You need good credit and cash! Yep cash is king. Contrary to all the get rich quick schemes out their saying: "Your best friend is OPM (Other People's Money) I would venture to guess that their are 1,000's of bankrupt, depressed, and angry people out there who succumbed to the mentality of the: "Get Rich Quick" idea. I'm not saying it can't be done. I'm a big believer that you place your own limits on your potential, but the fact is that so many of us (me included), fail at the one guiding principle of: "being prepared". Those that succeeded were very well prepared or extremely lucky. Do you want to risk everything on luck, or do you want to be prepared.
Anyway, I do not want to get on my soapbox right now. The market in Salt Lake is still alive and kicking (just not kicking very much right now). Buyers, it is a great time to buy, and this year we will see interest rates drop, the Fed scrambling to avert a recession, and hopefully create opportunities for us all to profit and do well in real estate.