First-Time Buyers
Should I Buy Now?
Housing may never be this affordable again. Over the past few months, the market has created a unique opportunity for first-time home buyers. If you are renting, you should act now to take advantage. Here are a few reasons renters should take a serious look at buying now:
IMPROVE YOUR LIFESTYLE
Homeownership is the best way to improve your lifestyle. The ability to choose your own home, be your own landlord and start saving for the future is a great opportunity. Maybe your family needs a yard, a garden, room to grow, new schools or just a fresh start.
TAKE ADVANTAGE OF GREAT PRICING
Housing in Utah is affordable again. More than ever before, the market is offering great pricing and incentives. It is a buyer's market and this means you can find great deals on your new home. Take advantage of today's pricing before it's too late.
RECEIVE SIGNIFICANT TAX BENEFITS
There are two great tax benefits available for first-time home buyers First, the new $8,000 first-time home buyer tax credit in only available for purchases made before Dec. 1, 2009. The amount will come as a refund when you file your 2008 or 2009 tax returns. In addition to this temporary benefit, each year homeowners can deduct their mortgage interest and property taxes. This keeps more money in your pocket right away and each year that you own your home.
TAKE ADVANTAGE OF $6,000 GRANT PROGRAM
For qualified buyers who purchase a newly constructed home, the Utah government is offering a $6,000 Home Run grant for down payment assistance or closing costs. Because there are a limited number of grants, buyers should act quickly if they want to take advantage of this incentive. Click here to learn more about the Home Run grants.
AVOID RISING RENTAL RATES
Rental rates in Utah have been rising. In Salt Lake County, they increased 9.2 percent over the past year. Become your own landlord and stop flushing your money down the toilet.
LOCK IN GREAT INTEREST RATES
Interest rates are one of the biggest factors influencing the affordability of your monthly payment. Right now, interest rates are incredibly low. This helps make your first home more affordable and keeps money in your pocket. For example, if you wait to buy and interest rates increase 1 percent, your payment will increase by $165 on a $250,000 loan. In other words, you lose $27,417 in purchasing power. Act now before rates increase.
GET THE BEST HOME AND LOCATION
There are currently a large number of homes on the market. The best options for homes and locations in each community always move first. Move quickly to make sure you are the one who gets the best option.
Repeat Buyers
Should I Buy Now?
Housing may never be this affordable again. Over the past few months, pricing in Utah has adjusted downward. This creates a unique and temporary opportunity to purchase a home while pricing is affordable. If you have thought about moving in the next three years, now is the time to take advantage of all the opportunities currently available. There are several compelling reasons to reposition now:
IMPROVE YOUR LIFESTYLE
Whether your family needs a bigger yard, a garden, room to grow, new schools or just a fresh start, there are beautiful homes and communities throughout the state.
TAKE ADVANTAGE OF GREAT PRICING
Housing in Utah is affordable again. More than ever before, the market is offering great pricing and incentives. It is a buyer's market and this means you can find great deals on your new home. Take advantage of today's pricing before it's too late.
TAKE ADVANTAGE OF $6,000 GRANT PROGRAM
For qualified buyers who purchase a newly constructed home, the Utah government is offering a $6,000 Home Run grant for down payment assistance or closing costs. Unlike the $8,000 tax credit, this grant is available to both first-time buyers and buyers who have owned in the last three years. Because there are a limited number of grants, buyers should act quickly if they want to take advantage of this incentive. Click here to learn more about the Home Run grants.
REPOSITION FOR FUTURE APPRECIATION
With great pricing, you have the opportunity to reposition now for significant financial benefit in the future. Five to 10 years from now, will your current home and community appreciate as much as the homes in surrounding neighborhoods? If not, now is the time to shift your resources to make sure you are positioned well in the future.
LOCK IN GREAT RATES
Interest rates are one of the biggest factors influencing the affordability of your monthly payment. Right now, interest rates are incredibly low. This helps makes buying a home more affordable. For example, if you wait to buy and interest rates increase 1 percent, your payment will increase by $263 on a $400,000 loan. In other words, you lose $43,832 in purchasing power. Act now before rates increase.