Salt Lake City Real Estate News

Price is Key in the Salt Lake market

2008-08-08T09:08:00.000-07:00

I cannot stress this enough. For those who are trying to sell their home in the Salt Lake area, you need to set the price right. Now what does that mean. I means setting it to where you are the most attractive price in your neighborhood. It doesnt mean give it away but you have to be aggressive. The homes with the best interior, location, etc and are priced right will sell in 30 days. The rest of you will be left to compete against everyone else in the nieghborhood.

Clean it up, make it look great and listen to your Real Estate Professional and it will sell. This is not the market to try and test the market.

Market News For Salt Lake City June 2008

2008-06-19T21:44:00.000-07:00

While the rest of the nation continues to struggle with the real estate market, Salt Lake continues to move forward. The local market in Salt Lake seems to be healthier than the rest of the country. The truth is that our market is still moving. There is alot of inventory out there but if your home is price right then it will sell.

One of the reasons for the positive market is the strong job growth. We are still one of the leaders in the country in job growth. The Governor and Satl Lake's City council understand the importance of job growth and have incentivized many companies to come to Salt Lake.

Right now the average time on the market is over 138 days. But many areas are less than 100 days. Still very positive right?

For more information send me an email at scott@greatscottutah.com

Salt Lake's Market is beating the odds!

2008-01-08T09:20:00.000-08:00

Recently I have been hearing alot about how bad the national real estate market is. And YES some of our western markets are hurting but Salt Lake is still healthy. One of the main reasons is Salt Lake's Job Growth. Last Year Utah added 52,500 new jobs which accounted for 5% of all of the nations' jobs. Salt Lake also has an unemployment rate of 2.8% verses the national average of 4.3% Salt Lake also has an affordable price with an average sales price of $227,570. This price compared to Seattle, Portland, and Las Vegas is very affordable.

If you or anyone is thinking about buying or selling in the Salt Lake market, feel free to contact me and I'd be happy to provide you with some additional information.

Big Growth expected in Utah!

2006-05-02T16:33:00.000-07:00

Reports came out today saying that Salt Lakes economy will be growing in the next couple of months. Salt Lake has had great job growth in 2005 and in the first quarter of 2006. Salt Lake added over 6000 jobs in the first quarter alone. Salt Lake is expecting 7,000 more jobs in the second quarter. This also is compiled with rising property values. For 2006, the real estate market increased over 14% in Salt Lake City. That is huge! For more information, please call or email me.

Out of State buyers gobbling up Utah Real Estate

2006-04-07T07:01:00.000-07:00

According to a recent poll, nearly 28% of homes were bought as second homes. That is a staggering amount. Many of the Utah buyers are attracted to the affordable Utah real estate prices compared to other Western cities.

"I have seen a big increase in out of state buyers. In Park City or St. George many people from other states buy vacation homes. In Salt Lake, many buyers are buying homes for rental investment." Jim Bringhurst-SLC Board of Realtors.

Salt Lake Real Estate Market Still Strong!

2006-03-15T07:57:00.000-08:00

2005 was a banner year for us with 12.3% appreciation in the Salt Lake market and 2006 is starting out just as strong. The Salt Lake Real Estate has been moving in a positive direction. 2005 really set the stage for 2006 and it is not slowing down. Homes in Salt Lake are still selling fast with multiple offers and there is no sign that it is slowing down. For more stats on a particular area feel free to contact me.

Salt Lake Real Estate is Strong Due to Job Growth

2006-02-15T11:52:00.000-08:00

The Salt Lake Real Estate market has improved in 2005 and is heating up in 2006. Properties are selling quickly and are now seeing multiple offer situations. Demand is strong especially for the Sugarhouse, Avenues, and Park City. Much of the demand is coming from Utahs job growth. In 2005, Utah and the Salt Lake Valley were 5th in the nation creating over 52,000 jobs. Here is just an exert from the Salt Lake Tribune article. For those interested, email me and I will fax or email you the entire article.

"The 4.8 percent increase in January is well above Utah's job growth of 3.6 percent just one year ago and much higher than the national average of 1.6 percent. Knold said the state's strong job growth is making it easier for unemployed Utahns to quickly find a job that fits their education and training. During the height of Utah's recession in recent years, many Utahns who were laid off struggled to find work at similar skill and pay levels, leaving many people under-employed. "It's a job-seekers market now," Knold said.

Good Time to Invest...Vacancy Rates are LOW!

2006-01-30T09:47:00.000-08:00

For all of you investors out there, now is a great time to look at investment property. Right now, vacancy rates are at an all time low of 6.5%. This is down from last year. Predictions are that vacancy rates will continue to fall with property values increasing and possible interest rates rising. For a copy of the article call or email me.

