A look at the future

On Tuesday, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) gave his thoughts about the 2010 real estate market and his predictions for what 2011 will hold. 

Yun said Salt Lake City and other mountain states such as Nevada, Colorado and Idaho were among some of the most desirable places to live. Utah inparticular, has faired better during the economic downturn in comparison to the rest of the nation.

While other states surrounding Utah, especially Nevada, experienced extreme drops in price, Utah home prices dropped, but not to the same degree. He said the tax credit did a good job of stabilizing home prices.

For 2011, Yun expects the unemployment rate to stay around nine percent, but he also expects two million jobs will be added to the economy over the next two years. He also predicted that interest rates will rise, but will not return to the 10 to 18 percent range. 

2011 holds a lot of promise for home owners and those desiring to own a home. With the expectation of interest rates rising, you couldn't have found a better time to purchase a home or investment property. Contact us today to get started!