The lowdown on why Wasatch Front home prices, sales keep going up

3 Replies

Here's an article from the Salt Lake Tribune (Utah).  Nothing to earth shattering but some good numbers with mentions of Clearfield, Tooele, Farr West, Roy and Taylorsville as top selling markets.

http://www.sltrib.com/home/3108174-155/the-lowdown-on-why-wasatch-front

Bill, hope this sparks discussion for local peeps. Here's another article about rents.

http://www.sltrib.com/news/3112372-155/too-many-sa...

prices for both purchases and rents are going up faster than incomes. population is driving it up, but more and more people are being priced out!

conclusion: keep an eye out, stay informed, and adjust strategies as necessary!

Jeff

Jeffrey Breglio

The article points to an interesting trend that in hot markets, everybody's building luxury or high end apartments because the net cash is much better than affordable housing.

In the crash, all of the equity that was lost in our market (Cache Valley) was from high-end spec homes with no discernible buyers.  However, unlike Salt Lake, we don't have the jobs or people moving to the area to support that price point.

If people moving here for the better paying jobs (imports) are fueling this upward pressure on the rental market is that a bad thing?  Is it sustainable?

That being said, there's always a shortage of affordable housing in every strong real estate market.