Interest Rate & Price Increases in Tooele County

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Real Estate Agent with Group 1 Real Estate

Tooele County Home Prices & Interest Rates

Do you think Tooele County home prices and mortgage rates are going up in 2016

Do you have any idea what this will mean to you?

I posted this KCM graphic last week with some information I hoped would help motivate the fence sitters out there that are thinking of buying a home in Tooele Valley.

Wow !!! Did I ever hear from sellers. Folks thinking of selling a house or condo out here started calling, reminding me of a couple of things....

  1. Higher home prices diminish the number of people that can afford to buy their property.
  2. An increase in interest rates increases the monthly payment, once again creating fewer buyers. 

Check out this info, and maybe even save it somewhere. It may explain what is going on in the Tooele real estate market.

Prices & Mortgage Rates Going Up in 2016

Posted: 03 Dec 2015 04:00 AM PST

Prices and Mortgage Rates Going Up in 2016 | Keeping Current MattersThe monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016.

HOME PRICES

CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state: Pricing Forecast | Keeping Current Matters

MORTGAGE INTEREST RATES

All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters: Interest Rates | Keeping Current Matters

Bottom Line

With both home values and interest rates projected to increase over the next twelve months, buying (or moving-up), sooner rather than later, makes sense.

Want to talk more about Tooele County prices and mortgage rates going up in 2016? Give me a call, Berna Sloan 435-840-5029.


first posted on tooelehomes4sale.com 

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Chris and Berna Sloan

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