Renae Stucki Realtor wanted to take the opportunity to talk about some of the recent blogs posts and try to put it in perspective.
If you remember the article from the Wall Street Journal, St. George is the third fastest growing community of it’s kind in the US. That means a lot of people all over the country are taking an interest in the area and considering relocating here.
There are countless arguments to be made in favor of living in Southern Utah… And that’s a topic we’ve discussed numerous times in the past. So today, I think we’ll just focus on the fact so many people are considering or discovering St. George/Washington County.
I’ve been reading a lot of indicators projecting strengthening salaries for the younger families who struggled during the recession. With government health care and other interests discouraging employers from taking on full time staff, these young graduates are finding themselves adrift in the world.
At one point, NPR released a study suggesting it could take a recent college graduate 7 years to become financially stable enough to support themselves, a family and debt. The economic woes of recent years have taken their toll on just about everyone.
But new signs on the horizon suggest things may be looking up for these younger people. Many of them, who wouldn’t have considered a home a year ago, are now starting to think it might be time to jump into the market.
Of course, the sectors of the housing market that survived the recession were mostly those catering to the more expensive or high end client. Not a lot of builders were looking to develop starter homes or inexpensive places younger people could afford. That can also lead many of them to feel excluded and put off looking for a home.
But here, we have a lot of builders who are still trying to create homes with value and durability. We may live in a society that is predominantly populated with retirees… And there certainly are a lot of 2nd, even 3rd homes here. We still have a vibrant and exciting youth culture in the area. And many of them are choosing to stay local when they graduate from school.
And these are the young people who will fuel the next big housing demand.
How does all of that impact our area? Well, nationally, we’re growing at a phenomenal rate. New business and people are constantly moving into the area. So far, we continue to have a stable balance of product to fill the demand. In fact, some builders aren’t moving product nearly as fast as they’d like.
And will we see a potential bubble as younger people join the market? It’s a good bet, as demand increases, so will prices. But Southern Utah has been consistent lately and I don’t think we’re going to see prices run away from us to the point younger families are priced out of the market.
There continue to be amazing opportunities for home buyers. Especially first time home buyers. There are city, county, state and even federal grants and assistance in place if you choose to follow up and go after it. We mentioned a program initiated by the city of St. George not too long ago, designed to help new home owners pay closing costs.
So in the end, all of this attention is good for business and good for the area. Chances are, builders will be able to keep up with the demand for housing and some will even start building to target a younger buyer.
This is an unique and interesting place to be and it’s incredible how much is happening every day in this wonderful community.
If you have any opinions, questions or comments you’d like to make, please feel free to contact Renae. We can assist you in every aspect of real estate. From buying to selling. Call today.