"Declining vacancy rates also have fueled investment in multifamily properties, such as apartments, duplexes and fourplexes, said David Svikhart, adviser with Sperry Van Ness Commercial Real Estate Advisors in Salt Lake City. "This is a very attractive market right now for apartment investment," he said. Indeed, a record $400 million worth of apartments having 10 or more units were sold along the Wasatch Front in 2005, up from about $350 million in 2004, EquiMark reported. The selling prices of apartments have risen dramatically, too. Even a predicted increase in apartment construction probably won't raise vacancy rates much, Millburn noted." from the Salt Lake Tribune.

First Time home buyers...be careful of Interest Only Loans.

2006-01-26T12:19:00.000-08:00

Utah ranks 10th in the nation with interest only loans. These loans can be great for an investor but for a first time homebuyer they can be very tricky. They are very attractive in that they have a lower payment but the payment does not pay down the principle. The rise in the popularity of interest-only loans prompted the Fed to issue a warning to banks in December "that the loans pose a real risk to the nation's financial system."

4th Quarter up 12.4% Appreciation

2006-01-26T12:13:00.000-08:00

Real Estate values along the Wasatch Front were up for the fourth quarter this year. For the year, all of our quarters were up double digit numbers. If you would like to know about a specific areas appreciation, email me and I can email you the areas information. Thanks Scott

Utah Job Growth beats National Average!

2006-01-18T15:48:00.000-08:00

44,000 new jobs were created in the Beehive state for 2005. Our jobs growth was over 3% when the national average was 1.5%. This is great for our real estate market. More jobs mean more buyers for our market. Here is a brief text from the Salt Lake Tribune article. If you would like to see the full article...Email me and I will get you a copy.

"Utah's job growth rate continued to accelerate in December, closing out 2005 at one of the fastest paces in the nation. Utah spawned 44,000 jobs in the past year - a growth rate of 3.9 percent from Dec. 2004 to Dec. 2005, according to the Utah Department of Workforce Services. Nationally, job growth was 1.5 percent in the same period. The influx of new jobs cut Utah's unemployment rate in December to 3.8 percent, down from 5 percent in Dec. 2004. The national unemployment rate last month was 4.9 percent. "We're in a strong growth cycle," said DWS economist Austin Sargent. "We are seeing growth in both the high-wage and low-wage areas. That's really good for Utah."

2006 Real Estate Outlook for Salt Lake very STRONG!

2006-01-13T08:42:00.000-08:00

2006 is looking to be a great year for Utah's economy. Strong job growth and home demand are the two factors driving our states economy. The real estate market has really turned around. In just two years, we went from 50th in appreciation to now 22nd in the nation. And home prices are predicted to be in the top 15 percent for the next year. It has really been interesting to see last year to a couple of years ago. Our market has changed to where you can't wait a few days for to look at a property. Many properties are moving within a day and also there is a strong possibility multiple offers. It has been a great year and 2006 should be just as strong. For more information look at

Utah's Growth...Dead last to middle of the road!

2005-12-05T08:59:00.000-08:00

Two years ago, Utah's appreciation was ranked dead last and now we have moved up to 22nd in the nation. We are just behind the national average with a growth of 11.1%. Strong job growth and low interest rates are the main reasons for the great appreciation. And the outlook still remains strong. Utah still has room to grow and should have moderate to strong appreciation in the years to come. For more information.... Have a great holiday. If you want anymore information on the Salt Lake or Park City markets please email or call me.

Home Sales Drop!

2005-11-29T09:17:00.000-08:00

Home sales declined 2.7% for the month of October. This could be a sign that the "hot" housing market is starting to slow. Normally, Thanksgiving to Christmas is the slowest time of the year but it looks like October had a slower month. Along the Wasatch Front, home sales and time on market has gotten back to normal. Things are not SLOW but they have calmed down a bit from the crazy summer. For more information check out

Market Update!

2005-11-16T09:00:00.000-08:00

Here in the Salt Lake Valley we have had tremendous growth in the real estate market. All throughout the valley we were seeing properties sell with multiple offers on it and sometimes going for higher than asking price but things have started to settle down a bit. We are still in a very strong market but we are seeing a lot of people "waiting until after the holidays." This means that sellers are not seeing as many buyers come through and this should continue until after Christmas. But for those buyers who are out looking right now, most of them are real and very strong. Many of them need to be here prior to Christmas therefore there might be great opportunities for both buyers and sellers.

Utah is Growing in many ways!

2005-11-16T08:48:00.000-08:00

Utah's economy and birthrate are on the rise. We have seen growth in many areas from real estate to job growth and now birth rates. We added 40,000 new people in the state this year which is higher than the national average. All is all Utah is a great state and people want to be here. For more info check out.

