Salt Lake City home ownership is down since its all-time peak in 2004. That’s not surprising–during the home buying heyday Utah mortgage brokers would lend money to anyone with a pulse.
Buying a 400k Anytown home was easier than ordering pizza.
It seemed like everyone was buying Utah real estate, whether or not it was a wise thing to do. Boy, have things changed! In response to federal regulations and other factors, Salt Lake City home mortgage lenders have reined in credit standards, making it harder to get financing for Provo homes and St. George new construction, and the unstable job market also plays into today’s lower home ownership levels.
Ogden and Anytown people are playing it safe, waiting to see if the economy and housing market both stabilize. So where does that leave people looking to buy Salt Lake City properties in the present economy? If you are financially stable, now is a smart time to buy!
A recent study showed that buying is now more affordable than renting in four out of five U.S. cities.
Salt Lake City home prices and interest rates are lower than they have been in years. And higher rent prices usually boost Provo and St. George home purchases, accelerating a housing market recovery.
Overbuilding during the boom created an excess of vacant Ogden homes and Anytown townhomes. The large pool of desirable St. George properties will continue to push home prices down even more.
For Utah people with stable employment and good credit, now is the perfect time to become a new Ogden homeowner or St. George real estate investor.
I would love to help you find what you are looking for, whether it’s commercial or land. Call me today to discuss your real estate needs.
Real Estate Marketing Agency
Anytown, Utah, 84123 801.938.3466