Homes are as affordable as they are going to get

According to a Realtor Magazine online article, home prices have returned to pre-housing bubble prices or even below the pre-bubble level, and are as affordable as they are going to get. 

Some markets are heavily undervalued, including Phoenix, where it's cheaper to buy a home than it is to rent. 

Home values in Utah have returned to pre-bubble levels and here at RE/MAX Overland we've been tracking market trends. According to our data, the residential home listings are slowly decreasing from a little over 20,500 listings in November 2010 to approximately 18,800 listings at the beginning of February. It seems like the market is slowly returning to a better balance between available homes and willing buyers. Median sales prices in 2009 were hovering between $220,000 and $230,000. In 2010, the median home price was closer to the low $200,000. 

The right time to purchase a home is crucial and it seems like the market is providing plenty of opportunities for willing buyers to purchase a home at a good price this year. Don't hesitate to call us at (801) 355-1717 if you have any questions.