Salt Lake Home Prices up 12.8% over last year!

2005-10-21T10:07:00.000-07:00

Prices are up and homes are moving faster! Home prices are up 12.8% over last year which is the highest increase in many years. Sugarhouse, Avenues and Federal Heights are and have been the hottest areas. But many areas throughout the valley have seen double digit growth. For more information check out http://sltrib.com/business/ci_3137314

Utah an exception to the Real Estate Bubble!

2005-10-19T10:56:00.000-07:00

Utahns face little risk of plummeting real estate prices or "bubble". In recent months, Utah has had strong growth over last year but this is less than surrounding states. Our 9.1% increase is less than the national average of 13.4%. There is still room for strong appreciation in Utah. Being that we are increasing at a slower rate than other states, we will be less affected by the bubble. Check out http://sltrib.com/ci_3129714 for more information.

SALT LAKE'S MARKET IS NO LONGER IN LAST PLACE!

2005-09-21T09:37:00.000-07:00

Last year, Salt Lake City was ranked dead last in real estate appreciation. At the time, many economists felt that the property values were undervalued. Well that news caught the attention of many. Our market has been booming for the last 6 months. And because of the strong interest from out of state investors, we are now ranked 31st in the nation. Our average sales price went from $184,00o to $204,000. For more information look at http://www.realtor.org/rmodaily.nsf/pages/News2005091905?OpenDocument.

Foreclosure Rate down in Utah!

2005-09-16T07:55:00.000-07:00

New reports came out today that the number of foreclosures in Utah reduced last quarter. Traditionally we have been amongst the nations highest in foreclosure but due to our strong job growth, lower interest rates and stable real estate market. All of these indicators point to Utah still being a solid investment. For more info check out http://sltrib.com/business/ci_3033784.

September Market Update!

2005-09-13T13:48:00.000-07:00

In the last couple of weeks, we have seen the market start to slow down a bit. The amount of new inventory has reduced mostly due to the beginning of the school year. Every year we see a slow down but in a few weeks we should continue the active market as we have seen in the past months. The market is still seeing multiple offer situations in the hot areas (Avenues, Sugarhouse, and Cottonwood Heights.) But all areas have been very strong with sales happening very fast entire valley has felt it. So bottom line, no matter where you are buying be READY!

Park City is also seeing a slow down. A couple of months ago, everything was moving within the first two days. Now owners are getting frustrated when their home hasn't sold in first 7 days. Don't worry...It will happen. Park City will also see their seasonal shift from homes sales to condo sales. During the summer, the home sales drive the market but once the snow starts their is also more activity for ski condos. Watch for this...It happens every year. Park City is still very strong. I just closed on a condo in Jeremy Ranch where it is appreciating 6-9% a MONTH.

In a couple of weeks we will also see our quarterly numbers. Keep an eye out for that.

Job Growth Still Strong for Utah

2005-08-02T08:26:00.000-07:00

Our real estate market is continuing to be strong partly due to our strong job growth. This year we have added over 25,000 job for 2005. Here is more on the latest articlehttp://sltrib.com/business/ci_2906955

Local Real Estate Figures Look Good!

2005-07-06T09:19:00.000-07:00

Here are some recent figures that came out from our Local Multiple Listing Service. April 2005 saw an average sales price of $199,382 with an average of 48 days on the market; compared to April 2004 with an average sales price of $184, 819 and 57 days on the market. More to come soon.

Investors...Why is Salt Lake so attractive?

2005-07-05T18:45:00.000-07:00

In recent months we have seen a great number of out of town investors coming into the Salt Lake Real Estate Market. Why...A couple of reasons. 1) Interest rates are still low. 2) Our prices are lower compared to other cities. Salt Lake has many areas where an investor can purchase a property with 10 or 20% down and have positive cash flow. Other cities have priced themselves out of the market where an investor might need 30 - 40% down to make an investment cash flow positive. 3)We are growing-last month Utah was 5th in the nation for job growth. 4) Easy to get to...No matter where you are we are only a flight or two away.

Is Salt Lake's Real Estate Bubble about to Burst?

2005-06-28T21:10:00.000-07:00

In the last few quarters, Salt Lake has seen fantastic growth in the real estate market. Some areas are seeing consecutive double digit increases. Now some people are starting to talk about a bubble and when is it going to burst. Well from this agents point of view, I don't think it is going to happen. For the past 4 years we have only seen very little growth (2-5%) on average. And now with all of our recent job growth and national exposure (Winter Olympics) we have started to see great demand for Salt Lake Real Estate.

I don't consider this a bubble but rather a sign of things to come. With more and more demand for this area and with less and less land to develop, the resale market is only going to get stronger.