Salt Lake City Homes Increase in "Top Five"
Salt Lake City joined two other Utah Metropolitan Centers in the top 5 metro areas in home price appreciation. Thats according to a federal agency as reported by Leslie Mitchell of the Salt Lake Tribune. The top 5 as reported by the Federal Housing Enterprise Oversite, Wanatchee, Wash. @ 15.7%, followed by Provo-Orem, Utah w/ 14.4%, Grand Junction, Colorado 14.1%, Ogden-Clearfield, Utah @14%, then Salt Lake City, Utah @ 13.4%.for the year ending Sept.30th.
So what does it all mean? I have no Idea. I also don't know why anyone would select September 30th as the "end of year". And I for sure don't know what is meant by "Utah Metropolitan Center". Does that include the areas I'm interested in, like West Jordan, South Jordan, Riverton, Herriman, places where people are building and buying and selling homes? Or does it mean just the downtown area of Salt Lake City, where the conversion and sales of hundreds of lofts and refurbishing of condominiums distort home appreciation rates?
I just don't know.!!! Lately, "I just don't know" about half of what I read in the newspaper or see on T.V.
But here's what I suspect.
Those of us concerned with anything having to do with Real Estate, (buyers, sellers, investors, , Brokers, lenders, agents) should consider ourselves lucky to be in most areas of Utah. Also that we made any list that didn't assign leadership to our state in foreclosures, bankruptcies loan fraud.
Things are not as bad as we are told (over & over & over again) that they are. Real Estate has not changed from the concept that any Real Estate transaction has 2 sides. The media cannot change that.
As long as interest rates remain attractive and money available, buyers can ride the same train that sellers have been riding over the last few years. I would even suggest that a seller could be convinced that if he took a 20% hit when he sold his $200,000 house, he would gain $40,000 thousand by buying a $400,000 @ 20% under value.
Thats what I suspect. !!!
If you don't understand either, but would like to talk to someone that was in Real Estate when interest rates were 17% and survived ,in fact prospered, call me @ 801-567-0946, or visit my website by clicking on Salt Lake Homes.
Thanks for being here. Thanks for listening.