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Old 10-13-2008, 07:16 PM
 
1 posts, read 2,365 times
Reputation: 10

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We've been looking to purchase a nice family home in Sugarhouse area for quite a while now. It's certainly a nervous time to buy a house now with everything going on in the economy, real estate and the nation as a whole. A majority of would-be homeowners are waiting on the sidelines right now, taking a cautious approach until the real estate market conditions would stabilize and economy starts growing again. So, I wanted to get the general sense of this forum’s members to see what’s the general feel for the local real estate market right now.

Is $280k a reasonable price for Sugarhouse area home (3b/2 baths, located around 1700 S and 1600 E)? Should we wait or buy now taking an advantage of low interest rates and decreased house prices in the local area? It’s about 60 year old with approximately 1850 sq feet, good condition home. Friends and co-workers tell us that that area is a great location where houses will continue to increase in value due to close to city downtown, recent developments in Sugarhouse, and good schools.

Would be interested to hear forum members’ opinions on the subject. Do you think the house prices in the area will go up in the near future? Is it the right time to buy right now?
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Old 10-13-2008, 08:57 PM
 
Location: Mostly in my head
19,859 posts, read 61,441,632 times
Reputation: 19275
Hs it been renovated? I'd guess not, by the price. How much will you want to do to it? How costly will the upgrades be? All factors to consider. I have a friend who has had 6 offers on her house and all fell through on financing. Very discouraging to sellers.
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Old 10-13-2008, 09:29 PM
 
Location: West Jordan, UT
494 posts, read 1,775,767 times
Reputation: 141
I have a friend who is in Real Estate. There has been a definite uptick in short sales on the market. This will drag down sales prices. Personally, I would wait a little longer. On the other hand, if you are not going to be selling for 5-10 years, I would buy now while the inventory is high. The market will rebound, but this isn't the best market for a short-term buyer.
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Old 10-15-2008, 12:55 AM
 
Location: Imaginary Figment
11,456 posts, read 13,571,325 times
Reputation: 4776
Wait.

They aren't going up for a long time.
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