Unbelievable News: 3 Reasons YOU Should Buy a Home in Utah Right Now

Here are three reasons why buying home right now may be a very wise decision. 

1. We are still seeing low inventory. We are currently short 45,500 homes in the state. That is a combination of condos, townhomes, and single family homes. This was what originally caused the issues we dealt with in 2021. The low inventory coupled with the low interest rates catapulted pricing as high as 22% in a single year. Although rates are currently higher right now, making affordability more difficult, we are also seeing a steady decline in builders building new homes. This means that the shortage continues to grow. Once pricing stabilizes and rates start to let up, it is highly possible that we will see values increase again very quickly.. I’m not going to say that you’ll receive a huge increase in equity, but what I will say is that you may find this to be a good investment in 2-5 years. 
2. Sellers are reducing prices in order to sell their homes. We have seen a drop in home prices of about 7.6%. This means that a 500k home is now closer to 460k. Along with the price drops in homes, we are seeing sellers offer concessions and closing costs to assist buyers in being able to reduce their interest rate, pay for additional costs during the home sale, and in some cases sellers are leaving some personal items to persuade the buyer to purchase their home. These indicators all scream that it’s a buyers market and you’ll find some awesome deals right now. 
3. You can still get a lower interest rate! There are a few ways to get your rate reduced from the current 6-7%. We have seen sellers pay additional costs to help the buyer “buy down” the interest rates. Lenders have also created programs designed for you to have a rate as low as 3% for a 12 month period. 

Based on what I’m seeing and the simple economics of supply and demand I am very confident that buying a home in 2023 would be a great 2-5 year play for any homeowner. 

Obviously making sure you can afford the mortgage and you are not cutting your necessities of life is extremely important to factor, so I would advise you to look at your finances and consult with a mortgage officer.