Did you know that the average monthly mortgage payment for a single family home in Utah county is $1,739? That is based on the average purchase price of $325,000. Owning a home is more affordable than people think!
It is a great time to buy a home or investment property because interest rates are still low. Right now, a 30 year fixed mortgage is around 4% for a primary home. Interest rates will continue to rise this year, so if you buy quickly, you can take advantage of these great rates. In 1990, the average was 10.13%! So, we are lucky today that is so “cheap” to borrow money.
A lot of people worry that if they buy now, they will be paying at the top of the market price. It many ways this is true. Many homes prices have finally come up to pre-recession levels of 2006. However, one big difference today is that Utah is one of the top states in the country for job and population growth. We have SUCH a shortage of inventory on the market for homes priced up to $450k.
Experts anticipate that it will take several more years for supply to match demand. One great thing about all of the job growth in Utah is that incomes are rising too, which makes it more “Affordable” to purchase a home. The median UT county household income yearly is approx. $62,180, making a mortgage payment roughly 33% of a family’s annual income.
If you are looking to purchase or sell a home in 2017, we would love to help. We have the skills and expertise to win bidding wars. We also invest thousands of dollars in grass roots advertising campaigns that help us uncover homes that are not on the market but would sell-particularly in Provo and Orem. No one will work harder or smarter for you than us!