Many potential home buyers fear that if they purchase now, they might miss out on better deals in the future. This might be true, but if you watch interest rates, and find motivated sellers, the best real estate deal possible might be right now.
Real Estate in Logan Utah never really boomed, prices only went up slightly and so we also aren’t going to really have a bubble burst. Nevertheless, real estate sales in Logan are clearly down. 2009 had the lowest annual home sales since 2003, and there are currently more homes for sale in Cache County than there have ever been during January.
This shows me that the market will still probably decline for at least a few more months. Prices will stay soft, and only competitively priced Homes in Utah will sell until next spring. Although prices MIGHT be a little more, right now, it still may be the best time to buy for those purchasing their home if you are financing with a mortgage loan. Interest rates right now are around 5% right now. This incredibly low rate makes a huge difference in your total monthly payment. From a monthly payment standpoint, with a $200,000 house, a 1% difference in interest rate would be a difference of almost $17,000 towards the purchase price. If you bought the house for $183,000 at 6% interest your monthly payment would be the same as purchasing the house for $200,000 at 5% interest. In the Cache Valley Real Estate, market $200,000 homes won’t be dropping an additional $17K ever. So if you want the best deal possible, find a house you like, and watch the volatile interest rates. An individual seller may be willing to drastically lower home prices now and give you a Great deal.
Brought to you By Cornerstone Real Estate Professionals