Facts are facts. And right now home sales in Utah are substantially down compared to what they normally are at this time of year.
The Utah Association of Realtors recently conducted a survey among recent home buyers, to find out their attitudes towards buying, and not buying Utah real estate. The report wasn’t very specific, and had a lot of fluff and generalizations, but there are a few valuable things that the study revealed.
Personal finances and not being able to sell their current homes are the two main reasons in why less people are buying homes right now. It all comes back to the overall economy. People don’t have a lot of confidence in the economy, in their ability to sell, and don’t have extra money for a newer nicer home.
A large percentage of people are also not attempting to buy because they have a lack of savings for a down payment. During the housing boom down payments weren’t required to buy homes. Many American’s just don’t have the discipline to save, and because they can’t save, they probably shouldn’t take on risks involved with home-ownership. The high percentage of new home buyers who purchased homes with no skin in the game is one of the reasons why the housing boom/bust ever happened.
87% of Utahns believe it’s a good time to buy a home but only 8% think its good time to sell. It looks like most Utahns have a pretty good grasp on reality, because it is in fact a terrible time to try and sell homes in Utah.
81% believe housing prices will rise over the next five years. Younger people have more confidence that the market will recover. Older people are a little more pessimistic about the housing recovery. So while it is hard for many young people to buy real estate, they do believe that it will be a good long term investment.