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3 Popular Myths About Building A Home In Utah

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Is it possible to build a new home in Utah’s housing market? If you’re looking for a reason to be skeptical of home building in Utah, pick your poison. From supply chain challenges, inflation, population growth, and a little virus that created big disruptions on a global economic scale, many wonder if entering the housing market will ever be possible for the average buyer. 

But what if now is the time? What if your vision of a new dream home can be a reality? 

Some experts are optimistic that as 2022 progresses, buyers are geared to re-enter the market in droves.”Pummeled by record high prices and bidding wars for existing homes, in 2021 many potential home buyers hunkered down and saved their money,” experts explained. “They were waiting until, inevitably, the supply/demand equation reconfigured. Even first-time buyers, with bigger paychecks and stimulus funds in the bank, will likely pounce in the coming year.”

They added that a rising inventory of new and existing homes would likely create a robust demand. If you’ve been planning to build a new home, don’t let the myths fool you. Emerging trends in construction costs, growing inventory, and mortgage rates indicate that plans for the ideal home could happen sooner than you think. 

Here are 3 common myths that emerging housing trends debunk.  


1. You must have a sizeable down payment. 

Although some people believe that 20 percent is essential for buying a new home, research shows the median down payment for younger buyers, in particular, is around 8 percent. Many loan programs approve loans with as little as 3 percent, 3.5 percent, or even zero down. 

However, there are advantages to having a large down payment. And with interest rates hovering around 5.75 to 6.0 percent, a lump sum upfront can lower monthly mortgage payments, with an option to buy down mortgage points, which reduces interest rates. An experienced lending team can help determine how much buyers can afford and find the ideal house model to match the desired location, lifestyle and budget. 

2. There are better places to invest your money.

Is home ownership still a smart investment strategy? Compared to renting? Yes. “While home prices have increased rapidly over the past two years, renting isn’t always a more affordable alternative,” Erik J. Martin, a lending expert, says. “Rent prices have been skyrocketing in many places, too.”

Although owning a new home requires upfront costs, the long-term benefits include home equity, tax deductions, property appreciation, etc. 


3. New homes all look the same.

Whether buyers are building their first home or their next, the living space should be as unique as the family who lives there. Woodside Homes offers unique, energy-efficient, space-saving, and living well custom solutions to personalize your home. Every design detail, space, and element is inspired by the buyer. Of course, buyers can use the inspiration gallery to help get those home design juices flowing.  

The rumors are true! Utah is among many states with a robust housing market, so it’s wise to rely on expertise to help with homebuilding decisions. But an essential part of building a strong community is building within the community. Your home is your sanctuary, and for over 40 years, Woodside Homes has helped new home buyers in communities throughout Utah create a living environment that supports and sustains a quality living experience that people have grown to expect from Woodside Homes. And we are ready to build with you, too. 

For more information and to learn more about summer specials, visit www.woodsidehomes.com.