Fannie Mae is predicting that the national housing recession has ended. In the US as a whole, home sales are expected to rise next year by double digits, and home prices are expected to stabilize next year. That is, not drop in value for the first time in a few years. In Utah, especially in the Salt Lake and Davis County areas, we are already seeing signs that these real estate markets have bottomed out.
If you are thinking of buying Utah Real Estate sometime in the next couple years, from a financial standpoint, this winter just might be the BEST time to buy. Here are some reasons why:
Government Tax Credits
If you haven’t heard, the $8,000 tax credit for first time buyers has been extended through April. In addition, it has been expanded, and open to current homeowners. This Tax Credit of $6,500 is available for buyers making less than $220,000 per year, who have lived in their current home for five out of the last eight years.
With this new tax credit, you actually have until June to buy, you just need to get the property you are purchasing under contract by the end of April.
Plenty of Selection for Large Utah Homes
There is an oversupply of large homes in Northern Utah. Here are the numbers of homes for sale, and the amount of inventory based on the last six months of home sales for homes larger than $3,000 square feet:
- Cache County Real Estate: 220 properties for sale, 11.58 months of inventory.
- Box Elder County Real Estate: 93 homes for sale bigger than 3,000 square feet, or 18.6 months of active inventory!
- Weber County Real Estate: 511 properties for sale, 11.93 months of inventory,
- Davis County Utah Real Estate: 700 homes larger than 3,000 square feet for sale, 8.52 months of inventory.
- Salt Lake Real Estate: 2094 active listings, 8.36 months of inventory.
- Tooele Utah Real Estate: 170 properties for sale, 12.14 months of inventory.
- Utah County Real Estate: 1,516 homes for sale, 8.8 months of inventory.
Mortgage Interest rates are Incredible
Mortgage Rates for conventional mortgages with 80% LTV are currently less than 5%, for 30 year fixed mortgages right now. 15 year fixed, and 5-year ARM’s are even less expensive.
A$250,000 home loan at 5% interest has approximatelly the same monthly payment as a $200,000 mortgage loan at a 7%.
The current interest rates are worth tens of thousands in terms of affordability.
Moderate Homes are Selling
One fear many current home owners have is being able to sell before they can buy. The good news is that starter and more moderate homes in Northern Utah are actually selling. Prices of these homes aren’t as high as they were a a few years ago, but sellers of these these types of homes, who price their home right, are usually getting near asking price.
Here is the break down in the amount of inventory for sale for homes with less than 2,000 square feet:
- Davis County has just 4.86 months of inventory.
- Weber County 7.0 months of inventory.
- Box Elder County 7.18 months of inventory.
- Cache County: just 6.15 months of real estate inventory.
- Salt Lake County: 3,066 homes for sale, 6.53 months of inventory.
- Tooele County: 191 homes for sale, 8.19 months of inventory.
- Utah County: 1155 Homes for Sale, 7.15 months of inventory.
If you are thinking about buying a new home in Utah, this winter really might be the best time to do it. To view all the currently listed Utah Homes for sale visit: NorthernUtahHomeSearch.com


While home sales are up, prices clearly appear to be stabilizing for
Even though home sales were up, the amount of Inventory for Sale in Weber County happened to rise as well. During September, there were 2122 residential listings for sale in Weber County. Now there are 2135 listings. At Octobers sales price, Weber County has 7.36 months of active inventory.




Blog Catalog
Blog Toplist Vote