Local Housing Market in the Top of Utah
Homes in Weber, Davis & Morgan counties have had declining prices and shrinking inventory. This has been reported from the Northern Wasatch Association of Realtors comparing data for April 2011 & 2010. The drop in prices is because of bank foreclosures and sellers who are increasingly motivated to engage in short sales and are willing to negotiate with buyers in the soft housing market. The prices may be down, but these counties have fewer homes to choose from. In Davis County, home sales were down 19.9 percent in April and inventory was down 32.7 percent in Morgan County. Homes were also on the market 38 percent longer in Davis County and 14.4 percent longer in Weber County in April.
The availability of a federal tax break makes Northern Utah a home buyer’s market. For example, a home owner would pay taxes on $45,000 of income, if a homeowner makes $50,000 a year and pays $5,000 in mortgage interest. The national mortgage interest rate has been lowered to 5.11 percent on a 30-year fixed mortgage also is a great benefit to buyers. Also new home construction is starting progress now that the weather is getting better.
Avg. Sales Price: 379,000
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