We are all feeling the affects of the local and national economy. How can you not, with all of the media attention focused around it, and when all of us know someone who has been laid off this year, or lost a home, or who is struggling to pay their bills.
Well, the good news is, and continues to be that the Logan Utah Real Estate market will fair better than all of the other areas in Utah, at least according to a recent report on HousingPredictor.com. Below is a small piece of their article, and you can find the entire article here.
Local Utah Housing Markets at a Glance
City Forecast
- Salt Lake City − 8.6%
- Ogden − 10.9%
- Provo − 8.2%
- Logan − 3.8%
In Logan the housing downturn has been aided by government incentives in the lower price ranges, but an over-abundance of properties in the higher ranges is still bogging down the market. Since prices didn’t escalate at double-digit rates of inflation annually during the boom, Logan will sustain the downturn much better than other areas of the state. Home sales are projected to improve across all price ranges in 2010 in the Logan area, and are forecast to see less deflation than in the past at 3.8% for the year.
The hard hit economy has forced lawmakers to cut millions of dollars from the state budget, jeopardizing programs and municipal services. Until the financial crisis, Utah had one of the strongest economies in the nation.
In Provo the market has seen rising home and condo sales with government stimulus efforts. However, the financial crisis has taken a toll on Provo’s resort economy, which has some of the best white powder snow skiing in the country. Provo has gained a reputation for being a leading worldwide resort community, and the second home market has sustained a battering with rising foreclosures.
Weary bargain hunters are expected to make efforts to pick off deals as bankers slash prices on foreclosures to sell off the inventory. The sales will have a detrimental impact on the market, which is forecast to sustain 8.2% in deflation for the year.
So there you have it, Utah will fair better than most of the Nation, and Logan Utah specifically will be atop the list for the 2010 housing market. If you’re still on the fence to buy your new Logan Utah home, it’s time to hop down and make that purchase and take advantage of the federal tax incentive. I have relatives who are closing on their first home this week and will be getting $8,000.00 back to spend on whatever they would like. So start searching for the perfect homes in Utah here.
