Is it a good time to buy a home or condo? Interest rates are at year long highs, hovering in the 6's.
So, to answer the question.. Hell Yes! Its' a great time to buy a home right now. Think about it - right now a lot of buyers are sitting on the sidelines waiting for interest rates to drop which creates a lot of very motivated (Realtor speak for the seller is willing to make a deal) - Buyers are in the driver seat for the most part, first time that's happened in about 10 years. If you're a fully qualified buyer, ready to buy - sellers are usually willing to help you out.
Interest rates are too high! Yeah, they suck - I agree but in this market, we're getting lots of sellers willing to contribute towards your closing costs in order to sell their property. Those funds can be used to "buy down" the interest rate. If the mortgage lender is quoting 6+%, chances are we can get that rate down to a more manageable high fours to low five percent rates. And rates eventually will drop, and when they do many lenders will work with you to refinance that loan to a lower rate.
So as a pre qualified buyer, you have a lot of power right now. Lots of homes for sale, not as many buyers and high interest rates. Keep in mind too, as soon as interest rates drop, seller will start to hold their prices, homes will start selling fast and you've missed your opportunity to make a deal.
Lets talk, no obligation of course. Call, email or shoot me a text at 801-580-4030
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2023's a great year in Utah Real Estate. Don't wait, NOW is the time to think about buying, selling or investing. Here are a few homes I've sold this year.
