Market Conditions in 84043>Question Details

Dynamicdeeby…, Home Buyer in San Diego, CA

What is the market like in Lehi area (jobs in SLC as well)?

Asked by Dynamicdeebythesea, San Diego, CA Wed Apr 30, 2008

I hear a lot of hype from real estate salespeople (especially in the new developments) and I am dubious. I have been seeing homes on the market for months. I noticed a lot of inventory and homes on the market for months. Insiders what is the real story?

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The Lehi real estate market has changed drastically over the past year. It is now very active, as it in many areas along the Wasatch Front in Utah. Well priced homes under $250,000 are getting lots of traffic and it isn't uncommon for them to go under contract within days. In many cases, we are seeing multiple offers on homes, so homes are going near listing prices. The inventory is extremely low, and along with the low interest rates, the market keeps getting more active. There is lots of new construction going on.
1 vote Thank Flag Link Fri May 17, 2013
Utah County is currently ranked the number one economy in the nation by Forbes. This speaks volumes about the county. Lehi specifically is bursting at the seams. In addition, Adobe just plopped it's building down in the city of Lehi. Lehi has been my city for over 10 years. Let me know if you have any other questions.
0 votes Thank Flag Link Fri Nov 1, 2013
well the real story is: that buyers are out there in this market but they are extremely cautious to buy with having speculation that the market will get worse: My opinion is that the market is slow, when usually this time of year it should be hot! I think you will be ok to buy anytime between know and the end of the year. It probably will stay the same locally. I do think that you need make sure you hire an agent that will beat the seller up on the price to get you the best deal, especially a home builder. Thanks james
0 votes Thank Flag Link Fri May 30, 2008
Dynamic Dee by the Sea, (great tag by the way)

I agree with Cheryl, you will hear differing opinions on this subject. I think we are experiencing a bit of a "buyers market" right now. We do have an extensive inventory of homes on the market, especially in the new construction sector. New homes can be some of the hottest deals around right now. Homes that are in top notch condition and are priced well are still attracting buyers. Homes that are not in the best condition or are priced on the high side tend to be sitting and some for quite a long time. Just like in any buyers market.... price talks and everything else walks. On that note, I highly recomend that you contact a Realtor in the area you are interested in moving to or investing in. They will be able to give you the most help in finding what is a good deal and what is not. If you are seriously thinking of buying, now, or in the next few months is probably as good as it is going to get. I seriously doubt that the housing market will stay slow, at least in Utah. Our inventory is reducing, and over the course of the next 6 to 12 months I think the scale will tip back toward a growth mode again. In terms of jobs in SLC, I am not an employment expert or an economist. That being said, I have heard many positive things coming from the employment sector. Large companies are moving into the state. Procter&Gamble, Toyota, etc.... are moving here or are buying land to move here. Also the local newspaper, (The Standard Examiner) reported that our incomes accross the payscale increased last year overall. Our job growth has positive outlooks at least from the info I have seen. Hope this helps you and good luck in your home search!
Joe Patton
Realtor (801) 391-9811
Century21 Golden Spike Realty
Ogden, Utah
0 votes Thank Flag Link Thu May 1, 2008
Dynamic Dee by the Sea,

You will hear opinions extolling both sides of the equation. There are good resources available that track the statistics. An article I saw today by a company that specializes in analyzing new housing trends (tracking housing starts and completed inventory) stated that in the first quarter of 2008, the number of unsold (completed) new homes/condominiums in Salt Lake County was 977 units, down from 1,037 in the last quarter of 2007, about a 6 percent difference.

The article looked at Utah county as well, and has great insights into what this particular company sees happening over the next several months. While a little lengthy to post here, contact me for additional information.

Happy home searching!
Cheryl Lyon, ABR, GRI, e-PRO, Previews Specialist, REALTOR
Coldwell Banker Residential Brokerage--Draper, Utah
cheryl.lyon@utahhomes.com
801.633.6855
0 votes Thank Flag Link Wed Apr 30, 2008
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