Tier One Real Estate

All the signs are there for continued improvement in the economy as well as housing markets. It will be a year over year improvement that we can expect to see markets balancing the past few years, two of the country's top economists told REALTORS this week.
By the end of this year, practitioners should see 5.4 million existing-home sales and home price growth of up to 3 percent, said NAR Chief Economist Lawrence Yun.
Already many markets are seeing home price increases, including San Diego, where prices are up some 16 percent. Orange County, Calif., and Boston are two other strong areas, with price increases of 10 percent to 12 percent, Yun said. Salt Lake City is showing a 3% increase in sales from this time last year as well as housing prices stabilizing from a downward trend.

Did the Tax Credit Make a Difference?
The federal home buyer tax credit has been essential for getting buyers back into the market, stabilizing inventories, and shoring up prices, Yun said. He estimated that the credit -- which is available to buyers who had properties under contract by April 30 and who close on their sale by June 30 -- brought more than 4 million households into the market since it was enacted about two years ago. That includes about 1 million who otherwise wouldn't have bought.
More fundamental to the improving housing picture is the increasing strength of the economy, which is on track to expand by 3.1 percent this year after shrinking 2.5 percent last year, Yun said.
With inflation tame and interest rates low, businesses are enjoying robust profitability and their balance sheets are in the best position they've been in for years, said Mike Zandi, chief economist for Moody's Economy.com. That's helping with employment, which about two months ago turned positive for the first time since the economic crisis began and is now seeing about 125,000 net jobs added per month, he said.

What Does This Mean for the Utah Seller/Buyer?

The bottom line for the Utah real estate market is stable. There are opportunities at every corner and it is the ability to arm yourself with information and expertise that will play a vital role in your success. Work with an agent that has confidence and insight that knows how to price VALUE. Whether you are looking for a long term plan or just entering into the buyer's market you must work with an established agent and team to assist you in making those critical decisions. With my tools and team to work with whatever questions or scenarios you have, I am always available.