If you have been considering purchasing a home in St George, Santa Clara, or Ivins, you may be curious to know if this is the right time in the Southern Utah real estate market to make your move. The market is fast changing, with new laws coming into play, interest rates are rising, and a whole slew of things buyers have to face when it comes time to picking the right house. What does that mean for you? Well, that there isn't a better time to buy than now. Let's break down the benefits of purchasing a home now, instead of waiting.
1. INTEREST RATES ARE SOARING
If you haven't been keeping up with the real estate market, you might be missing out on the data around interest rates. They are going up, and they are going up fast. 5% may not seem like a lot, but can be the difference between hundreds, or even thousands, of dollars on what you are paying out towards your loan on a monthly basis. Would you want to pay an extra $200 towards interest for your loan each month, or would you prefer to pocket that $200? Well we know the answer to that. Not only does it cost you more but it also raises your debt to income ratio, which in turn can reduce the amount of home you qualify for.
Buying a home now while interest rates are at a low is going to be an advantage, both now, and long term. Take advantage of today's rates and purchase a home that doesn't cost you extra just because of interests.
2. HOME PRICES ARE INCREASING
Have you been hearing about folks complaining in your market about the price of homes going up? Well those prices are going to continue climbing. A home that is $200,000 now, could go up to $300,000 in several years because of market conditions. We also are aware that wages are not increasing as steadily as the cost of living. Purchasing a home in today's market can get you a bigger and better deal on a house than if you were to wait a few years. Especially in hot city markets like St George, Utah, where prices are virtually guaranteed to sky rocket, making a move now can save you hundreds of thousands. You'll get more for your now, than later down the road.
3. COMPETITION IS GETTING BIGGER
Population growth is a real thing, especially in Southern Utah, and with more people, comes more competition for homes. Homes are selling faster, which means a high demand increases home prices. Buying your home now, while the competition isn't as strong as it could be, helps you get a better deal on the home you want now then if you were to wait it out.
So, in conclusion, the ball is in your court in today's market. There is no better time to purchase then now. Avoid the competition and the increase in fees and prices, and get more home than you will be able to if you wait.