Real Estate Today
Utah Continues to be at the top of the charts when it comes to an improved housing economy. It regularly receives positive recognition for the increase in housing prices and home affordability. The reasons are varied. Among them are the quality of life we have here, our higher educational institutions, the amazing scenery and outdoor activities.
According to CNN Money’s “Best Places to Live” list, Utah had five cities on the list. This gave Utah the highest number of best places along with 12 other states.
Prices are predicted to continue to rise in most cities along the Wasatch Front. According to the Case-Shiller Indexes by the first quarter of 2013 home prices should be up about 8.5 percent in the Ogden-Clearfield area, 5% in the Salt Lake, and about 1% in the Provo-Orem area. Springville and Mapleton are seeing good steady increases as well.
Investors have discovered Utah as one of the prime places to invest in real estate. Beside the reasons already mentioned, we have high affordability, low prices, and a higher share of foreclosure sales. This, along with a higher population growth, an improving unemployment rate, and steady job growth lends itself to higher returns on a real estate investment. Our low total cost of ownership-to-rent ratio is another reason the market here looks “rosy” for investors.
According to Jim Wood, director of the University of Utah’s Bureau of Economic Research, in a recent report he gave to business leaders, he said: “As an investment long-term, buy or rent, I’m on the buy side. It makes sense and there are a lot of advantages to it.” Mortgage payments are less than rent in most cases. It just makes good sense to own your own home.
We have been through a lot of adjustments the last few years, but as Wood says, “It’s a long process, but we’re through the worst of it. The market is going to come back. It is going to be slow. But Utah is going to grow a little faster than the rest of the country.” With all this optimistic news, now is the time to have a home on that Christmas List. Until next week keep smiling. Submit your questions to firstname.lastname@example.org