Salt Lake City is one of 10 recession proof cities

A word to Salt Lake City residents – our city is not doing as bad as the media would like you to believe. We have recently been named one of the country’s top 10 recession proof cities, according to a study done by Forbes.

It is true that our unemployment rates have gone up to 3.1%, but we are still below the national average of 5.1%. And our housing prices rose 2.5% while most of the nation was dropping. The other promising number, according to Forbes, is a 5.5% expected growth percentage in education and health services.

I’ve always thought that it is important to publicize this kind of news in addition to all the bad news swimming around out there. It’s too easy to get caught up in the gloom of the national media, so I make sure to point out good news when I see it.

Salt Lake City residents are in a relatively good position right now. Jobs are still being created, people are buying homes (although there needs to be more of that happening), and health services and education is growing. I know people here are feeling the rise in prices, but it could be a lot worse for our city. I don’t think it will be too many months before we start to come out of this, especially in the Salt Lake housing market.

Tags: Salt Lake City economy, Salt Lake City real estate, Forbes, business, real estate

Utah home sales drop, so does median sales price*

The National Association of REALTORS released a report yesterday that shows Utah homes sales dropping by 33.8%. That is, from fourth quarter 2006 to fourth quarter 2007.

Our median sales price in Utah also dropped 7.13% from 3rd quarter to the 4th quarter of 2007.

What does this mean for our market? Simply that we are in a correction. We are not in market freefall, or panic mode – we are just returning to normal. This return scares a lot of people because they see what has gone on in other states as a preview of what will happen in Utah. I think prices may continue to drop throughout 2008, but I don’t believe that Utah will see it to the same degree as other states have.

I think Dave Mansell of the Utah Association of Realtors is right on when he said in an interview that historically, Utah hasn’t seen the same peaks and valleys that other states have. He said we don’t go up as fast, or fall as fast or as hard, so we are more stable here.

I have the feeling he’ll prove to be right as we see what unfolds in 2008. Additinally, with the passage of the economic stimulus plan that raises the limit on conventional and FHA loans, Utah’s market will benefit by easing the crunch that jumbo loan applicants have felt lately.

I think we’re in a fairly good position in Utah. I can’t predict what will happen this year, but I’m hoping for the best.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in and around South Jordan, Utah. When you need help with either of these, contact me!

Utah’s home sales drop, so does median sales price*

The National Association of REALTORS released a report yesterday that shows Utah homes sales dropping by 33.8%. That is, from fourth quarter 2006 to fourth quarter 2007.

Our median sales price in Utah also dropped 7.13% from 3rd quarter to the 4th quarter of 2007.

What does this mean for our market? Simply that we are in a correction. We are not in market freefall, or panic mode – we are just returning to normal. This return scares a lot of people because they see what has gone on in other states as a preview of what will happen in Utah. I think prices may continue to drop throughout 2008, but I don’t believe that Utah will see it to the same degree as other states have.

I think Dave Mansell of the Utah Association of Realtors is right on when he said in an interview that historically, Utah hasn’t seen the same peaks and valleys that other states have. He said we don’t go up as fast, or fall as fast or as hard, so we are more stable here.

I have the feeling he’ll prove to be right as we see what unfolds in 2008. Additinally, with the passage of the economic stimulus plan that raises the limit on conventional and FHA loans, Utah’s market will benefit by easing the crunch that jumbo loan applicants have felt lately.

I think we’re in a fairly good position in Utah. I can’t predict what will happen this year, but I’m hoping for the best.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in and around South Jordan, Utah. When you need help with either of these, contact me!

Becker wins Salt Lake City mayoral race

Well hopefully everyone got out and voted yesterday. Headlining the papers today is that Ralph Becker won the race for Salt Lake City mayor, well ahead of rival Dave Buhler.Since this is a real estate blog and I am in the real estate profession, I thought I would go back to Ralph Becker’s website and review the plans and visions he has to improve the city in terms of what might be important to real estate. I looked particularly at ‘Neighborhoods’, ‘Downtown’, and ‘Transportation’.

I encourage you to read for yourself, but I think the city will be a better place if he can implement everything that he would like to. We need our capital city to shine so that we can attract more people and improve the quality of life for those who already live here. I like post election time because we can put aside the rivalries and focus on changing the city through positive action. We’re doing ok, but our city could be so much better.

So take a look at your new mayor, re-familiarize yourself with the issues at hand, and take part.