Friday, November 2, 2007

Utah Real Estate: 4th Qtr 2007 Update

Based on historical data (mostly gathered by the MLS), the Utah Real Estate Market is slowing and slowing quickly! How quickly? Depends on who you talk to. This Real Estate Professional predicts rapid slowing in both the new construction and re-sale markets in Utah. The mortgage industry has tighten thier requirements although the Fed just lowered the target to the Fed Funds by a 1/4 of percent to 4.5% This should spark an increase in short-term lending, but lends us to ask: “What about inflation?” These external factors will play an integeal part of our Utah Real Estate Market. Our Market has seen an unhealthy increase in single family residenceses on the market to be sold. This should provoke more uneasyness in the market than what I’m currently seeing at this point (as of Nov. 2, 2007) We may be in for a very interesting short-term future (Less than 12 months). Buyers beware, but be actively looking for great opportunities because they are more and more abundant now than in the past 3 years!

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