Tuesday, October 02, 2007

I'll Admit...

I'll admit that I really know little to nothing about real estate. My comments here were sort of a train of thought for friends and family. Now I'm suddenly getting verbally attacked by strangers for my views! I had no idea that strangers would find anything of interest here.

So I thought I'd post to clarify: this is a personal blog for my own fun and to keep those who know me in the loop. I do not profess to be an expert in anything other than my own family. :) Anybody is welcome to read, naturally, and I'm happy for that but please don't expect anything other than the ramblings of a bored stay-at-home mom.

RE the real estate market, there was far too much to discuss in my previous posts so I just discussed a few items I found of interest. But to reply to some of the comments, I'll flesh out my theory just slightly more. I do believe that the Utah market cannot withstand growth at the rate we've seen recently. There is bound to be a leveling out.

I imagine this will happen in the near future because of a chain of events involving difficulty obtaining loans, high foreclosure rates and a nationwide flood of homes on the market. (This is not just a local problem so I think this speaks more to the national state of the real estate market rather than the local only--while recognizing that the two are inextricably connected.)

The huge supply of homes on the market is the most pressing problem I see, and is naturally suppressing price increases. I shopped lot prices in early spring and expected to see them noticeably higher by autumn, but that hasn't been the case. I think there is approximately a 10-month supply of homes on the market? That's a tough seller's market, but I wish I was shopping for a home.

On a personal note, I know that the internet makes people pretty brave--in all the wrong ways. I invite and welcome intelligent discussion on this blog but have a low tolerance for bullying or verbal abuse. Those who leave comments are invited to remember this and please try to express yourself intelligently without putting down myself or others who have commented. Anonymous comments have been disabled.

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