I would say that the most common question I am asked these days is whether or not homes in Utah are loosing value. I have maintained that while home sales have slowed, the average sales price is staying pretty much level. I base this upon what I am seeing for my clients, as well as what I have seen on the homes that I own which are for sale. The truth is that it is getting more and more difficult to sell a home right now. Potential buyers are concerned about the direction of the housing market, and the economy isn’t exactly bursting with signs of consumer confidence. In spite of that, home values have not dropped in most of the state.
The Salt Lake Tribune had an article last week that only proves my point. You can read the article here: http://www.sltrib.com/realestate/ci_9033973
Here is a quick summary for you:
- Salt Lake County Home Sales dropped 42% over the past year, but values increased by only 1%
- Davis County Home Sales dropped by 26%, but home values remained unchanged
- Home prices dropped in Tooele County and Utah County
- Weber County saw an increase in prices of nearly 8%, the largest of the counties along the Wasatch Front.
- Experts are now predicting that Utah home values will likely experience slight declines through 2009.
SO WHAT DOES THAT ALL MEAN?
Well, if you are looking for a home you might be able to get a good deal on a new home. Conversely, if you are looking to sell a home you may have to choose between waiting another year or more to sell or simply accepting a lower price for your home.
Personally, I am seeing more home owners preparing to take advantage of the slowing market. I believe that as more people realize the good opportunities in the Utah housing market more people will look to buy newer homes at discounted prices, meaning that we will most likely see a quicker turn around than many would predict.
That’s my two cents!
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