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Jed Boal and Tom Callan reporting
Salt Lake real estate is a buyers' market right now. In fact, a major business publication ranks it top in the nation. Forbes Magazine now lists Salt Lake City the best city for bargain house hunters.
The national housing market slump causes a lot of economic and emotional strain for home sellers and buyers, but the story on the Wasatch Front continues to be better than in most markets.
Here's what Forbes says: "Of the major metros in the U.S., Salt Lake City is adding jobs faster than anywhere. The economic boom in SLC has drawn residents from all over the country. Housing supply has gone up quickly, and there hasn't been a high rate of foreclosure."
People are moving here for good jobs. Homes are available; and with the high job growth, high inventory, and low foreclosures, many buyers can dictate the terms of the sale.
"Now is really the time they should take advantage of the appreciation in their home and translate that into moving up into a new home. They can afford to move into a bigger home because interest rates are lower," explained Dan Christensen, president of Coldwell Banker Residential Brokerage.
Home buyer Kevin Lund said, "There was lots of homes available and they were in an exciting place: Utah. We were excited to come here and enjoy the skiing and recreation and live here."
Lund is moving from Nebraska and liked what he found. Buyers moving from the coasts will find homes more affordable than what they are used to.
While Forbes says Salt Lake City tops the list in the West, they also say Raleigh, N.C. tops the list in the East.
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