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.

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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

Comments

There is something to be said about stability!  By the way, I love the mountains in the photo behind the property!
Posted by Rick Tourgee, Provincetown and Cape Cod (Robert Paul Properties, Inc.) over 10 years ago

We ALL do! Come on out and ski/hike/fish/mountainbike/climb/camp them! Even better than looking AT them is being IN them!

Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 10 years ago

Hi Ben

I just did a post on me moving out by you. This makes it sweeter.

I would love to talk with you more if you had the time.

Sincerely

Tom  Braatz

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 10 years ago

Ben,

I have been reading through your blogs and really appreciate the knowledge you are presenting in each blog.  The pictures are wonderful!  Keep up the good work!

 

Posted by Nouveau Riche (Nouveau Riche) over 10 years ago
Nice post. That is a beautiful picture. It is good to read that the economy in your area was not affected by the housing market.
Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 10 years ago
Tom - Sounds good. We'll talk.
Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 10 years ago
Sheila - Thanks. I try and find information that is useful for homebuyers. Most is also interesting to other agents. Also, as you mention, every blog entry should have at least one good photo. I try not to overdo it, but I always try to find at least one. Many I take myself. In this case, the photo is from Forbes.com (if that wasn't clear before).
Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 10 years ago
Gita - Thanks again. Our economy WAS in fact affected. See this post I wrote today (because of your post... Thanks!)
Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 10 years ago
Salt lake city looks beautiful,  good to hear its growing.....thanks for the post
Posted by NONE NONE (RE/MAX Empire Realty) over 10 years ago

Yes, Utah is the place for family, jobs, real estate and a lot more.

Posted by Gerald Richards (Team One - The Franklin Group) over 10 years ago

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