de­spite a con­sid­er­able uptick in the num­ber of per­mits is­sued for new homes, city of­fi­cials say.

“Last year we is­sued 90 per­mits for new homes, which was the most we’ve done in the last 10 years or more,” Sean Con­roy told Serve Daily on June 21. Con­roy is Maple­ton’s Com­mu­nity De­vel­op­ment Di­rec­tor. “This year we have al­ready is­sued 72 per­mits for new homes.”

In pre­vi­ous years, de­vel­op­ers in Maple­ton would build houses on per­haps five to 10 ad­ja­cent lots at a time, Con­roy ex­plained. This year, D.R. Hor­ton is build­ing 200 homes on 100 acres near Slant Road, and Alpine Homes is de­vel­op­ing 30 lots along that road. Arive Homes has about 100 per­mits to build in the same gen­eral area.

Pop­u­la­tion in­creases — and thus, need for ad­di­tional housing – have risen greatly since 2000.

• Springville was es­ti­mated in July 2016 by the U.S. Cen­sus Bu­reau to have a pop­u­la­tion of 33,044, up from 20,424 in 2000, a 61.8 per­cent in­crease.

• Maple­ton: an es­ti­mated 9,512 in 2016, up from 5,809 in 2000, a 63.7 per­cent in­crease.

• Span­ish Fork: an es­ti­mated 38,861 in 2016, up from 20,246 in 2000, a 91.9 per­cent in­crease.

• Payson: an es­ti­mated 19,810 in 2016, up from 12,716 in 2000, a 55.8 per­cent in­crease.

The in­crease in Maple­ton is com­ing pri­mar­ily from peo­ple north of Springville, Con­roy said.

“Maple­ton is a de­sir­able place to live,” the city of­fi­cial said. “We are a unique com­mu­nity re­tain­ing a peace­ful, This Maple­ton home with six bed­rooms and five bath­rooms on a half-acre horse prop­erty was re­cently of­fered for sale in the mid-$400,000s range and ex­pected to sell quickly. coun­try at­mos­phere.” is here,” the Re­al­tor con­tin­ued.

There were 62 homes for sale in “If your home is priced well and in Maple­ton on June 21, ac­cord­ing to show con­di­tion, it will sell quickly.” the Homes.com web­site. The mar­ket Rates re­cently av­er­aged 4.05 is tight enough that Wardell of­fers per­cent for 30-year fixed-rate mort­gages, “Your home sold in 29 days or less ac­cord­ing to Bankrate.com’s or it’s free” on his web­site, UtahSel­l­anal­y­sis. This is a slight uptick, Homes.com. ac­cord­ing to the anal­y­sis, but rates

“In 2016 the typ­i­cal homes stayed change weekly. on the mar­ket for just 52 days, about Homes that don’t sell within a week faster than in 2015 and the 90 days ei­ther have “is­sues” or are fastest year since Redfin be­gan mea­sur­ing priced in­cor­rectly, Wardell said. in 2009,” ac­cord­ing to a Jan­uary “I rec­om­mend get­ting an ap­praisal 2017 ar­ti­cle in Forbes busi­ness as an­other layer of proof for your mag­a­zine. “The bro­ker­age ex­pects home’s value,” Wardell said. “What 2017 to be even faster.” a buyer can pay and what a bank is

The av­er­age price of a home in will­ing to loan is based solely on Maple­ton is $470,000. This is a part what a home ap­praises for.” of Utah County with scenic moun­tain In the Forbes ar­ti­cle, ex­perts back­drops, where some bare land noted seven trends in the housing acreages sell for $299,000. The price mar­ket for 2017: Prices will con­tinue is based on what buy­ers are pay­ing to rise, but more slowly; af­ford­abil­ity for sim­i­lar prop­er­ties, Wardell said. will worsen; mort­gage rates will

“The best things to do to get your be volatile; credit avail­abil­ity may home sold fast? It’s the three Cs,” im­prove; sup­ply will im­prove but re­main Wardell said. “It needs to be clean, short; Mil­len­ni­als will con­tinue de-clut­tered and have curb ap­peal.” to make up a large and grow­ing por­tion

Mort­gage “rates are rel­a­tively of the buyer pool, and de­mand low, de­mand is high and spring/sum­mer will con­tinue to in­crease.

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