Money Magazine had an interesting article it posted today about when home prices are going to hit bottom. This article mostly covered the national scene, but they provided a great link to a page specific to Salt Lake City.
Before I go on with the article they published, I want to discuss a little about their SLC specific predictions. According to their Real Estate 2009 List, Utah could be in a pretty good situation compared to other areas of the country. In 2008 our median home price was $230,000 with a 3.5 rating on the affordability index. We have only been in our "decline" for about a year.
The good news to buyers and sellers its that when we hit "bottom" home values will go as low as they were in 2006. That seems pretty good considering other places have home values plummeting to levels that haven't been witnessed in decades. SLC will be set back only a few years.
Back to the article titled "When home Prices Hit Bottom", they make a very good point. For years, REALTORS® were telling you "Your home is your biggest investment". While this is true, your home is also your primary residence. Many agents I know, myself included were quick to point out that "yes, it is an investment, but it is also a place to live, so don't try to use it to make money, use it to provide a roof over your head and a place to house your family".
The article provides some advice for buyers, sellers, and investors of when they should buy and sell based on the statistics they see. While the article offers some good advice, it is important to remember these are just suggestions. Some of the factors that decide what a seller or buyer can and can't do are out of their control.
Overall, I suggest taking a look at it. The article can be found here on Money Magazine's website.