Have you been thinking of buying a home? Are you waiting until the market shifts in favor of buyers? You might be surprised to learn that there is no better time than the present to invest in real estate. Although the Utah real estate market is still considered a “sellers market” because demand is higher than supply, it’s still a great time to purchase a home!
Mortgage rates are still historically low, but Freddie Mac projects that by 2019 interest rates will jump from 4.30% to 5.10% that is a huge increase! CoreLogic is projecting that by 2019 home prices will increase by 4.3%, which means the average home price will move from $250,000 to $260,750.
Home prices in Utah could see an even larger increase due to an influx of people. Utah has the highest rate of job growth in the nation, which means more people are moving here and more people are needing to find housing.
So what is the cost of waiting to buy a home?
If you wait to buy a home in Utah you could be costing yourself $178.56 a month, $2,142.72 annually, and a whopping $64,282 over 30 years. Doesn’t seem so smart to wait until next year now does it? If you are ready to invest in your future and build equity through homeownership, call us today at 801-821-9400 or email us at CoryAndRhonda@kw.com