Real estate in Cache Valley – good, bad or ugly?

A lot is happening to rejuvenate the economy and credit programs, and in many areas the housing market is showing signs of a rebound. But what about Cache Valley, has the local real estate market stabilized? That answer is not yet, according to the Wasatch Front Regional MLS.In an annual comparison report for Cache Valley from 2006 – 2009, only 47% of listings sold in 2009, as opposed to 66% in 2006. The average home was on the market 102 days. As opposed to 75 days in 2008, and only 61 days in 2006. The total number of single family homes sold in 2009 was 838. A 12% decrease from the 951 homes sold in 2008. And a 34% decrease from the 1,209 homes sold in 2006.Currently there are close to 700 homes for sale in Cache County, equivalent to 11 months of inventory. While this is the lowest level of inventory since February of last year, it is twice what the inventory should be.Here’s the good news. If you’re yearning to buy a home but can’t get past the media hype and fear, consider this: the home buyer tax credit has been extended to June 30, 2010. First time home buyers get an $8,000 tax credit. Current home owners get a $6,500 tax credit. Interest rates are still near a 40-year low. And there are plenty of mortgage companies and banks making loans and offering low down payment programs. With more homes on the market to choose from, there are unparalleled deals giving you more house for the money.This perfect storm for would-be homeowners makes NOW the best time to buy in many, many years. Waiting to hit the theoretical “bottom” means you won’t find a home until prices are on their way back up.Yes, it’s a buyer’s market. But only if you buy.

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