Is Now a Good Time to Buy a Home?

By
Real Estate Agent with Prudential Utah Real Estate, Huntsville / Eden

If you are thinking of Selling and then Buying a more expensive home the picture is much better than you think! Real Estate prices are relative. The thought of selling your current home for less than you could have sold it for a few of years ago can be frustrating. Do the math! The home you are moving up to is going to cost you that much less to purchase right now. If your home would have sold a few years ago was worth $400,000, but it is now worth $300,000 that is 25% depreciation on your current home. But if the dream home you were looking at was $500,000 a few years ago then with the 25% depreciation the current value will be about $375,000. You are now looking at spending an extra $75,000 to upgrade to that new home, instead of the $100,000 you would have spent to upgrade a few years ago. With the current lower interest rates your new payment may be less than your current loan payment for your existing home. Contrary to popular belief, lenders are loaning money! You can easily qualify for a new loan if you have a good paying job, job history and good credit.

If you are a first-time buyer it is truly a no-brainer.
1. The government is giving $7500 tax credits for buying your first home (or if you have not owned a home in 3+ years).
2. The housing prices are the lowest in years.
3. As far as financing programs go, don't believe the fear the media portrays. There is 100% financing in many areas, and 97% financing in almost every area, except for the very high-end. There are city, county and state grant programs in place to help with the down payment and closing cost requirements. You may be able to get in a home, literally, with no money down.

Our local Real Estate Market in Northern Utah seems to be picking up. We have seen much more interest in our local market since the first of the year. There have been more Realtors showing our listings. We have had an increase of phone calls from both Buyers and Sellers. I believe people are optimistic with the new administration. People still need to move for all of the same reasons; job changes, marriages, divorces, growing family, retirement, ect. There are some great deals on the market right now and there is a lot of pent-up demand for homes.

Have you been waiting for the right time to make your move? Find a Real Estate professional who knows your local Real Estate Market to give you straight, accurate local advice. My opinion is; if you have a reason to buy a home you should make your move soon. Yes, I believe this a good time to buy!

 

Greg Jensen, Realtor, ePro 801-791-9104
Northern Utah Real Estate
http://UtahMountainHomes.com

 

Comments (6)

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Greg,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Jan 18, 2009 03:46 PM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon!  We have a team of three outstanding full time agents to assist your buyers and sellers in Spartanburg/Greenville, SC.  Let us know if we can ever help. Again, welcome to AR!!

Jan 18, 2009 11:38 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm, Trumm Team, Omaha NE

Jan 19, 2009 12:59 AM
David Painter
Keller Williams Realty - Spartanburg, SC

Good to have you on Active Rain.  This is a good site for gathering information and interesting to see what others are blogging about. Contact us if we can be of service to you. We would be happy to send you a referral or to take good care of any referral you would send to us.

Jan 19, 2009 06:00 AM
Maria Tascon
Keller Williams Realty Spartanburg - Moore, SC
Spartanburg SC Short Sale Specialist

Hi Greg, 

Welcome to Active Rain.  This is a great community and you can learn a lot as well as share your thoughts.  Enjoy it!

Jan 19, 2009 02:03 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Your math is dead on and buyers and sellers need to realize that this could be their last chance if the market does change. Things change quickly in real estate and with the new president in office, his policy changes to try to stimulate the economy could stimulate house sales and if that happens prices could start to rise again.

Todd Clark, Helping Families Home - www.IFoundYourNewHome.com

Jan 21, 2009 03:45 AM