Every potential home buyer grapples with the same question: “Is now a good time to buy a home?”
With mortgage rates rising this year and things beginning to “cool off” now that the pandemic has ebbed, many people wonder if the prime purchasing time has passed. Worries about a recession and a possible repeat of the housing crash of 2007 weigh heavily on buyers’ minds.
Whether or not now is the right time to buy depends heavily on a person’s individual circumstances. But if you’re currently looking to buy a home in Utah, you should know that there are plenty of reasons why now is a great time to pull the trigger if you’ve had your eye on something.
Here’s a look at a few facts and figures that may calm your fears about the current housing market.
Utah has the hottest housing market in the nation
Utah has become quite the popular place to live — especially among Californians. The state has continued to hold the No. 1 spot in Bankrate’s Housing Heat Index over the last couple of years.
“Utah boasts the nation’s strongest pace of job growth, along with rock-bottom unemployment, few mortgage delinquencies and low state and local taxes,” writes Jeff Ostrowski for Bankrate. “Residential real estate has boomed during the coronavirus recession, and Utah has emerged as a particularly desirable market.”
Thanks to this desirable market, you can expect home sales to keep going strong in the Beehive State.
Demand remains high while supply is still low
One question on everyone’s mind is whether or not there’s a housing bubble that’s about to burst as it did back in 2007. Fortunately, there are a few key differences between the market then and the market now.
“One big difference between now and 2007 is the supply of homes,” writes Steve Goldstein of MarketWatch. “There’s roughly 12 million more households than 2007 but three million fewer homes to buy.”
The lack of supply combined with the high demand — especially here in Utah — supports the continued rise in home values.
Homeowner equity is high
Don’t forget that your home isn’t just a place to eat and sleep — it’s also a financial investment.
Writing for NerdWallet, certified financial planner Hal M. Bundrick says, “Homeownership is one of the most straightforward paths to building wealth. The key component of this is growing your equity, which gradually shifts your debt into an asset.”
Home equity is the current market value of your home, minus what you owe. Homeowners across the nation have built up equity quickly in recent years, thanks to the booming market.
Though it takes time to build equity, the current market projections suggest that now is a great time to start accruing it since home values are expected to rise.
Woodside Homes makes buying a home easy
While the housing market in Utah remains strong, working with the right builder can make all the difference when you want to bring your dream home vision to life. For over 40 years, Woodside Homes has been committed to designing and building beautiful homes to fit every lifestyle.
Because where you live is an extension of who you are, the Woodside commitment goes beyond designing and building beautiful homes. Everything from carefully selecting land to simplifying the home buying process has been fine-tuned to ensure that your experience with Woodside Homes is Better By Design.
Better By Design is more than just a motto—it’s their promise to you. Life’s best moments take place at home, and they take pride in contributing to those memories for years to come.
Woodside stands by their promise that every decision made when designing, building, and delivering your home is thoughtful and smart. Speak to a Woodside Homes sales consultant about locking in your rate and taking advantage of their summer promotions today.