Buy the Numbers

By
Real Estate Agent with Keller Williams Success Realty

Hi - my name is Jim and I sell Real Estate in Northern Utah. Specifically I sell in Weber and Davis Counties.  I'm here today to tell you why it is you should buy today, or list today, and not keep putting it off.

The market here is on fire.  Seriously - two homes with multiple offers in as many weeks.  That's pretty common in some price ranges - list prices of these two were $299,900 and $151,500 respectively.  Both are under contract so I'll wait to post details.

Here's the details you need to know.  In my specific market area 1000 single family homes have sold in the past 90 days.  240 of those in the past 30.  Of the 240 sold in the past 30 days 94 had been on the market less than 30 days before going under contract - that's a little more than 39%!!!

The truly remarkable number?  704 pending sales.  Of those 289 have less than 30 days on the market - that's a little over 40% !!!  

 

If that doesn't convince you that now is the time to sell take a look at this.  If you're looking to buy - no matter if you're selling or not.  (I posted this as a facebook status a few days ago so yes it's been published before - by me for this purpose)

 

Interest rates are still incredibly low.

Did you know that before 2009 a rate under 6% was almost unheard of?

They are predicting 6.5% by mid 2017.

What does that mean for you?

Look at it in terms of what you can buy with a monthly payment of $1,100 at the following interest rates:

4% = $227,000
5% = $201,850
6% = $180,750
7% = $162,850

See what happens here? Then consider we are in a market with rising prices. So what, you ask?

5% annual increase in prices means in 2 years the house you can buy for $227,000 today will be worth more like $250,267 and the one worth $162,850 will be more like $179,542.

So let's look objectively at this.

Buy today and buy a house for around $225,000 or wait two years and spend between $170,000 - $175,000 with the same monthly budget.

Time to buy a house, don't you think?  Or sell and buy new?

 

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