What are you waiting for? Now is the time to buy!
There has not been a better time in the last 45 years to buy a home. There is plenty of inventory --- even here in our Springville and Mapleton communities. According to the Utah County Board of Realtors, there are currently 161 homes listed in Springville or Mapleton under $200,000. And that does not count those being sold by the owner.
Interest rates are the lowest we have seen in 50 years. A local lender gave me a quote today on fixed rates. You can get a 15-year loan with an APR of 3.75 percent or a 30-year fixed rate of 4.6 percent. With rates that low, it makes a lot of sense to buy. A 30-year $10,000 loan at an APR of 4.6 percent would make your payment only $768.97 plus a tax and insurance escrow.
Compare that payment with an average rental payment on a three-bedroom, single bath apartment for $950.00 per month --- if you can find it. As the saying goes, “He who snoozes, loses.” Don’t be left in the dark because you didn’t think to turn on the light. The market is changing and the demand is increasing. One can feel it in the conversations with those who stay informed about the industry.
You don’t have a down payment? There are creative ways to assist you in qualifying with very minimal down payments and in some situations with no down payment. My best advice would be to see a reputable loan officer who is competent in their industry. Go in and get yourself a prequalification letter.
Armed with that information, you are ready to get serious about your home buying experience. The next step would be to contact a reputable Realtor who knows the market in our area and who would be of assistance to you. Their advice and counsel doesn’t cost you a dime until you have made that buying decision.
You may also go online to get answers to many of your questions.
As singer and composer Pete Seeger said, “Education is when you read the fine print. Experience is what you get if you don’t.”
Until next week, keep smiling.