Utah Real Estate Market is Healthy
"Mortgage loans are difficult to get." "New housing starts are at their lowest levels since the early 1990s." You have probably heard these and other doom and gloom stories from the national media regarding the housing market. This is not so in Utah.
The Utah real estate market is stable, and buying a home here is an excellent long-term investment for several reasons:
Utah has demand for homes - In 2007, Utah had record population growth of nearly 85,000 people, which translates into about 25,000 to 30,000 new households. With the state expected to add another 84,000 people to the population in 2008, this growth is forecasted to continue into next year and beyond.
Utahns are employed - About 52,500 new jobs were created in Utah over the past year, and wages have been growing between 5 and 10 percent. Utah unemployment has averaged about 2.6 percent over the past year, nearly half the U.S. average of 4.6 percent.
Affordable loans are available - Mortgage interest rates are at historic lows, hovering around 6 percent. Conventional financing is readily available for qualified borrowers, and FHA loans are becoming popular for those with less-than-perfect credit. Even jumbo loan rates are edging downward.
The Utah market is healthy. Utah home appreciation continues to outperform that of any other state in the country. With home prices increasing 12.9 percent over the past year, compared to the national increase of 1.8 percent during the same period, Utah has consistently led the U.S. in home price gains.
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