The Real Story on the Utah Real Estate Market
December 3rd, 2007 by Mr. Homes
Lately there have been a lot of articles and reports about home sales the housing market. But how much of this information applies to Utah? New Reach Marketing, an independent firm which develops data to study and evaluate our local real estate market, warns the national stories are misleading.
Essentially what you’ll read, and if you bring up any paper or get on the internet, anything about real estate is everything is in the dumps and don’t ever buy again. And that’s just simply not true, now if you look at us and compare us to everywhere else, cause that’s what people love to do is compare, we are still very strong. We’re probably gonna see some areas go down in price but we’re not seeing these drastic price reductions that you see in Boise or in Las Vegas or things of that nature. So Utah compared to the rest of the country, we’re actually pretty good, and the reason I say that is a lot of the other areas, specifically surrounding us in the western states are negative as far as growth and appreciation, things of that nature, we’re not negative. We’re still appreciating. They sky’s not falling.
December 5th, 2007 at 6:04 pm
That’s nice, quality made production. Good points too!
December 23rd, 2007 at 7:44 pm
The sky is falling. Utah in the same position as our neighbor states were two years ago. It took two years of a housing slump for it to even be recognized. Now that everyone knows about the housing issues, Utah is going to fall harder and faster than Las Vegas or Arizona. I pitty the fool that buys a house in Utah without getting at least a 20% discount from currently inflated prices.
December 30th, 2007 at 3:43 pm
Adam is correct. It is a shame Real Estate Salemen can push their propaganda to the detriment of the public. If you’re buying now get a deep discount.
January 22nd, 2008 at 12:50 am
SL County 2007 Single Family Average Sales Price - 3rd Quarter $310,567
SL County 2007 Single Family Average Sales Price - 4th Quarter $286,250 -8.50%
Source: WFRMLS XL Quarterly Comp Reports
January 28th, 2008 at 1:40 pm
Real Estate and the people who push it are the sleaziest liars one can find. Utah is not special or immune to the national crisis in home sales. Utah real estate will fall, and fall hard. Just look at the sales figures and the backlog of homes on the market. Even though unemployment is low, so are wages. Don’t count on “real estate professionals” to tell the truth. Their income is on the line. Be prepared for the bubble to burst and the value of homes in the state to plummet.
March 8th, 2008 at 1:45 am
I hope that when the majority of the markets recover before Utah and the national media hypes the recovery, the Realtors of Utah don’t turn their position and point to the national media. I expect the honest realtors to say “don’t listen to the national media, the Utah housing market is still in the tank and will be for a couple more years.” I just have a strong feeling the comments won’t go the other way!