Life after the Tax Credit

Will there be life after the tax credit? I think there will be! I actually think life will be better! If we examine our Salt Lake City real estate market and look at the number of homes for sale and the number of short sales we have just in Salt Lake county, we are forced to conclude that prices will drop some more!

We may actually be getting to the very best time to buy a home! If you were on the fence or didn't really care if you got the tax credit, I think you will really benefit now. The sellers who still need to sell and didn't get under contract will have to sharpen their pencil even a little more to get their home gone.

It will be interesting to see what happens with our short sale numbers. A short sale is a foreclosure waiting to happen if it doesn't sale and with the number of short sales fluctuating between 21 and 25% we have to consider what happens to those properties.

The key to correcting our real estate market is to keep unemployment low and to get rid of most of the short sales. Unemployment is one of the leading contributors to short sales, and short sales and foreclosures are keeping steady downward pressure on prices.

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