Utah housing market ripe with opportunity

Published: Wednesday, Sept. 7 2011 6:12 p.m. MDT

Overall, the current Utah housing market seems to be more of a buyers market than was the case a few years ago.

The number of homes sold statewide and the median price paid for them has declined significantly since 2007, according to data from the Utah Association of Realtors.  

Sales fell 3.4 percent from 2009 to last year, while the median sales prices dropped just over 5 percent during the same period. This year, prices have fallen almost 8 percent from January to July, while the number of homes sold has decreased 1.6 percent.

Veteran Realtor David Seiler with ReMax Associates said prices will likely continue to fall as "the market struggles to find its reality" from the artificially high prices of a few years ago.

As the market remained in a state of flux, potential buyers like Davis County resident Amy Pace (and her husband) were on the sidelines trying to decide whether to take the leap into homeownership. Now they are excited to have recently purchased a lot in Layton where they are preparing to build the house of their dreams for their two daughters.

"The reason why we didn't do it a couple of years ago is because we weren't sure where rates were going, and we heard they were going to be dropping," Pace said. "(Now) we're probably going to break ground in about two or three weeks. ... We've got our plans drawn. We're very excited!"

Wykstra said that despite the uncertainty regarding the national economy, Utah's housing market seems to be in a highly desirable position right now due to low interest rates and affordable pricing. She said those who are in a position to make a purchase should take advantage while they can.

“If you have money for a down payment, good credit and a stable income, now is a great time to buy,” Wykstra said.

E-mail: jlee@desnews.com

Get The Deseret News Everywhere

Subscribe

Mobile

RSS