Real estate is one of the most talked about businesses in the market today. There are some real estate business that had flourished this year and some didn’t gain due to some factors affecting their productivity level. The ongoing implementation of tax credit law for first time home buyers have helped real estate businesses bloom last year until now. Luckily, those first time home buyers really improve the life of real estate in the market considering its minimal factor in the increasing of home sales last year.
Indeed, it is expected that home prices in Salt Lake county will decline this year but the market has just bottomed. Price of homes will start going up by 2010 due to the increasing demand for Utah real estate. Many projections revealed that there will be an improvement in the coming months based from Deseret News which Jim Wood stressed out that “Utah outlook on housing is improving.”
Among these projections are:
Projections on Northern Utah Housing Market for the Future
* A director of the University of Utah’s Bureau of Economic and Business Research, Jim Wood, said that “In Salt Lake County, we’ve probably touched bottom in 2009 and we’re going to see a slight improvement in 2010.” Also, he added, “Salt Lake County home sales this year will show some slight improvement over last year.”
* Home values along the Wasatch Front would continue to decline this year, falling another 3 percent to 5 percent as predicted by Wood.
* In a report, Wood also said that, “This will bring the decline in median sales price of homes in Salt Lake County to 15 percent through 2010.” “By then, the price declines should be over, replaced by stable to slightly improving prices in 2011.
* The demand in the Utah housing market is on the upswing, as is the state’s overall population. “Between 2010 and 2011, we’re going to have to build 100,000 new housing units in Utah to meet the needs of pent-up demand and growth by the end of 2011,” Nelson said.
“The bottom has passed and we are going to be inching up, and 2011 and 2012 are going to be extraordinary years for home building,” they added.
Statistical Preview
* Around 900 new single-family homes were built in Salt Lake County last 2009 and the lowest level since the war years of the 1940s
* During 3rd quarter of 2007, the median housing prices in the Salt Lake metropolitan area peaked at $246,600, dropping just over 11 percent over a two-year period to $218,900.
