As of today, the Utah housing market does not look promising with its housing shortage of 44,500 units. Should you keep trying to get into a home?
Ace Allack of People’s Home Equity, has served as President of Salt Lake Home Builders Association and has insight into what makes our market tick.
Do I still try to get into a home right now?
Fieldstone Homes has homes in all of the hottest areas in our state today. A lot of first time buyers are still getting contracts, but it takes more effort. Getting into a home today will earn a great property and investment. There are no signs of demand changing. When you get in, you will be in a good financial spot for the next ten years.
Utah is number one out of all fifty states in the last decade for population growth. Combined with the greatest home buying generation of all time, Gen Y, there is a collision of supply and demand. The data says there is no sign of a crash.
Everyone has the housing market crash 2008-2009 in mind. Last time a recession like that happened was The Great Depression. Statistically, it won’t happen again in our life time.
The best time to buy a home was 40 years ago; if you missed that, the best time is now! You’ll have to make quite a few offers and you’ll most likely have to earn it, but it will pay off in the next 10 years.
Utah’s Top Three Thriving Locations:
- Park City – restaurants, recreation, and clear air. This are also has a lot of outskirts or suburban areas. Inventory in Park City proper is the lowest its been in 25 years
- Southern Utah – from Payson down to Spanish Fork, 15 minutes from downtown Provo, recreation, and good inventory
- Silicon Slopes – Northern Utah County/Lehi, lot of jobs, a couple billionaire dollar companies, restaurants, new public and charter schools within minutes.
You can get more information on mortgage loan options at PeoplesHomeEquity.com.
You can find inventory in all these locations at FieldstoneHomes.com