Sales for Salt Lake County (homes/condos) in the 2nd Quarter of 2010 experienced a 7% increase from the same period last year. Prices, however, declined, 7.6% from the 2nd Quarter of 2009. The last half of 2009 reported the largest percentage decline in prices since the housing downturn began in 2007. The good news is that price declines seem to be leveling off. The increase in sales can be attributed to the $8,000 tax credit, stimulating the number of sales. It will be interesting to see if the trend continues next quarter. I will report these numbers as soon as they are out in October.
Did you or someone you know miss getting in on the tax credit? Want a better reason to purchase now than when we had the $8,000 tax credit? Interest Rates! With interest rates at historic lows, the value of your buying power is 3 times the value of the $8,000 credit. Rates are almost 1% lower than when the tax credit was offered. If you borrow $200,000 now at 4.75%, you have $21,222 more buying power than at 5.75%! If you missed the tax credit, don?t miss the low interest rates, call me today to get started looking for your new home.
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