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
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