Are the Buyers or Sellers running your market?
I currently work in what I believe is the busiest and strongest real estate market in Utah. The Vernal Utah real estate market is booming. What is causing the real estate boom, especially in a small city located almost 200 miles from the nearest mall or food court? Our main drive is Black Gold, Texas Tea. Step aside Clampet family, this boom is for real! And it is making many millionaires each day. I want to give you a quick view of our market before I get too excited telling you about the many wonderful real estate opportunities in Vernal.
I moved to the Vernal area in the summer of 2003. The city was a stereotypical small town, minimal traffic lights, a handful of fast food restaurants and football games underneath the Friday night lights. We were a quaint community. Oil changed our small town almost overnight. Truck after truck slowly moved oil rigs in, and almost overnight we were a boom town. The Vernal area has experienced many boom and bust cycles and the nation rides the waves of the energy economy. We have seen times of fortune and time of famine. In many cycles of boom and bust the old locals remember how the economy was booming on Wednesday and by Sunday the doors were locked and the jobs were gone. Such is life in a boom town.
So what is different? I have asked myself the same question over and over again. My answer, this boom is private. Private companies are supporting the oil and gas industry in our area. Unlike its predecessor of the 80’s, this boom is fueled by private companies supplying the government and the economy with its most prized resource, oil. In the 1980’s the government had spent millions of dollars researching and producing oil from the vast deposits of oil shale in our region. When the nation faced the turmoil of declining oil prices it was faced with two options. Firstly, continue spending millions of dollars researching the production of oil share or secondly, shut it all down. Unfortunately the latter was the case. Black Friday was a dark and gloomy day for Eastern Utah. Because of the rising oil prices, $140 per barrel, private companies feel safe and secure pulling oil out of our dirt. And that safe feeling has caused our real estate market to explode. Literally thousands of people have moved into our little town almost over night and I don’t blame them. With the declining job market nationwide, it is no wonder why even more people haven’t heard of Vernal Utah. I personally have been able to help 17 families find homes in Vernal this year from the state of Michigan alone. It makes me feel happy that I live and work in an area “underneath the umbrella” shielded from the factors that have plummeted other areas of the nation. The Sellers are still dominating my market. They name their price and they will probably get it. If they are smart they price it at or below market and have multiple offers within the first week. Come to Vernal, the weather is still fine!
If you are thinking of relocating to Vernal, or are interested in a high rate of return investment, email me for more information. firstname.lastname@example.org
You can also log onto my website for a detailed list of all the local homes on the market. www.kyleashworth.com