Did you know buying a home for sale in Utah today is more affordable than any time in the last two decades? Homes are actually at a record level of affordability thanks to lower sale prices and historically low mortgage rates. If you’ve been putting off buying a home of your own, now is the time to do it!
2013 is the Year of Home Affordability
According to the NAHB/Wells Fargo Housing Opportunity Index, nearly 76% of homes sold during the end of 2011 could have been comfortably affordable for households making the national median income of $64,200. This is the highest recorded home affordability in 20 years. What does this mean for you? Chances are good that you can easily afford most Utah real estate for sale today.
Record-Low Mortgage Rates
While Utah real estate prices are still relatively low, you’re also more likely to afford a home thanks to record-low mortgage rates. The national average mortgage rate for a 30-year fixed loan is only 3.57%, although Utah mortgage rates are slightly lower. To give you a reference point, twenty years ago these rates were as high as 9.03%!
Renting? Buy Utah Real Estate and Save Money
If you’re currently renting your home, did you know that buying a home is actually cheaper than renting in many areas? After buying a home, you also gain a wealth of tax advantages and begin putting your money to work for you through property value increases and equity you can use.
Consider this: in 1981, the average family spent 36% of their budget to purchase a home. Today, buying a home in Utah can cost you less than 15%. If you’re ready to have a home you can call your own, now is the best time to take advantage of the market