New Real Estate Listings in Logan UT
Logan UT Real Estate Market Conditions
The Real Estate and Mortgage market is constantly changing. Nationally, the housing market is still struggling. The effects to the Logan Utah real estate market although mild, are real. Home prices in Cache County are less than they were the last two years, and likely won't be going up any time soon.
Some Facts:
- Less people are now able to qualify for realestate loans than during the housing boom. 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. The Rural Housing loan continues to run out of money. For people with good income who want to live in the city, 100% financing is nearly impossilbe.
- There is plenty of Inventory in the Cache Valley Utah Real Estate market right now. More than 800 single family properties are on the market in Cache County. 2007 rarely had more than 500 single family homes at any given time. Logan Ut Real Estate would be classified as a buyers market, especially with larger and luxury homes. As long as there are more homes for sale than there are buyers, home prices will drop.
- The home buying tax credits did have a big impact. Many potential home buyers rushed to get an $8,000 tax credit for first time home buyers, and a $6,500 tax credit for move up buyers.
Is it a good time to buy real estate in Logan UT?
- The population of 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. Right now 15 year fixed mortgages in particular are at all time lows.
- 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. Starter homes have especially sold well in Logan.
- 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 only seen a slight depreciation in prices starting last year. Nevertheless, high end homes were over built, and these types of Logan properties will likely drop in value for several more years.
- The number of foreclosure and short sale homes in Logan is far less than Utah and National Averages.
Conclusion:
Times and markets are changing in the Logan Realty World. There are natural corrections that need to happen in the real estate market to make up for the accelerated growth and appreciation. Much of the country will correct for a time. Salt Lake and Utah counties will see a major 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 years I don't think we'll see much appreciation in Cache Valley, but home prices are not going fall much either. You should buy Logan Real Estate if you are looking for a long term place to live with your family. You shouldn't look to purchase real estate if you are looking for a short term investment.
