Did you pick this post, "why buy in Tooele County now" up on Face Book this morning? If not, I'm going to try again. It's important.
If you think you will be buying a home, or selling the house your in and buying a new one, you need to look at the following stats.
Just click on the graphics and see what a change in price or in interest rate increase can do to your future monthly house payment.
There are no indications that home prices are going down, but every indication is that the industry is facing a long awaited interest rate hike. Home mortgage rates are at historic lows. And some 100% financing is available.
Each uptick in the cost of money shows up in the amount you will be charged to finance your home.
Not only will the monthly payment be more costly, but generally as rates increase, availability decreases. If credit is not perfect, funds to purchase a home or condominium could not be available.
The Joint Center for Housing Studies at Harvard University recently released their 2015 State of the Nation’s Housing report. The report concentrated on the challenges renters in this country are facing because of the diminishing supply of quality rental units and dramatically escalating rents.
However, there was also information buried within the report that revealed that now is definitely the time to buy your first home or move-up to the home of your family’s dreams. With home prices still below peak values and mortgage rates still near historic lows, the monthly mortgage payment on a median priced home is less than at almost any time in the last 25 years.
Here is a graph which helps visualize the data from the report:
Bottom Line
With home prices increasing and mortgage rates projected to increase, now is the time to buy.
If you are even just considering looking at homes, give me a call let's sit and make a plan so that you don't miss out on this great time to buy a home.
Let's talk about the basic smart reasons about why buy in Tooele County now.
Call me, Berna Sloan 435-840-5029.
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