As a consumer I like choices.  I like most of you shop in the large grocery and department stores because I want variety.  Imagine if the next time you went shopping you only had 3 cold cereals to choose from, or if you wanted a new pair of pants you had the choice of navy or khaki.  You may find yourself walking out the door in search of a new store or waiting for new inventory to arrive.

Now let's take that analogy and compare it with shopping for a home.   First of all let's define our "stores" or real estate markets:

First there is the Sellers Market...this is where there are more buyers wanting to buy homes, than there are homes for sell.  Sellers usually get asking price or higher for their homes, and prices steadily increase.

Second there is the Stable Market... this is where there are an equal number of homes for sale and buyers purchasing those homes.  Prices tend to stay somewhat flat or increase modestly.

Third there is the Buyers Market... this is where there are more houses for sale than buyers to buy them.  Prices tend to trend down and stabilize.

Right now in the Salt Lake City area as with most of the nation we have the ultimate "Buyers Market" the choices are near limitless.  Are you looking to buy a home for $200,000 to $250,000?  Currently you have 1374 homes to choose from.  Maybe you would like to move up to a $500,000 to $600,000 home?  You now have 571 homes to choose from.  Salt Lake County currently has 8502 homes for sale with an average of 900 of those homes selling in the next month. 

So I must ask...buyers what are you waiting for?  With more choices than ever and interest rates that are still incredible, why are you not buying?  You may have heard that you can't get a loan.  False, Utah has the highest FHA loan limits in the country; you can purchase a $750,000 home for as little as 3% down.  Unless you have some real credit issues most people can qualify for an FHA loan.  Maybe you are waiting for the price of homes to come down or bottom out, guess what...they have. 

CAN I SAY IT ANY LOUDER...NOW IS THE TIME TO BUY A HOUSE!