Salt Lake City Utah Real Estate Market -

Is now a good time to buy?

With all the uncertainty in the Salt Lake City, UT housing market, buyers have been staying away in droves.  

While the reaction is understandable, it's not necessarily smart.  Some buyers should be taking advantage of the situation - not sitting on the sidelines and waiting for prices to fall even more.  If you have good credit, a plan to stay in the new home for a few years and your dream home is in your sights, now may be the perfect time to snap it up.

 Analysts predict we'll see the Salt Lake City Utah real estate market begin to improve by late 2009 so if you plan to own your property for more than five years, you should see steady appreciation.  Right now you have a tremendous amount of selection on your side.  We're seeing home owners who are far more negotiable both in price and concessions than they were a year ago.  Unlike the Salt Lake market of the past couple of years, now you can take your time finding the right home and researching the market before writing an offer. 

 Want to move up but are worried about selling your home in this market?  The down market does make selling your home more challenging, but if you are moving up, chances are the market you're shopping in is softer than the market you're selling in.  With the right plan, your purchase will more than make up for any concessions you have to make on the sale of your home. 

 The mortgage industry has had some huge turmoil in the past year.  Lending standards have gotten much tougher, and some mortgage programs have gone away.  But in other ways the mortgage industry has evolved, and interest rates remain very low which creates some nice opportunities for buyers with good credit and some money for a down payment.   If you're a first time home buyer, you could still qualify for a state assisted 100% Utah Housing loan. 

Although we see some great opportunities in this market, there are some caveats.  If you aren't planning on owning a home for at least 3-5 years, now is probably not the market for you.  If you have poor credit or not much money for a down payment, mortgage standards will be challenging but there may be options.  Finally, the slow market will have a bigger and more lasting impact on some parts of the valley than others, so you'll want to take that into consideration when looking. 

 So in summary, if you're considering buying a home, now may be a great time to start searching the Salt Lake City, Utah real estate market.  You'll have a lot to choose from, you'll have a lot more leverage with the home owner to negotiate on price, repairs and concessions, and you'll be able to lock in a great interest rate. 

To get started and learn more about your options, please visit this great Salt Lake City, UT Real Estate Website.