Purchasing Northern Utah Real Estate

	Lisa Udy
	Principal Broker Platinum Real Estate Group 2 North Main Suite #11 Providence, Utah 84332 Office:435-213-9335 Cell: 435-881-3022 Email: [email protected] Website: http://www.lisaudy.com	Tweet

Purchasing Northern Utah Real Estate

Northern Utah is one of the most beautiful areas in the country. I know because I’ve lived here my whole life. Full of incredibly scenic areas from the Rocky Mountains to the best snow on earth, Utah is a great place to buy real estate as both an investment and a place to call home. In order to get the best deal on a Utah home it’s best to get educated about our market from the people who work in it everyday. Here’s what I know about the Northern Utah real estate market that can help you snag a great deal.

Step1. – Get in touch with a qualified real estate agent. If you’re moving from out of state, the internet can only show you so much. All markets are different and if you want expert advice, find a good agent. Interviewing a Utah real estate agent should be fairly simple. Ask them how long they’ve been in the business, how many homes they close on a year, and anything else you feel would qualify them as the local expert. Once you’re comfortable with an agent you can move to the next step.

Step 2. – Determine your location and start narrowing your search. What type of neighborhood are you interested in? Are you looking for a downtown condo or a country home with acreage? This should all be discussed upfront with your agent. Put a list of your must haves in a location such as good schools, low crime rates, parks, and community recreation centers. Take your must haves and wants, and use them to hone in on the perfect neighborhood.
Step 3. – Secure financing before you go out home shopping and be sure to know how much home you can afford. You don’t want to get out there and find a great home only to find out you can’t afford it. After that, the rest of the homes you’ll see just won’t stack up. Utah has many different financing options for purchasing a home. There are special programs for low income buyers as well as buyers who wish to live outside of large cities. Talk to a qualified mortgage specialist who knows the area where you want to buy. Stay local when choosing a lender, they know the market and special loan programs that can get you the best deal in that area.
These three steps should help you find a great deal on a home in Utah, but they are very general. I also wanted to discuss the Northern Utah real estate market specifically so you can get a good idea on what we have to offer. I work out of Logan, Utah which is a small city of roughly 50,000 people. Our area is surrounded by mountains on each side creating a nice valley protected from the elements. The local residents are friendly and diverse creating a great atmosphere for a family. We also have one of the lowest crime rates in the country for cities with 100,000 people or less, and our unemployment rate is the lowest in the state.
The Northern Utah real estate market has declined just like the rest of the country, but we haven’t seen the large declines that many larger cities have. My market specifically is down 11% from last year, and is showing signs of stabilizing. Foreclosures and short sales make up roughly 20% of market share, and our jobless rate is hovering around the 7% mark. Taxes are low for both residents and business. Forbes recently named Utah the number one state for business and careers toppling long time number one Virginia.
Utah’s business climate is strong. Over the last five years Utah’s economy grew at a 3.5% rate annually, which is faster than any other state except North Dakota, and three times faster than the U.S. nationally. Our government is fiscally conservative and business oriented. A few big players in the business world have recently announced they will be moving and expanding in Utah. Businesses such as Amazon, Goldman Sachs, Adobe, Omniture, Ebay, and Oracle are all taking advantage of Utah’s healthy business market. Utah’s corporate tax was recently lowered from 7% to 5% and Utahan’s boast a 90% high school graduate rate creating an excellent workforce.
Utah’s pro-business government sets the stage for future growth and economic stability. A stable economy is good for real estate. If you’re thinking of moving to Utah, you can rest assure, our market will continue to stabilize quicker than other areas in the country. As a home buyer, you want a great deal that won’t lose value. Utah’s, and more specifically Northern Utah’s, economy is headed in the right direction. I truly believe that 2011 and 2012 will be strong years for real estate in Utah despite national concerns.
The real estate market in Northern Utah is considered a mild buyers market with inventory levels at around 8 months. Median home price for a Logan, Utah home in 2010 was $160,000 with an average home price of $173,012. Median household income of Logan, Utah families is $33,784 with $27,000 a year being the median income for males. Logan is located in Cache County, and from 2009 to 2010, housing prices declined 11% yet home sales remained normal. Price per square foot of a home in Cache County in 2010 averaged $79 and days on market for a home averaged 136 days. All of this data was gathered from the Wasatch Front Regional Multiple Listing Service (WFRMLS).
Housing styles in Utah are diverse as it gets. We have downtown luxury townhomes and condos in Salt Lake City to huge mountain top luxury homes on world renowned ski resorts in the Deer Valley and Park City areas. From the multi-million dollar ski property to the low end tract home for low income families, Utah has a home for you. One advantage Utah has over many other states is the opportunity to build a home of your dreams on a great parcel of land. Utah is a fairly young state and is still under development. There are still many areas where you can buy land and build a luxury home overlooking mountains and streams, or you can check out the huge Daybreak planned unit development in South Jordan.

Northern Utah is full of vibrant and diverse communities, a strong real estate market, and a healthy economy. Whether you’re young and ready to start a family or looking for a place to retire, Utah has something for you. With our strong real estate market and healthy job market, you can rest assure, investing in Utah real estate is a smart choice. This website is about finding the uncommon deal and Utah should be at the top of your list when house hunting.