So far this year, 85% of the clients I have worked with, have been Buyers.
All of them learned the market and then found the home or condo that they were looking for in the area that they wanted to live. A couple of the Salt Lake homes and condos were unique properties that are hard to come by.
All of the clients got a fair deal on the home they chose. A few of the clients got a great deal and went into their new Salt Lake home or condo with instant equity. One client in particular went in with 20% equity if you compare the purchase price to appraisal. Those deals aren’t easy to come by, especially on a dream home like this client bought.
All of the clients got an amazing interest rate. Rates have been between 4.5% and 5.5% for most of the year.
All of the first time home buyers are getting a tax credit of $8,000.
History shows that the price of Salt Lake real estate goes up and down. We’ve been going down for over 2 years now and eventually it will go back up.
History also shows that interest rates go up and down and right now they are very low.
One last thing I want to mention. I was in a seminar last week and one of the big Utah home builders announced that they are going from 19 housing subdivisions in Utah to 40 by the first quarter of 2010. They also said they are downsizing their homes, which makes sense. I asked them who their economist is and they weren’t forthcoming with that information, but it made me think.
If you plan on spending the next 5 to 7 years in Salt Lake, you might want to start thinking about buying Salt Lake City real estate while it’s still a Buyer’s market and rates are low.
If you already own a home, the gap in price between the home you own and the home you dream about is smaller than it was a couple years ago.
If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me. I’ve been a Salt Lake City realtor for over 10 years and the majority of my clients are Buyers of homes and condos in Salt Lake.
Kevin Coyle
Associate Broker, MBA
Stonebrook Real Estate
Mobile: 801-243-0699
Office: 801-466-8977
