Housing may never be this affordable again. Over the past few months, pricing in Utah has adjusted downward. Now, rising oil and gas prices have driven construction costs up. This creates a unique and temporary opportunity to purchase a home while pricing is affordable. If you have thought about moving in the next three years, now is the time to take advantage of all the opportunities currently available. There are several compelling reasons to reposition now:
Whether your family needs a bigger yard, a garden, room to grow, new schools or just a fresh start, there are beautiful homes and communities throughout the state.
Housing in Utah is affordable again. More than ever before, the market is offering great pricing and incentives. It is a buyer's market and this means you can find great deals on your new home. Take advantage of today's pricing before it's too late.
With great pricing, you have the opportunity to reposition now for significant financial benefit in the future. Five to 10 years from now, will your current home and community appreciate as much as the homes in surrounding neighborhoods? If not, now is the time to shift your resources to make sure you are positioned well in the future.
Interest rates are one of the biggest factors influencing the affordability of your monthly payment. Right now, interest rates are near 30-year low. This helps make your first home more affordable. For example, if you wait to buy and interest rates increase 1 percent, your payment will increase by $263 on a $400,000 loan. In other words, you lose $43,832 in purchasing power. Act now before rates increase.