Well, it's that time of year when OFHEO (The Office of Federal Housing Enterprise Oversight) posts all the real estate data that leads to posts such as this.
It looks like Salt Lake comes in at 1.9% home value appreciation from June 2007 - June 2008. This is pretty much exactly what I was hoping for and expecting about a year ago, as well as what economists were saying was a good thing to happen to Salt Lake's market.
Why was I hoping appreciation would slow to a crawl, and possibly stop?
See, if homes continued to sell for 10-20% higher than they did last year, that would mean Salt Lake would currently be about 10-20% too high and ready for a bust over the next year. Fortunately, Buyers saw this day coming. For our home prices to hold pretty much flat to the level prices were a year ago is one of the best things that could have happened to our market.
The good news is that excess home inventory is drying up and those sellers who were listing their homes "Just for Fun" are pulling their overpriced homes from the market.
All these things point to better prospects for the housing market than if we were still simply paying more for homes just to stay in the top 10 list.
Better to slowly bow out of the hype and return to reasonable and steady increases in value, at least until incomes rise and other costs of living stablize.
If you are planning to buying a home in the Salt Lake City, Utah 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
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