Housing Forecast

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Now is a good time to look for a home.

The holidays are upon us and good tidings and family gatherings lie before us. Here in Utah, we are coming into the time of the year when our mountains are blanketed by our legendary snow and visitors from around the world come to enjoy. It is also a good time to buy a home...Prices and mortgage rate trends all indicate that there is no benefit to waiting. Here are some reasons why you should think about upgrading your roost now:

Prices are going up...and only up.

According to the latest Home Price Expectation Survey poll, home values are going to appreciate between 11.2% (most conservative estimation) and 27.8% (most idealistic estimation). The market bottomed out over a year ago and will continue to rise. As home values are sure to continue increasing, there is no reason to postpone a home purchase and several reasons to purchase now.

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Mortgage Interest Rates are on the Rise

The Mortgage Bankers Association has predicted that, "the average rate on a 30-year, fixed rate mortgage will rise slowly to 5.1 percent by the end of 2015 -- a full percentage point higher than where it is currently." While mortgage rates are projected rise in the very near future, they are very soft at present, meaning...now is better than later for financing a home purchase.

Utah is on the Rise

Utah's economy is booming. We crunch the numbers. We are confident in saying--Utah is one of the most attractive places to purchase investment real estate. The state was, for the fourth time, named "The Best State for Business" by Forbes Magazine. With our low unemployment rate, exploding tech industry, and strong pro-business regulations, major companies like eBay, Adobe, Oracle, Goldman Sachs, etc... and skilled employees have been flocking to northern Utah. Utah's robust economy makes any piece of property in our state an investment property.

 

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