Homes Selling in Logan, Brigham City, Cache Valley and Southern Idaho.
This is the type of Real Estate market that in two years everyone will say, "I wish I had bought then." According to Mark Zandi of Moody'sEconomy.com, the decline in house prices has been significant enough that the average Americans have the means to buy, but are still faced with the decision about whether renting is the best option. Housing in Logan, Tremonton, Brigham City, and Southern Idaho is already at an affordable point.
The recent drop in house prices and the rise in the price to rent will bring buyers back into the market.
The reduction in unsold housing inventory is going to take a little time but we have already begun, with the help of many builders, to reduce the number of homes being built. There is a continuous demand in most markets. People graduate, get better jobs, get married, get divorced, have children, upgrade, downsize, are among dozens of reasons that buyers come into the market. These events continue to occur. Buyers have slowed over the past two years, but the reduced prices and lower interest rates, will bring these buyers to the table.
Financing: Interest rates are already starting to fall with the help of the nationalization of Fannie Mae and Freddie Mac. FHA loans are up more than 20%. One result of this will be more young buyers, and first time home buyers who have been waiting for the right time to finally move into the market. Northern Utah and Southern Idaho's job growth has stayed very positive and continues to attract businesses and residents.
FIRST TIME BUYERS THIS IS YOUR TIME! The federal government is still offering a $7500 tax credit if you buy before the summer of 2009.
INVESTORS! The market is soft. Do your investment analysis; look at occupancy and vacancy rates. With more challenging underwriting standards, and only people who need to sell putting their property on the market, this creates the opportunity all investors are looking for, Buy Low!
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