Wednesday, August 27, 2008

UTAH HOME APPRECIATION IS LOSING STEAM-sltrib

I love the media. They never stop showing us how uneducated they are. Losing steam? Apparently, no one at the trib has sold a home in the last year and a half.

Utah home appreciation, in the year ending June 30 2008, fell to 1.9%. This is actually DEPRECIATION due to inflation. If inflation last year was 3%, do the math... we didn't even keep up. In fact, only Oklahoma, Wyoming, SD, NC, and ND beat inflation.

What does this mean? Honestly? There has NEVER been a better time to buy a house in the last 30 years. Old timer agents are comparing this to the drought of the late 70s early 80s when rates were 15%. Those who buy a home now will have purchased in the best buyer's market in over 2 decades.

Homes are still selling. In fact, homes priced right are receiving multiple offers. All real estate is local. While California is giving homes away for free, no wait, actually paying you to take their home, areas in Utah are seeing good gains. New construction has taken the worst hit. Homes priced 150-400 are still seeing good growth. It's the mega homes that are getting smashed.

My best advice? Buy now, sell later.

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