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UAR: Utah real estate market is not a "bust"I received this email yesterday from the Utah Association of REALTORS regarding a story in Thursday's Salt Lake Tribune. You'll be able to read it for yourself below, but it's essentially UAR's rebuttal that the Utah market is not a "bust". I received an updated email indicating that the Trib got the point and isn't taking anymore emails, but the information here is important for those of us in the Salt Lake market.Salt Lake Tribune gets it wrong UAR encourages members to contact Trib regarding Thursday’s story At a time when Money Magazine and The Associated Press are reporting that Utah is bucking the national housing slump, the Salt Lake Tribune is saying “ Utah ’s housing boom now a bust.” Thursday, the Salt Lake Tribune reported on its front page that new home demand was at a 17-year low, a story that included broad generalizations about the Wasatch Front housing market. The Utah Association of REALTORS® is encouraging REALTORS® to contact the Tribune directly to tell them why they got it wrong. What to Say to the Salt Lake Tribune * The story’s headline, which said, “ Utah ’s housing boom now a bust,” was misleading and inaccurate. The story only cited statistics regarding home-building permits; the story did not mention existing home sales or the pockets of new-home construction that are doing well. The headline led Tribune readers to believe that all segments of Utah ’s housing market are doing poorly. If such broad generalizations are going to be made in headlines, the Tribune needs to include information about each part of the housing market in the story. * The Tribune article quoted an individual who said, “ ‘People are afraid to purchase’ a home right now,” a misleading statement that could cause buyers to miss out on great appreciation opportunities. It’s a disservice to the Tribune’s readers to suggest that prospective Utah home buyers shouldn’t buy now when the National Association of REALTORS® projects Utah will see home prices increase anywhere between 7 and 10 percent in 2008. That means the buyer of a $200,000 home could miss out on $14,000 worth of appreciation by waiting to buy. * The story suggested that Utah buyers have been unable to obtain loans when in fact financing is readily available and affordable. Mortgage rates are still at historic lows, with interest rates on a 30-year fixed mortgage near 6.38 percent, much more affordable than the double-digit rates seen over the years. For buyers who would have needed subprime loans that are no longer available, safer FHA products will be able to help serve their needs. * Utah has strong market fundamentals — good job growth, population gains and low unemployment, which will keep demand for housing high. * Real estate markets are complex and the Tribune’s readers are not served by misleading generalizations that don’t tell the entire story. Contact Salt Lake Tribune business reporter Lesley Mitchell at (801) 257-8714 or business editor Michael Limon at (801) 257-8798 to let them know you want to see more complete coverage of Utah’s housing market. |
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Nathan Blair - Salt Lake City, Utah Real Estate RE/MAX Results Salt Lake City, UT Office Phone: (801) 455-0843 More information... Contact Nathan Blair - Salt Lake City, Utah Real Estate |
