Logan UT Real Estate Market Conditions
The Real Estate and Mortgage market is changing. Nationally, there is housing slump, and the recent "Mortgage Meltdown" of subprime loans has caused that slump to worsen. The question is, "What will happen to the Logan Utah real estate market?"
Some Facts:
- Less people are now able to qualify for realestate loans than just a few months ago. 100% financing is almost non existent. There are still exeptions with loans like the Rural housing and Utah Housing Loans, but these loans only apply to people with income restrictions or in Rural areas outside of Logan UT. For people with good income who want to live in the city, 100% financing is nearly impossilbe.
- There is plenty of Inventory in Cache Valley right now. More than 600 single family properties are on the market. 2007 rarely had more than 500 single family homes at any given time. Logan Ut Real Estate would be classified as a buyers market.
Is it a good time to buy real estate in Logan UT?
- The economy in Cache Valley is still growing and Cache Valley is a place where people want to live.
- Mortgage interest rates are still low, mortgage intereste rates have been doing some interesting so if you think the rate is great. Lock it in.
- Utah Real Estate appreciated at a much slower pace during the nationwide housing boom (nearly dead last from Q3 2001 - Q4 2004), our market had catch up to do and rapid appreciation has come much later (1st exceed the national average during the 4th quarter of 2005), and hasn't been as extreme as it was for many national markets.Our rapid apprecation came when interest rates weren't at the insanely low levels and was driven by a booming economy.
- Cache Valley hasn't really had an extreme appreciation (Our highest appreciation was the 1st quarter of 2007 at 10.2%.) and so there shouldn't be needed correction. Our average home prices are now significantly lower ($198,511) than Salt Lake (296,018) and Utah (292,254) counties. Our average housing cost is much less than the state average, and many will move here just because it's less expensive. Cache County Real Estate has consistently appreciated at a moderate rate, even during the first portion of 2008.
Conclusion:
Times and markets are changing in the Logan Realty World. There are natural corrections that need to happen in the real estate world to make up for the accelerated growth and appreciation. Much of the country will correct for a time. Salt Latke and Utah counties may even see some correction. As for Logan UT Real Estate, we have not had the extremes and will likely not feel major corrections. The recent mortgage industry changes will effect short term home sales, and people are going to need to learn to save money to get good interest rates. For the next few months I don't think we'll see much appreciation in Cache Valley, but home prices are not going fall.
