In 2010 Utah made high honors on many national rankings:
- #1 “Best States for Business” (Forbes)
- #1 “Most Fiscally Fit State” (Forbes)
- #1 U of U “Research Institution for Startups” (Association of Universtiy Technology Managers)
- #1 “Best Quality of Life” (Business Facilities Magazine)
- #2 “Best Education Climate” (Business Facilities Magazine)
- #5 Salt Lake City “Best cities for the next Decade” (Kiplinger)
- #9 Utah “States that will create more jobs annually through 2015 (IHS Global Insights)
Wow! Utah and Salt Lake City in a postive economic light!
The Salt Lake County real estate market has been declining for over 3 1/2 years and at some point prices will stop dropping and the market will flatten out, but it’s highly doubtful that this will happen in all areas at once. Some price ranges and areas will recover before others due to inventory levels and demand for housing.
I expect the first time buyer to lead the recovery. It’s not rocket science, just simple supply and demand economics. Without first time home buyers, those sellers can’t move up, and so on, and so on.
The areas that will recover first will most likely be those where you can’t build a house without tearing one down, have the highest appeal and are within the price range of many first time home buyers. Established Salt Lake City neighborhoods will most likely leed the recovery.
Interest rates are still very low and have been hovering around 4 3/4% for a 30 year mortgage. It’s a good time to be a Salt Lake City home buyer!
Kevin Coyle REALTOR Principal Broker MBA SLC Homes 801-243-0699 (Phone) Kevin@SLCHomeBuyer.com
