housing: Salt Lake Real Estate Housing Update Spring 2018 - 04/17/18 12:18 PM
Is the Salt Lake Real Estate Market in a bubble?
What is the housing outlook and forecast?
What's going on with mortgage interest rates and why?
Are homes still affordable?
Text me at 801-999-8889 for a free report that answers these questions and much more.
Factors affecting the Salt Lake Housing market this spring include:
Significantly tighter lending standards are keeping prices in check Demand for housing remains robust Interest rates have to be raised Employment figures Not enough new homes Not enough homes for sale on any given day There are more Millennials than any other group looking for housing Home affordability Condos & Townhome … (3 comments)

housing: 2012 Salt Lake Housing Forecast Report - 01/18/12 07:34 AM

I attended the 2012 Salt Lake Housing Forecast Meeting this morning. The two presenters this year were Eric Belsky, Managing Director of the Joint Center for Housing Studies at Harvard University and James Wood, director of the University of Utah’s Bureau of Economic and Business Research. While Mr. Wood's remarks were pointedly local, Mr. Belsky's report covered the state of the housing market nationally, with concluding remarks to show where Utah stacks up among the states.
The expectations? Cautiously and realistically optimistic. Realistically meaning that while there were no bold statements of certain recovery, the outlook is that things are … (0 comments)

housing: 2012 Salt Lake Housing Forecast - 01/06/12 07:18 AM
I'm looking forward to the 2012 Salt Lake Housing Forecast Breakfast on Wednesday, January 18th. Eric Belsky, Director of the Joint Center for Housing Studies at Harvard University will present on the key factors crucial to supporting a housing and economic recovery in Utah and the nation.
James Wood, Director of the University of Utah's Bureau of Economic and Business Research will also be presenting the 2012 Salt Lake housing forecast.
In addition to being informative, these forecast meetings are really fun to go to. Given that the presentation is given to 500 Realtors, you know the "spin" on the data … (0 comments)

housing: Salt Lake Among Healthiest Housing Markets in the United States - 11/22/11 02:57 PM
Builder Magazine ranks Salt Lake City, Utah as having the third healthiest housing market in the U.S.
Good things happening in the Salt Lake City metropolitain area:
Income growth next year is expected to be one of the best in the country. Job growth this year was 2nd best in the country. (Over 35,000 new jobs last year) Population continues to grow. New companies in a variety of sectors keep moving to town. We have some great colleges, universities and tech colleges in the area. Residential building permits are up 16% (Salt Lake REALTOR Magazine, Nov 2011) Residential home prices are … (2 comments)

housing: Utah Housing and Mortgage Trends Compared to Other States - 10/26/11 07:26 AM
U.S. Housing and Mortgage Trends
(Source: October 2011 report by CoreLogic)
The homeownership rate is down... almost 10% compared to the homeownership rate in 1980. The median household income is down... (lowest level since 1996) Both renters and owners are spending a greater percentage of their income on housing costs (over 1/3 of their income for both groups. Renters are generally paying 5.2% more of their household income toward housing expenditures than homeowners. 66% of foreclosed properties became REO, i.e. Real Estate Owned ("bank owned") More investors are skipping the foreclosure auction in favor of buying the REO homes directly from the bank. Sales … (0 comments)

housing: Salt Lake City Utah Population Explosion Predicted - 11/20/08 04:41 PM
The Salt Lake City Board of Realtors published a press release on November 13, 2008 suggesting that the population of the Wasatch Front (Salt Lake Included) is expected to double by the year 2040.
The prognosis was made by Arthur C. Nelson, presidential professor of city and metropolitan planning at the University of Utah.
He suggests that the population of the United States will grow faster than any other nation during that time other than India or Pakistan.
By 2040 the population along the Wasatch Front is predicted to reach 4.2 Million as compared to approximately 2 million people today.
The full article can be … (4 comments)

housing: The Great Housing Bust of 2008 - 10/02/08 10:28 AM
Harry Dent predicted our current situation when he showed that a slowdown in the birthrate 25-35 years ago would lead to fewer people entering the housing market to buy homes. It is those new buyers who fuel the growth of the rest of the residential real estate market.
If you look at the following graphic and imagine the following scenarios, you can see how the cycle speeds up or slows down. (We'll scale down the numbers to make them conceivable)

Imagine a "normal" or traditional sum of about 10,000 first time buyers entering the market yearly. (Remember, we scaled this … (7 comments)

housing: Salt Lake City, Utah Job Market Among the Most Healthy in the Nation - 10/02/08 09:22 AM
The latest Conference Board Press Release (Dated October 1, 2008) shows some areas of the country where the number of available jobs exceeds the number of unemployed. One of those cities (the one at the top!) is Salt Lake City, Utah.
The Conference Board reports that "35 of [the] top 52 Metro areas post over-the-year declines in job demand." Those living in the Salt Lake City area have a lot to be greatful for. The real estate "boom" here started late and ended early when consumers saw surrounding areas starting to bust. Home values have held fairly flat, which is pretty … (4 comments)

housing: What You May Not Hear About The Housing And Economic Recovery Act of 2008 - 07/30/08 11:47 AM
The Housing and Economic Recovery Act of 2008 was signed today and that could mean you or someone you know may qualify for up to a $7,500 Refundable Tax Credit.
But...
Be Informed
There are some strings attached to this tax credit that you may not be aware of:
(Click here for A simple overview of how the $7,500 Refundable Tax Credit for first time homebuyers works)
1. First, the biggie: You may have to pay this tax credit back!
I can hear you saying, "What!?"
Let me explain:
Think of the Refundable Tax Credit as a 0% loan from the … (3 comments)

housing: The Housing and Economic Recovery Act of 2008 - How First Time Home Buyers can get a $7,500 Refundable Tax Credit - 07/30/08 11:44 AM
The Housing and Economic Recovery Act of 2008 was signed today and that could mean you or someone you know may qualify for up to a $7,500 Refundable Tax Credit.
A simple overview of how it works
You are eligible if:
You are a first time home buyer (meaning neither you nor your spouse has owned a principal residence (home, townhouse, condo, etc.) in the last 3 years.
You purchase(d) a home "on or after April 9, 2008, and before July 1, 2009".
Your Modified Adjusted Gross Income is less than $150,000 (for married taxpayers) or less than $75,000 (for single … (0 comments)

housing: Salt Lake City is a Perfect Example - 02/01/08 04:37 AM
This snippet is from a recent Forbes.com article on rent affordability. What caught my eye was the phrase I bolded and underlined below.
"Behind The Numbers When people move to an area, they often do so because of a job. That's why migration figures and job growth are invariably intertwined. As an expanding local economy lifts salaries, housing prices grow because buyers have the money to pay for better properties. Salt Lake City is a perfect example. (emphasis added) The metro's high job-growth rate has resulted in huge in-migration and a housing market where prices grew by double-digit percentages last year.
But … (0 comments)

housing: The Benefits of Being Late to the Housing Boom Party - 12/12/07 07:20 PM
The market in Salt Lake is certainly slowing down, but for all our sakes, that is a good thing. Last year's appreciation rates of 20-25% were great for all homeowners and created a bit of a buying-frenzy that had many buyers involved in multiple-offer transactions and many Builders and Sellers seemed to be raising list prices on a weekly basis. Those days are gone, but those who own homes and those who are considering a home purchase should be welcoming the current slowdown in the market because it is this very slowdown that will protect your investment.
Being late to the housing … (3 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

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