Tuesday, January 8, 2008

What's the market like in your area...SLC,UT?

Salt Lake like most parts of the country is experiencing it's fair share of the slowing real estate market. The winter months add to the slower market movements, but there is no question that the real estate industry is taking a hit right now. Here are a few numbers as of January 8, 2008. The SFR's (Single Family Residence) sold in the past 30 days in Salt Lake County equal 468! The county currently has 6,810 units on the market to be sold (Figures come from the Multiple Listing Service for Salt Lake County). That equates to a monthly inventory of 14.55. Tough to be in real estate right now? Not if you are a buyer. These are great times to make a lot of money in the industry.
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.