If you follow the news about St. George Utah real estate, you’ve likely noticed a dramatic direction turn in the tenor of headlines over the last year or so. From underwater seller woes, foreclosure highs and listings lagging on the market with no sale in sight, the stories have turned to reporting on multiple offer buyer woes, interest rate lows and listings flying off the market with no inventory in sight!
Every time the St. George real estate market turns – in either direction – the flood of information and opinions about it always comes with a few myths and misconceptions This time is no exception:
No one can say for 100% certain how long this ascending St. George real estate market will last. Nationally the unemployment rate is still relatively high. Relatively large numbers of people are dropping out of the job market altogether – though some of this is likely due to retiring Boomers and people shifting to self-employment.
But the good signs are also plentiful. Banks have gotten savvy about releasing their foreclosed inventory in a trickle, rather than flooding the market with it; the foreclosure rate has declined, increases in buyer activity have driven home value increases in many area, resolving some of the appraisal issues that so plagued the market during the downturn. And looser lending guidelines with low interest rates are making it easier for buyers to, well, buy – when they are victorious over other offers, that is.
And aside from the issue of how long the uptick or recovery will last, my advice is this: you should get excited. Especially about the opportunity to buy St. George Utah real estate.