Waiting to buy a home may not be the best idea in our current market.
Waiting to buy a home is a large issue in our current real estate market. Housing prices have increased across the board, especially rent prices. According to Realtor.com, rents have risen 8.2% nationally. Speaking to our clients that own multi-housing, they’re increasing rents because the demand is there. It’s no secret that home prices have escalated in Utah in the last year; in fact, they’ve climbed 30% along the Wasatch Front.
Interest rates have also been a driving factor in our market. They’ve been artificially low for so long that people expect them to stay low. However, that’s not always the case. When economies are strong, interest rates tick up to help stave off inflation. We’re seeing inflationary tendencies, and interest rates remain low for the time being, but don’t expect that to last.
So if you’re considering waiting to buy a home, that may not be your best bet.
If you’re a buyer, we don’t want to dissuade you. Instead, we want to inform you so you can make beneficial decisions for yourself and your family. Reach out to us so we can come up with a specific game plan for the present market. Whether you’re thinking about buying or not, if you have any questions about our market or real estate in general, call or email us. We would love to help you.