Should I wait to buy a house in the Layton area? I'm concerned that prices could depreciate soon after I buy

Asked by Clint, Layton, UT Tue Jul 1, 2008

since Davis County hasn't dropped much like the rest of the country?

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Cheryl Lyon, Agent, Draper, UT
Wed Jul 2, 2008

Remember the concept of supply & demand we learned in high school economics? The Layton area has many homes in a variety of price ranges. While considering the options with buyers this past week, and talking with many of the listing agents, we drew the conclusion that supply is far greater than demand in the Layton area. There are great homes available! And many sellers willing to negotiate.

Your next best step is to contact a real estate professional you have confidence in, who will share with you the data on this area, and guide you through understanding what that market looks like now, how it relates to its history, and what the future might bring.

Real Estate markets are local markets. While the news in much of the country is less than positive, it is not the reality for much of Utah. We will see an impact from the rest of the country in our local markets from those moving to Utah who have homes to sell. However, our markets have maintained a stronger position returning to the more typical activity of a few years ago.

Todd, Andrew & Judy have given you great insights from their professional experience. Add to that your understanding of supply & demand, and apply it to the Layton area to find the best decision for you.

Cheryl Lyon
Coldwell Banker Residential Brokerage
1 vote
Gerald Richa…, Agent, Layton, UT
Fri Sep 12, 2008

Here is a web site that will give you some facts about the Davis County Market. Just go to Monthly statistics show that Layton is experiencing a sellers market for homes under $250K and a buyers market for homes over 250K. This varies every month but we have not seen any drastic drops in prices. As was mentioned before Utah has been rated high in areas that would help keep our prices up, i.e. #5 state to get work, #3 for the best place to buy or sell a home. You might want to get with your Realtor® and have them show you the statistics from the Multiple Listing Service which will show you what our market has done in the past and present. If you don't already have a Realtor® just give me a call and I can show you those statistics. You can call me at 801-774-1588.
0 votes
Joe Patton, , Ogden, UT
Wed Jul 2, 2008
My answer to that question would have to be: BUY NOW BEFORE EVERYONE ELSE IN THE NATION FIGURES OUT WHAT A GREAT DEAL UTAH REAL ESTATE IS!! Layton is an awesom area that will always be in demand especially with UTA's Front Runner commuter rail, I-15 commuter lane improvments and the Legacy Highway improvments. It will be easier for people to live out of SLC and commute to work. The Govenor's office said 80,000 people moved into Utah last year and they are predicting 80,000 more this year. If you figure 4 people per house hold thats 20,000 homes to be filled this year. Davis county is also very business friendly and the growth of local jobs will continue. The interesting thing is how much there is for sale in Layton. This is a golden opportunity to pick up an under-valued home that may or may not need some TLC and enjoy the appreciation and sweat equity over the next few years. The greatest thing that I have learned about Utah since moving here in 2003 was that this state almost completely ignores the rest of the nation in its trends. Especially in real estate. If I had the money I would be buying houses to rent out as fast as I could right now. 20 or 30 would do just fine. So, to answer your question directly... No, I would not wait. The opportunity to buy low and sell high is right now. Even if home prices did fall a bit more and if you are buying for a 3 to 5 year hold, you will see that money back and more. Good luck Clint! and check out my website for more helpful info!
0 votes
Judy Bristow, , 84015
Wed Jul 2, 2008
Salt Lake City was recently voted the #1 recession proof city in the US. and not too long ago was listed by MSNBC with 3 slots of the 5 best places to buy or sell a home in the US. Though none of us has a crystal ball, but despite what you hear in TV, here in Utah we have a good, strong economy. If I didn't already own a home and wanted to buy, I'd sure buy now. Prices are incredible! Good luck with your purchase!
0 votes
oknothere, Landlord, salt lake city, UT
Wed Jul 2, 2008
Todd hit the nail on the head. If you are purchasing a home as a quick fix and flip, then now is not a good time to buy. If you are purchasing the home for a long term residence and plan to spend at least the next five years there, then you should weather it all just fine.
0 votes
Todd Anderson, Agent, Park City, UT
Wed Jul 2, 2008
Most of Utah has not seen the price drops that we read about in the rest of the country. Utah also did not see the huge increases that the areas we read about experienced, and the increases we did see happened later. We appear to have a bit of a lag versus the rest of the country and in general are just starting to feel the effects of the "bursting housing bubble", but because our price increase wasn't as steep as other markets, the possible decrease shouldn't be as dramatic either. The Utah economy remains strong and while loans have gotten harder to qualify for, interest rates are still relatively low. If your goal is a home that you will live in long term (5 years or more), short term losses will not hurt you. If you are trying to find the absolute bottom of a market to buy, that is nearly impossible. We truly don't know what tomorrow will bring in terms of home values, so try and think of the purchase as a long term investment in your quality of life and lifestyle, not in terms of the short term value of the home. Then make your buying decsion.
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