I know, how could the end of the NBA lockout help housing in Utah? According to UtahBusiness.com each Jazz home game brings about $1 million dollars to the state. Business during a home game increases by about 20% according to one downtown business. Eager fans gather to eat, shop, and share in the fun of Utah Jazz games. Our economy is dependent on the spending of consumers which creates additional jobs and discretionary income for those providing services.
Housing relies on jobs, consumer confidence, and interest rates. If people feel comfortable in their employment, they are more likely to spend confidently knowing that there will be more money to follow, and I’m sure you’ve heard all about how great interest rates are.
The return of the NBA will only add to Utah’s strong job market. For the second year in a row Forbes magazine named Utah the best state for doing business in the country. This ranking was based on costs, labor supply, regulatory environment, current economic climate, growth prospects, and quality of life. The greatest snow on earth attracts great talent, and once they come they stay. We also have great educational opportunities which is important in attracting premier companies to locate here. They need the best talent to staff their businesses.
Now, back to housing. You may be asking, “When is the best time to buy a new home?” Now may be the time. Home affordability is near the highest level in 20 years, according to Time MoneyLand. This means that families earning the median income could afford to purchase 72.9% of the homes sold in the third quarter of 2011. Home prices combined with historically low interest rates make buying a home right now a great option.
As a mortgage loan officer it is my job to help you get the best rate on a new home, as well as determine which loan program is best. With multiple government programs available such as Utah Housing, FHA, and USDA you can be assured that there are low rate low down payment options available.
So, whether you are currently in the market for a new home, you are a Utah Jazz fan, or your business benefits from the Utah Jazz traffic it’s time to start cheering because things are on the rebound.