Current Market Conditions

With everything that is going on in Washington and New York, many people are asking how this is going to affect them.  Let me first state that Real Estate is local, and the news you hear on TV is national based rather than local based. With that being said, your ability to obtain a loan is affected by what's happening nationally although you can get some loans  locally. With the government taking over Fannie Mae and Freddie Mac, they insured that people will still be able to get home loans, and it actually helped interest rates drop quite a bit. Some of the other firms and banks that you've heard in the news that are having troubles on Wall Street really haven't been giving loans to people because they have been so worried about their balance sheets, that it shouldn't affect most people unless you own stock in some of these companies. One of the other actions that the government has done is they passed a new housing bill which gives first time home buyers or someone that hasn't owned a home in the last 3 years are usually eligible for a $7,500 Tax Credit.

The Real Estate market here in Utah is doing well, there are a couple of areas that have been hit with foreclosures but for the most part Utah is doing great compared to the rest of the nation. There are also some great deals on homes out there right now. 

Did you know that Salt Lake City ranks number 6 on Forbes.com for future growth and appreciation?

Forbes stated these reason for putting Salt Lake City Number 6:

Housing starts in 2008: -40%

Housing starts 2009 increase: 9%

Single Family Increase: 1.8%

Multi-Family Increase: 29.1%

Job Growth 07: 4%

Average Job Growth 2008 - 2012: 2.4%