Buying a Home in Salt Lake City, UT

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Salt Lake City - 3rd Best Place to SELL a home

Last week Forbes.com put out a picture story about the best places in the United States to SELL your home.

Here's what they said:

forbes clip

The story makes a few interesting statements about Salt Lake's ecoonomy that I thought should be considered by anyone considering a move to the area, as well as by those of us who live, work, and own homes here.

Here they are, paraphrased by me:

1."Salt Lake's growing economy was not housing reliant"

2. "Salt Lake has a 3% annual job growth rate"

3. "Salt Lake has declining home inventory" 

4. "Salt Lake has one of the nation's sharpest declines in construction"

5. "Salt Lake didn't (doesn't?) have an overwhelming inventory glut" 

Unfortunately, they didn't provide links to the data to back up these claims, so, although it is "Forbes", be cautious.

Here is what I would say relating to these points:

1."Salt Lake's growing economy was not entirely housing reliant, like some other areas that experienced a lot of growth over the last few years"

2. "Salt Lake has a 3% annual job growth rate" - I cannot speak for that figure, but I don't personally know many people who are out of work right now. In fact, I still have many clients who are relocating here for jobs from such places as: Hawaii, Illinois, Colorado, Idaho, Minnesota, Florida, and New Jersey.

3. "Salt Lake has declining home inventory" - I would say that Salt Lake doesn't show an extreme rise in home inventory. This isn't to say that Forbes is wrong, but here is what I see from trulia:

listing inventory graph

4. "Salt Lake has one of the nation's sharpest declines in construction" - Again, I don't have actual numbers here but I can definitely say that home building has slowed. Still, I have clients who are currently purchasing new construction and I can say that builder's incentives are weaker than they were 6 months ago, with some builders so confident that they aren't even offering any real incentives.

5. "Salt Lake didn't (doesn't?) have an overwhelming inventory glut" - This is probably true to a point. If you are realistic about the market value of your home, and price it accordingly, your home will probably sell within 60 days. If you price your home at $30,000, $50,000 or $80,000 above market value, you are wasting everybody's time, including your own. I DO still see new listings that are extremely overpriced.

I would also suggest that it is probably safer to buy a home in an area where the market is good for selling a home. Still, because of the amount of inventory that is overpriced in Salt Lake's market today...

 

 

If you are moving to the Salt Lake City area, make sure you get an Agent on YOUR side of the transaction!

If you have excellent credit and will be buying a $250,000-$750,000 home in the next 30-60 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

©2008 Homebuyer Representation, Inc.  "The Real Estate Agents on the Buyer's Side" ™ Exclusive Buyers Agents (EBA) - All Rights Reserved

Exclusive Buyer Brokerages do not list homes and never represent Sellers.  Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...

 

©2008 Homebuyer Representation, Inc. - Salt Lake City, UT

Exclusive Buyers Agents (EBA) - All Rights Reserved

Finally...

real estate agents on the buyers side

Comment balloon 10 commentsBenjamin Clark • April 14 2008 01:22PM
Salt Lake City - 3rd Best Place to SELL a home
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