The real estate market in Utah County, Utah, seems to a bit contradictory.
Despite the rest of the nation, homes in Utah County have been increasingly
selling at higher values than many other counties and area in Utah, with the
current average price of a sold home to over $300,000. That is an astonishing
average, given the current struggle of the real estate market, and the overall
state of the economy. So the question becomes, what is the irresistible draw to
Utah County homes? Why is the real estate market in this county consistently
selling homes?
http://www.utah-home-search.com
Brigham Young University and Utah Valley State University draw many college
students. Many of these students meet their future husbands and wives while
attending school, and end up permanently settling down in a Utah County home.
This is proven by the very young average age demographic of all Utah County.
This is probably what accounts for a good percentage of home-owners in Utah
County. Why is everyone else able to sell their home? Or, why do so many want
to buy a Utah County home, especially with a $300,000 average? While that
average is certainly not comparable to Beverly Hills, it is nothing to dismiss
given the rising and current unemployment rates in the country.
The thing is, the unemployment, shabby economy, and terrible rates of
foreclosures and foreclosure filings have a lot to do with the sale of
Utah County
homes. July reported Utah County to be 5th in the nation for the number of
foreclosure filings. Many people have reached a point where their home is worth
less than the amount they still owe on their mortgage. Add in a decrease in
income, demotion, lack of work, or complete unemployment, and that compounds the
inability of people to pay their mortgages. If they are unable to pay after a
certain time, their house is foreclosed, and probably sold for a fraction of the
price to a new buyer. Recently foreclosed homes with low prices are probably
appealing to newlyweds and recent graduates, especially when many of those homes
may actually be worth $500,000. The foreclosure filing rate in Utah County
gives some insight into why the real estate market is having a certain push in
sales, and where it is coming from. While of course, much of this is
speculative, it is also grounded in fact and statistical information, and it is
not unreasonable to assume that the rate of sales for
Utah County homes is correlated to
the foreclosures of others in the same county.
There are appealing factors that cause people to buy a home in Utah County, even
if it is not a house, per se. Buying an apartment or condominium is also not
unrecorded or excluded from the homes sold in Utah County. The convenience of a
nearby metropolis like Salt Lake City, the views and natural aesthetics of the
mountains and the Salt Lake itself and the universities are all appealing
characteristics to buy a Utah County Home.
http://www.utah-home-search.com
