The expert says....

As promised here is the information from the 2011 Forecast Meeting of the Salt Lake Board of Realtors. The following are my notes from the meeting. I have downloaded the full presentation from Lawrence Yun (National Association of Realtors Economist)and have it available for those who would like to have it emailed to them. I also have a pdf from Jim Woods, a local person who has put together his opinion of the Utah Market.

1. Utah generally recovers quicker then most areas of the country from inflation and recession. It is one of the fastest growing states as far as population and business.

2. Easy credit was in Mr. Yun's opinion for the downfall of the real estate markets. During the easy credit time...underwriting loan requirements were very lax and now in his opinion they are too stict. A balance needs to be found.

3. January 2011 outlook appears better than January 2010's outlook .

4. Corporate profits are up but business investments are down. This is due to consumer caution. People are playing it safe with their money.

5. It is popular opinion in Washington that the Mortgage Interest Deduction is the cause of the housing bust. He believes this to be incorrect...he goes further to say that there would be a 15% hit to home values in the deduction is taken away.

6. Existing homes are a better value currently than new construction. You basically get more for your money.

7. Inflation needs to stay at 3% or less for the economy to turn around. He says if we have a good job market we will have a good housing market.

So....things look good for us here in Salt Lake area. According to Jim Woods Wages paid in Utah will increase by 4%, our net in-migration will increase by 10,000, retail sales are expected to be up 3.9%. Those items will aid in a better 2011 than 2010.

If you have friends or family who ready to buy or sale real estate, I would love to help.

Debbie Cheney, Associate Broker with Coldwell Banker Residential
801 573-8338, sold@debbiecheney.com