UTAH (and Surrounding Areas) BS Thread

Definitely not.

 

Makes sense. I think it's a nationwide problem too. I read yesterday that there are only 1 million houses available in the US, when at the housing market's peak in 2007 there were 4 million houses for sale. A lot of homes have been bought by investors/corps that rent them out and never sell them. Also I know people complain about Californians moving to UT but it's not nearly as bad as Boise or Austin - my friends that live there are downright pissed. ha. I know one guy who grew up in Boise, moved to CA, moved home to Boise, then moved back to CA because Boise was even more crowded. But I get it, it sucks. Home prices in Austin went up almost 30% just this last year with a lot of tech companies relocating from CA to TX.

I know it's anecdotal but in my neighborhood I wouldn't say it's all Californians moving in, I have neighbors from VA, FL, all over. Almost everyone I work with is former military and they all fell in love with Utah and decided to stay here instead of going home to NY, CA, MI, NJ, TX, you name it. Once you've lived in some of those places with no public land, lots of laws, crime etc etc I get why people think Utah is such a breath of fresh air. Every time I go hunting in Texas I feel grateful to live here. Not much to do if you don't "have a buddy" with a hunting lease or a thousand acre ranch.

 

Regarding house prices, things are beyond stupid here in Salt Lake County. My son just bought a place and paid nearly $60K over the asking price. No contingencies, no inspection, and $10K of non-refundable earnest money. The 2nd place buyer was only $2,500 shy of being the top bid. A house on the same street, with the exact same floor plan, just went on the market with an asking price of $90K more than the place my son got. Based on whats happening a house like you describe with an acre of land going to be $600,000 - $1,000,000 +. Wait 30 days and add another 10%. Also, there is typically only one open house with the bids due a few days later. My son's new house was on the market for 5 days. His realtor told us that his listings are getting 20 -30 bids each. If you want to join the Utah real estate mosh pit this is the most up to date web site: utahrealestate.com Filter out all the old listing to get what's currently available.

 

*sigh*

 

I hear you, I hear you. I would have liked your post, but there's nothing to like about this market.

 

I am curious if we are going to have another housing bubble due to the same tactics as in 2008. The low interest rates now, and banks lending to people who are taking on loans that are well above their means.

I find it crazy now that people spend over 50% of their monthly income on a mortgage/ rent. That is insane.

Also people offering $50k-150k over asking. That is nuts! It's a sellers market now... But where would you go? You would not be able to find another home without blowing all the money you made on selling your home.

I am guilty of moving from California ( Socal). We moved to this state back in 2016 and bought a fixer upper in sugarhouse that was on the market for 4 months. Paid $229k for a house built in 1950 and I have been slowly fixing it up ( legally, filing permits) . It was hard to find a house with a backyard and a two car garage. That was our main priority. I have replaced all the plumbing/ hvac/ water pipes/ water heater and renovated the basement.

Home prices now are overinflated. Zillow estimates our house to be $375k-400. That is without reappraisal with the new bedroom and bathroom I added. I know our house isn't worth remotely close to that.

 

On the other hand... I love my two, but if I had the choice to go back and do it all again I might choose to be childless. I certainly would never go for three...

 

The consensus for finance and real estate experts is no. The real estate and finance people we're friends think things are going to flatten, but not drop.

Banks actually aren't lending to people taking loans well above their means. There are still some fairly strict mortgage requirements in place, per Fannie Mae and Freddie Mac, it's just that rates are fairly low. The current housing bubble has more to do with the lack of inventory referenced earlier in this chain.

Also, Zillow is not a good place to get an idea of what the market is doing in Utah. Check utahrealestate.com or Redfin as mentioned earlier.

 

I sure hope it is. Prices are going up significantly faster than I can save for a down payment. I hope this whole housing crunch across the nation eases up too. Otherwise finding housing anywhere will be a challenge.

 

yeah. I bought a house a few years ago. it was still on the upward trend. kinda crazy that it hasn't slowed much. :/

 

It is sad to see what is going on in SLC. As someone who is born and raised and plans to live here my whole life I do not know when I will be able to afford a home. It’s pretty easy to get very bitter about the situation. The growth that has happened during my lifetime is unbelievable to have witnessed.

 

I’m in the same boat, I have a decent job and save about 30% or more a paycheck but I can’t see the light at the end of the tunnel at all.

 

We just finished our home, we signed everything a year ago last february and since then we have made $100k in equity in our home. I'm positive our builder lost money due to material prices but $100k in one year is insane. I agree it's not a bubble, it's a completely different situation than it was in 08'. This is a supply and demand issue simple as that.

 

I grew up in VA and it's the worst in terms of hunting land access. Thankful to know some folks with 120 acres that let me walk on anytime I want, and chock full of deer.

 

Totally agree here. I moved here from Austin Texas 15 years ago to get away from all the asshole Californians moving to Austin and ruining the housing market and the overall appeal of what made Austin great. NOW the assholes are moving here and doing the same thing.....

 

you're bringing them with you! Gah!!!!!

 

Anyone got a go to gunsmith in the Taylorsville to Sandy area they'd recommend?

 

what are you looking to do? I have a few in mind.

 

I bet I could move to the middle of the desert and it wouldn't take long to see some Californian building a mini-mansion next to me.

 

You're like a california magnet.