Why You Need To Buy A Home in 2016
Real estate is on everybody's mind! It is a topic that we all think about on a regular basis! However buying a home is not always a great idea! Depending on market conditions it could actually be a horrible idea. So when making the decision to buy a home it is important to take a few things into consideration.
- Interest Rates — These are crucial to your home purchase because these will in large part determine the most important factor for most people, your monthly payment. Buying a home in a time when interest rates are favorable can save you thousands of dollars a year in mortgage payments and can allow you to qualify for larger loans! Right now here in Utah we are experiencing great interest rates! With a 640 credit score and a down payment of 3.5% of the purchase price you can get a loan with an interest rate below 4%! Now many of us may not know if that is good or bad but let me just tell you that a few years ago interest rates we much, much higher! So if you are worried about getting a good interest rate I can promise you that now is the time to buy. Interest rates fluctuate according to the economy which means that tomorrow something could happen and rates could go up! So take advantage of the opportunities available right now and get it done!
- Loan Programs — These are very important since they can have many perks attached to them! Right now there is a number of programs that are helping folks with their downpayment. This is beneficial for somebody who wants to buy a home but does not have five to ten thousand dollars in the bank. We have the Utah Housing program which can extend a second mortgage for your downpayment, allowing you to purchase your home with as little as $500! Many agents do not know how to work this program however, since it is a bit longer and requires a few more steps. There is also a grant program available right now in the state of Utah! This grant is for applicant with a 640+ credit score and it is a 5% grant towards your downpayment! A grant is an amount of money that you do not have to pay back. So essentially you can get $10,000 of free money to buy your $200,000 h0me, that is HUGE! Just one more reason why now is the time to buy!
- Inventory — Last but not least we come to inventory! There must be enough homes on the market so that you have a good selection of homes to choose from! Inventory in the state of Utah has risen exponentially! There are more homes for sale in more areas which makes it easier for buyers to get the home they are looking for! There is still plenty of competition for homes due to the factors we just talked about and the favorable conditions for buyer but you can still find an awesome home for a great deal!
So there you have it! 3 simple yet incredibly important reasons why 2016 should be the year that you buy your home! Rates could change, the market could shift and you may end up paying much more for that home that you are dreaming of! So get it done and enjoy the benefits!