Real Estate Market
December saw the median home price rise to the highest level seen since January 2009. The new median home price of $264,398 was a 6.27% increase over Novembers price, and is further evidence that the worst of the housing market may well be behind us. The number of homes sold did decrease month on month, [...]
Continue reading about January 2009 Sees Rise in Salt Lake County’s Median Home Price
Just a quick note to let you know that the Utah Governor recently announced they will use $8 million in federal stimulus funds to reintroduce the Home Run Grant.
The official statement said that the state will offer $4,000 grants to the first 2,000 new home buyers.
The program comes on the heels of one started [...]
The real estate industry standard for determining how a market is performing is the median home price or in some places the average home price. You hear it everywhere, median home price falls in first quarter, median home price for Salt Lake City is… But is the median home price a true indicator of how [...]
In a recent study by the Utah Association of Realtors, when people were asked what are the top three challenges in the Utah Housing Market, the number one response was ‘lack of housing affordability’. Second was the ‘current state of the economy’ and third was ‘difficulty in getting a loan’.
The question is, is this [...]
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If you are looking for a place to rent, Salt Lake is an expensive place. Rents went up 8.8% from 2006 to 2007, with a further 6 to 8% rise expected this year. This coupled with a vacancy rate of just 4.5% means tough times for those looking for a rental property.
The Salt Lake high-end housing market recently received a boost, when conforming loan limit went up from $417,000 to $729,750 in Salt Lake County, Tooele County, and Summit County.
This increase means that Fannie Mae and Freddie Mac can now provide loans up to $729,750, which should result in a much-needed boost to the Utah [...]
Continue reading about New Lending Requirements for Jumbo Loans
Here is an interesting article in the Utah Business Magazine on why Utah real estate may not suffer the same as Florida, California and most of the rest of the country. It explains that we are now in more of a balanced market with home prices still increasing, and that the strong economic growth is helping [...]
Continue reading about Article in Utah Business Magazine on Utah Real Estate Market