Real estate » Some first-time buyers are finding bargains for as low as $150,000.

By Lesley Mitchell   The Salt Lake Tribune

Updated: 12/24/2009 07:52:00 PM MST    One of the most affordable housing markets in the Salt Lake area has become even more so after a two-year slide in home values along the Wasatch Front.

Median home prices in West Valley City are down more than 12 percent from a peak of $191,540 in 2007, according to data from the Salt Lake Board of Realtors. That means today's median selling price of about $167,000 represents a price rollback to 2006 levels.

The price declines continue to make the area a haven for low-to-moderate-income buyers, many of whom are buying a home for the first time.

'For as little as $150,000 to $180,000 you can get a nice home in the West Valley City area that doesn't need a whole lot of work,' said Realtor Aaron Marshall. Three years ago, those homes were going for $215,000 to $250,000, he said.

Robert Stock and his wife, Casie, just closed on a nearly 2,500-square-foot rambler in West Valley City. While the couple work near downtown Salt Lake City, they elected to buy a west-side home because of how far their home-buying dollars would go. 'We got more for our money in West Valley,' Robert Stock said.

The couple also were able to get a 5 percent mortgage rate and are qualified to receive the federal tax credit of $8,000 for first-time buyers or those who haven't owned a home in the last three years.

Their Realtor, Mike Loertscher, said the Stocks are among buyers purchasing homes in that area in the $150,000 to $180,000 range and who ended up paying not a whole lot more than they were paying in rent.

While the high $100,000s to low $200,000s can buy a new home or an existing home in good or great condition there, plenty of fixer-uppers in the $100,000 or lower price range are available, and investors are starting to take notice, Marshall said.

West Valley remains a haven for low- to moderate-income families. Of the 867 loans made to such buyers statewide through a Utah Housing Corp. program, for example, 59 were made in West Valley City. That's behind only Salt Lake City (97) and Ogden (90).

Because of its more affordable-price point, West Valley City is among several areas in which first-time buyers can find more homes they can actually afford, said Grant Whitaker, president of Utah Housing Corp.

Many families buy resale homes, but west-side builders are trying to lure buyers with lower prices and other incentives.

Realtor Troy Peterson, with Equity Real Estate, said builders are selling some brand-new homes and townhomes at prices not seen in three or four years. That's a big draw to young families who don't have much money to buy an upgrade.

Ivory Homes, for example, is marketing townhomes from the $180,000s and single-family homes from the $210,000s.

'For $200,000 or less, you can get a brand-new townhouse out there,' Peterson said. 'A lot of people are surprised with what they can get.'