Buy a Home
in Utah County and stop paying renting. Home ownership is so
much better than renting. If you're currently renting
and have dreamed of owning a home, now may be the
perfect time. I will discuss some reasons why you should
buy a home in Utah County.
Prices in Utah County from 2007-2011 have
fallen year after year. In 2012, prices started to
increase once again. Guess what else has been
falling? Interest rates. Interest rates have been at an
all time low. This means you may finally qualify for a
home. In 2012 we closed several buyer's that got a 3.5%
interest rate on a 30 year loan. This made their payment
significantly less than renting.
What's tipping the scale to make buying cheaper than
renting? Of course, it's the declining home prices and
historically low interest rates are also helping to
encourage buyers to buy a home in Utah County.
In the first
quarter of 2012, interest rates for 30-year and 15-year
fixed have been hovering near 4%. Also, the increased
demand for rental units is pushing rents up in Utah
County. The rental market is hot. This is because of all
the people losing their homes in Utah County. It is like
musical chairs.
Purchasing a home and getting a mortgage is the way to go.
Stop paying rent and buy a home.
Your mortgage should be cheaper than the cost of renting a
home in Utah County. This has not always been the case in Utah
County. It was cheaper to rent than buy a home for many
years. Times have changed. They will change again in the
future when the banks are finished dumping all their
inventory into the real estate market.
Lower interest rates are making purchasing a home
enticing for those who are planning to stay for several
years and have the ability to put down a down payment of
about 3 percent. If the seller will pay for your closing
costs you can get into a home for 3%. This means that if
you are buying a $200,000 home in Utah County you will
need to save around $6,000. Team Teasdale Realty will
negotiate an excellent deal on a home for you. We will
get the seller to include closing costs. Adding
closing costs will help you with a lower down payment.
The sector of the Utah County real estate market that
has been hit the hardest are
Homes in Eagle Mountain Utah,
Homes in Saratoga Springs Utah,
Homes
in Santaquin Utah,
Homes in
Payson Utah. These cities boomed as our market
expanded from 2000-2007. High end
Homes in Springville Utah,
Homes in
Provo Utah and
Homes
in Mapleton Utah have also seen a sharp decline in
values.
If you're renting now and wondering is this the right
time, it really depends on your particular
circumstances. You really need to stop paying rent
because you lose money. Timing the real estate market is never a
perfect science. However, the indicators are strong that
if you can afford to buy, today's market certainly
offers many good opportunities.
The first is the length of time you'll stay in the home.
Moves are costly and buying a home in Utah County requires extra
cash for a down payment. So, if you're
not sure you can stay for a while, postponing buying
might be the right choice. However, if you've been in
your rental for a long time and have roots in your city,
there are great deals on homes. It might be the right
time for you to start paying your own mortgage instead
of paying your landlord's mortgage. Besides, don't you
want to own your own home in Utah County in the future.
Okay, so let's shop for a home so you can stop paying rent
on a home.
How much down payment do you need? This is a
critical concern. With stricter lending requirements,
having cash to put down is a make-or-break factor in
purchasing a home in Utah County. Buyers often have to come up with 3%
and that can be a big chunk. Also, note that the money
usually has to be "seasoned". In other words, the down
payment money can't just suddenly appear in your savings
account only days before you decide to buy a home. It is
best if you have a history of building up the money you
have saved in your bank account.
When considering whether to buy or rent, one of the
things many first-time buyers in Utah County neglect to think
about is the cost of maintenance. When appliances break;
you, the homeowner, will pay to fix them. No more
landlord or apartment manager to the rescue. You become
the repair man or woman. Repairs take time and cost
money.
If you think things through and weigh the cost of
rent versus the cost of buying, you may find the cost
and the increased responsibility are well worth it
because along with homeownership comes the pride of
making your home yours exactly as you like it.
