With the recent economic downturn there’s been a lot of fear and concern regarding the housing market. Well, I’m here to tell you real estate in Logan Utah is weathering the storm quite nicely. Like many markets in Utah, home sales have declined in Logan, but considerably less than most other Utah markets. With a reasonable unemployment rate, many of Logan’s residents have been able to afford their mortgages to maintain a semi-healthy real estate market.
The best sign that Logan’s market is weathering the storm is the amount of foreclosures. Currently there are only twelve on the market out of a total of 269 properties. With a ratio like that, the distressed properties that are pushing home values down in other markets aren’t having the same affect here in Logan. The best thing we can hope for is to maintain a small amount of distressed homes, and that includes short sales.
Short sales have a higher market share than foreclosures in Logan, yet I still feel they are at a healthy level. There are currently eighteen Logan Utah short sales on the market making a total of thirty properties where homeowners lost their home to foreclosure are facing a short sale situation. At any given time, the distressed property market makes up only 11-13% of the market share.
As a home buyer this means your home is going to hold value long term. Distressed properties suppress values due to banks selling them for less than what a normal home owner would. Knowing that Logan is one of the few markets in the entire nation with such a low distressed property rate, you should have confidence in your home purchase. The only problem home buyers should face in our market is choosing where to live.
There are some great areas to live in Logan from The Island just below Utah State University where you can find cheaper homes within just a few minutes drive to the university, to Cliffside with some of Logan’s most expensive housing options. If you want luxury, the Quail Bluff neighborhood provides some of Logan’s most exclusive properties within a gated community.
Nature provides a beauty that humans can’t, and Logan is full of spectacular mountain views, unrivaled hiking and biking trails in the famous Logan Canyon, and the starting point for a most enjoyable adventure for bikers called The Lotoja. The views of Logan’s mountian ranges are absolutely stunning and can be seen from anywhere in the valley.
If you’re worried about housing prices don’t be, with a median house value under $170,000 home prices are quite affordable. There are many options for any home buyer from the the smaller first time homes just west of downtown that are all priced under $160,000 with many even being under the $100k mark. To the many condo and townhome developments such as the luxury townhomes in Lexington Village to the small first time home buyer condos at Blackhawk.
If you’re looking for a place that provides affordable housing, a safe community, and world class outdoor activities Logan, Utah is a great choice. We have great snow in the winter for skiing at Beaver Mountain and endless fun filled days in the summer swimming at first dam. If you don’t enjoy getting wet or skiing, you’ll love the many restaurants Logan has to offer including the best Italian restaurant in Northern, Utah at Le Nonne’s.
This article was provided by Lisa Udy principal broker of Platinum Real Estate Group in Logan, Utah. If you’re looking for Logan Utah homes for sale please visit Lisa’s real estate website at www.LisaUdy.com.