Last week I posted a number of articles from Keeping Current Matters about buying a home, and since I’m an advocate & a resident of this rural community I’m going to republish them along with my comments. Please read if you are interested in making the best investment
These 4 short posts should at least cause you to take a look at what Tooele Utah has for sale and what living out here has to offer.
- The more affordable post deals with NOW being the perfect time to buy a house.
- Then we deal with spring as the time to get out and start looking at listings and model homes
- Article #3 talks about down payments and how important it is to start saving today!
- Finally, we discuss home prices & how they compare to what housing cost in 5 years ago.
These posts reflect on real estate nationwide, but I will put my spin on things and make sure they point out how the topics relate to buying a home in Tooele County UT.
Click on each post to see if you should be buying a house in Tooele County Utah
If you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed. Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years … Read More
My take on this is basic (simple). The two most important factors in the buying process, (other than location) are in perfect alignment. Property price & Cost of financing. Both of these elements are in danger of changing drastically in the next few months. As I pointed out on my blog last week, the price difference between houses in Tooele & comparable Salt Lake properties is often 40+ %. That’s a lot of room for the cost of a home in Tooele UT to move upward. As far as interest rates go, we have already seen an uptick this week and many industry pros think that the trend will start to move higher. The results of that will be fewer houses in your price range to choose from, and higher house payments.
Here are four great reasons to consider buying a home today instead of waiting. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year. The bottom … Read More
Since we mentioned last week that Tooele County was on the high end of appreciation rates, we will split the difference between the high and low predictions for percentage of price increase we should anticipate. Let’s say an even 5%. That will be the dollar amount you either don’t earn, or the amount of wealth you can expect to gain over the next 12 months. Let’s take an average house in one of the major cities out here:
- Erda Utah: A 5% increase this year would mean that a $459,000 investment would be worth $22,000 more over the next 12 months.
- Lakepoint UT: Average cost of a $434,000 Lake Point home would increase by $21,700 next year.
- Stansbury Park UT: Would see a yearly increase of $18,000 on the average $360,000 home purchase.
- Grantsville UT: Buy a home here for $343,000 and see appreciation of $17,150.
- Tooele City: Average price of home is $243,000. Value in 12 months $255,150. Paper profit $12,150.
Remember, these are just estimates. We don’t give investment advice, and there is no guarantee that real estate will continue its current upward value trending.
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from the United States … Read More
My news on this is “good news”. Have you heard about the USDA no money down mortgage? Well if saving for a down payment is keeping you from buying a home you need to hear about it. This loan was developed years ago to bring economic development to rural areas, and help small communities compete with urban communities by making 100% financing available to home buyers. Even though Tooele County has experienced phenomenal growth, it still qualifies for this government program. If you qualify, you may not need to wait until you have 3% or 5% or more for your down payment. This loan can be used to finance pre owned houses as well as new home construction.
The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since the Great Recession of December 2007 through June 2009. One of the key indicators used in the report to determine the health of the housing … Read More
I did a post on this subject last week. It was called ” Home Values in Tooele County Way Up“. It showed an amazing 40% + increase in value for properties sold in Tooele County over the last five years. It starts out by noting that the average cost per sq ft of homes sold in February 2013 was $74.50. Jump forward to February 2018, that same house would be worth $112.39 per SQFT. I meant for this information to show a comparison for house values in Tooele versus other areas in the state, and specifically some of the cities in Salt Lake County. The comparison was intended to create interest in our area and offer home buyers a solid choice. I hope it still does!
I hope this information has been helpful. And I hope that we can stay connected thru my blog or our website. That is a great tool to use as you start your home search.
I also hope that when it’s time to select an agent you will remember my name and how I know this business, and Tooele County real estate. I want to work with you! I’m qualified, I’m local, and I’m full time.
Let’s talk about why you should be buying a house in Tooele County Utah.