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Utah Leads Nation in Price Appreciation (STILL!)

By
Real Estate Agent with Homebuyer Representation, Inc. DRE# 5467433

The Office of Federal Housing Enterprise Oversight has issued the report we have all been waiting for...

Utah still leads the nation in home-price appreciation!

utah greatest appreciation rate in 2007

Of course, these reports are a little behind the times and I wouldn't expect anyone to believe that homes appreciated at 9.7% for January or February. I'm still sticking to a more modest 2-2.5% (Well below what was predicted!)

Percent Change in House Prices(Images from OFHEO's report)

I would suggest that part of the most recent drop in the appreciation rate in Utah is due to the fewer homes selling in the $600,000 + price range due to the increased difficulty and or cost in obtaining mortgages over $417,000.

The good thing is that many people buying homes under $400,000 are still able to get loans with good interest rates. There is also an oversupply of homes on the market right now (in all price ranges) which makes it a better time to buy a home because you have many more choices and a better opportunity to win in negotiations as a Buyer.

If you are thinking about buying a home in the Salt Lake area, make sure you get an agent on YOUR side.

Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Areas. We do not list any homes. We never represent Sellers. We work for BUYERS ONLY on the Buyer's side of the transaction.

We work to get BUYERS the Best Price and Terms when they Buy... 

We're "Real Estate Agents who Represent the Home Buyer" TMreal estate agents on the buyers side

If you have excellent credit and are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 30-60 days, call us at (801) 969-8989 or contact us via the link on this page.

 

©2008 Homebuyer Representation, Inc. All Rights Reserved

 

Comments (4)

Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Ben

Even with the market appreciating by you, have you noticed a large slow down, or a pattern of it developing more consistently?

Sincerely

Tom Braatz

Feb 26, 2008 04:36 PM
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert
Tom, Business is picking up steadily. I'm about at my client load-limit right now. Thanks!
Feb 26, 2008 04:45 PM
Rich Quigley
Chicago, IL
Benjamin-That's great that business is picking up. There are some positive indications here in Illinois. What is driving the market in Utah? I don't know much about the state. Is it a vacation (second home) destination or are businesses locating in Utah?
Feb 27, 2008 12:45 AM
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Rich,

  • Businesses relocating here
  • Jobs
  • Rising Rents
  • Extremely low vacancy rates
  • More 20-30 year-olds to fuel the real estate cycle
  • Other factors that benefit every state - low interest rates, etc.
Feb 27, 2008 01:15 AM