I work in the Salt Lake area as well as north in Weber and Davis counties. My advice is this. If you are long term you will be fine, if you are looking to 'flip' which around here is regarded as a dirty word by the title companies. You have kind of missed the boat. right now is not a good time for 'retailing' properties. Two factors cause this, one that values will soon start correcting in Utah as we are always on the tail end of every cycle. Others go up and we wait, then when they have been going up or have flattened out we start up, then we slowly follow them on the way down too. Its a delayed reaction market.
The other reason is that credit is very tight right now, so there is going to be a fight for buyers soon. Im sure after all the fears iron out relaxed guidelines will come back but for now you need great credit and down payments like it was pre Y2K. They have gone back to more conservative lending practices. Which overall i see everything as a good thing, but its going to be tight for a bit.
Inventory is about to be very high, in fact it already is high. Of course the Realtors wont tell yo u that, their commercials are all sunny happy people cause they love to tell everyone 'every thing's fine' so people keep buying. Its not though. Its turned in the last 30 days to a buyers market. Stuff is sitting on the market for 90+ days, and new houses are coming on every day.
If you would like to discuss long term strategies feel free to give me a call. Im happy to answer any questions you have. Ive been investing and doing Loss Mitigation in the North Utah area since 1997.
|