| February 24, 2005 |
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Historical Ogden and Ogden Valley are premier vacation and second home destinations, say local Realtors, who predict that the area is pulling out of its buyer's slump.
About the market, Clark suggests, "There are good buys available. There are fewer foreclosures and HUD homes available for first-time homeowners, but there are better buys and terms in the existing home market with less issues to be addressed. Plenty of homes available in Ogden are under $100,000. This is a great time for renters to buy their first home even if they don't have any down payment or closing costs saved. To take advantage of this market for the best interest rates, buyers should act now. The local economy is good and unemployment is low, therefore, mortgage rates have decreased at bit, but are expected to inch up. Without stellar credit, mortgages are available at a bit higher interest rate."
He adds, "The market may be considered somewhat of a buyer's market, however homes that are in good and updated condition are selling within 90-120 days. Winter may be considered more of a seller's market as there is less competition. November and December both were very strong in sales with existing homes being included in this upsurge along with new construction. Still some decent homes in the foreclosure and shortsale market." Ogden Valley
Manley explains, "The real estate market in Northern Utah reflects a steady increase in housing prices and total number of sales, with a drop in average days on the market. These trends could signal a change from a buyer's market toward a seller's market for the area. The three-county area of Davis, Morgan, and Weber Counties gives the home buyer a unique opportunity to pick a home close to work and shopping, or in a recreational area such as Ogden Valley. The Weber county market is divided by the Wasatch Front with Greater Ogden on the west side of the Front, and Ogden Valley on the east side. "Ogden Valley's three ski resorts, two lakes, golf courses, and miles of snowmobile and cross-country skiing make this the recreation destination for all three counties," he continues. "Real estate growth is steady and tending toward a recreational community. The second home market is very active and increasing, both in number of sales and price of homes. Asking price per square foot is significantly higher in the resort areas." |
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