All real estate investors who turn a profit in the housing market know that the state of Utah experienced an incredible boom following the 2002 winter Olympics. Although the boom may be more closely related to the hot markets in Arizona, Nevada, and California, it was difficult to ignore the affordable new houses in safe neighborhoods that Utah offers. The Salt Lake valley especially saw tiny towns to the south, such as Draper, explode in value in the course of a few short years. As with all booms, however, the fever died out and the market peaked out in 2006 and began to regress in 2007.
Why are so many homes in Utah for sale? It has a lot to do with the fact that lots of people got caught up in the housing fever and overstretched their financial means to get into an expensive house.
It is an easy sell to make in a booming market with prices appreciating every day. Now that the market has cooled, people still have lives and need to move when job or family conditions change. Unfortunately, the asking price for many houses is outside of what the market supports, so many houses are for sale without demand due to simple economic laws. The demand was high so the price was high. People bought houses with lots of financing. The market changed and now people are paying mortgages at values beyond the market value of their home.
Do the changes in the market change the state from being a nice place to live? It most certainly does not. Utah consistently ranks among the states for low crime rates, attracting the attention of families with parents concerned about the safety of their kids. The large population of 'mormons', for as strange as they are, is a friendly group that integrates families into the community quickly. The state has occasional, small, earthquakes. The state does not, however, suffer from hurricanes or any major earthquakes or floods. Fires will occasionally cause damage in the distant regions but never like the communities in southern California in 2007.
The winters are light in the valley but heavy in the mountains, making it an ideal place to ski and snowboard. The lakes make great places to go boating and fishing during the summer, and the mountains make great places for biking and hiking. The state also has many beautiful national parks such as Bryce and Zion's Canyon.
One of the biggest attractors of families to Utah is the low unemployment rate. There are more jobs available than there are people who want to do them, making it easy for a fresh family in the area to find employment and afford moving. The state has its city folk and its country folk, with facilities to enjoy the best of both worlds. You can go to a rodeo one evening and to a club the next, all close to home.
Do not let the housing market conditions fool you into thinking that houses in Utah are for sale because it is not a great place to live
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