But if you're looking to buy a house or property, this might be just the right time to take the leap.

Bank of Utah lending manager Amber Wykstra says she's seeing a lot more people in her office. 'I'm seeing home buyers coming out of the woodwork, at all stages of life and all different ages,' she said.

For example, Amy Pace and her husband, along with daughters Shaylee and Taya, are looking forward to their new home in Layton. The Paces have been looking for the past several years, waiting for the right time and the right price.

'We just kind of feel like now, that maybe they've hit close to bottom; that locking something in right now … is much better than it was back then when we were trying to decide whether we should do it or not,' Amy said.

'It's a perfect storm,' Wykstra said. 'It is the perfect time to do this. Everything, really, truly is aligned.'

Location is still key in the real estate game — some areas will be more active than others. But lenders are also seeing some other positive signs that they haven't seen in a while.

'Usually when you go into a marketplace, it's the investors who come in first. And what we're seeing right now is a lot of applications of people wanting to buy rental properties or second homes,' Wykstra said.

But for the Pace family, home number one is a big deal and should be a reality early next year.

'We're very excited. We just love this neighborhood, we've met a bunch of great neighbors already,' Amy said. 'We're just excited to get in and plant some grass for the girls.'

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