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Replies (4)
- sunnyview
- Contributions:25139
Return to what? Housing prices have to be supported by local employment, lending standards and qualified buyers in the marketplace. The run up on real estate was largely due to speculation and easy to get financing.
Now that has changed and it means that the market will need time to return to fundamental supports before it moves up at all. I do not see a v shaped recovery to bubble values period.
Now that has changed and it means that the market will need time to return to fundamental supports before it moves up at all. I do not see a v shaped recovery to bubble values period.
- chase503
- Contributions:1
Excess supply of foreclosed/short sale properties will continue to place downward pressure on fair market values. Wait until the banks finally shed bad investments and for buyers to have more confidence in the labor market. Could take a while....
- Kim Boekholder, "UtahRelocation"
- Contributions:76
Where are you in Utah County? Some areas were hit a lot harder than others. Some of the homes for sale are short sales and asking price is $50-60/sqft while other areas are around the $100/sqft.
- Steven Bond, "SteveBond"
- Contributions:161
Currently Utah County is seeing a drop in inventory of around 30% and activity of transactions is up close to 30% as well. That split is creating limited inventory options. However, I believe that the backlog of foreclosures and short-sales will continue to keep our market stable and bumping around the same price point for the next couple of years before we see true recovery and appreciation as a whole. Some pocket markets are showing increasing price points and with large tech firms relocating here and our natural growth this recovery may even be quicker since unemployment is showing great signs of improvement.
When will Utah County Home Values Return?
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- 5.0/5.0
- (11 reviews)
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