1 March 2008 - There is an old phrase that says, "Opportunities are never missed. Someone will take the one you miss." Today's housing market might be just one of those opportunities you should examine. Here's some information to consider:

Utah continues to lead the nation in home price gains. On Tuesday, a new government report said house prices in Utah rose more than 9 percent during fourth quarter 2007 compared to the same three months in 2006. Although sales of existing homes are off from their high, last year was still the fourth best year on record for existing-home sales in Utah. And economists have said time and time again that Utah has by far the best economy in the nation, producing jobs at a rate higher than any other state in the country.

Despite these record and near-record numbers, a rising inventory of homes on the market and slower sales seem to indicate that a number of potential buyers may be sitting on the fence. Why? Lack of buyer confidence.

So what can we do to bolster confidence? Let's look at the facts. Over the past year in Utah:

• Personal income growth was 9 percent
• Nearly 45,000 new jobs were added to the state
• About 30,000 new households were formed
• Average annual pay increased 5.5 percent

This all suggests that there are many more people with jobs at higher wages and with higher wealth accumulation. Perhaps that's why Forbes magazine recently named Salt Lake City as the best market for bargain house-hunters: Buyers have a strong negotiation position but face less risk because they are buying in a strong economy.

Over time, homeownership has proven to be a good long-term investment. A look at today's market fundamentals makes a very good case for buying a home if your life and family conditions warrant it. In fact, many fence-sitters may be pleasantly surprised by the choices available in today's market.

If you do find the right home, there are many low-cost, sound mortgage products today that can help you make that purchase. These include prime conforming loans and those insured by the Federal Housing Administration. The economic stimulus package recently signed into law by the president will also help expand the availability of affordable and safer home financing options.

The package increases the loan limits on FHA-insured loans, as well as those purchased by Fannie Mae and Freddie Mac. Higher FHA loan limits will help an additional 138,000 Americans purchase homes and allow nearly 200,000 owners to refinance and potentially keep their homes, according to research from the National Association of Realtors.

In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will help as many as 500,000 people refinance their loans and could help reduce foreclosures by as much as 210,000. On top of that, more than 300,000 additional home sales could be generated.

In the end, these higher loan limits alone can bolster housing throughout the country by reducing real estate inventories and strengthening home prices, according to NAR.

On a state level, the National Association of Realtors predicts that the stimulus package will raise the conforming loan limit from $417,000 to $546,875 in Salt Lake, Summit and Tooele counties, and all counties in Utah are expected to see higher FHA loan limits. What this means is that there will be more loan options for consumers, especially for those with less-than-perfect credit and those needing large mortgages.

So take a look at the properties in your local market. Utah's strong economy combined with a variety of housing choices and expanded loan options may signal this is the time for you to seize an opportunity.