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Recently, we've examined market statistics from April to June, a 90-day time period that will give us a good snapshot of market trends in Utah. Let's take a look at the facts...
In 2013, the median price in Salt Lake City from April to the end of June increased 12%, as our market was rebounding sharply from the lows we experienced after the market crash. During the same period in 2014, appreciation slowed down, but prices still increased 4%. What can we expect as we begin that time period in 2015?
If you're buying a $300,000 house in our current market and median price does the same thing it did two years ago, in 90 days your home will appreciate by $336,000! It's unlikely we'll see that rapid of growth this year, so let's assume prices appreciate at the same rate they did last year; your $300,000 home would still appreciate to $312,000! What this example shows is that pricing can change drastically while people shop!
Right now, there is a lot of talk about interest rates, which are still near historic lows. We have some clients recently who have closed with interest rates below 4%! What kind of effect will rising rates have on your spending power? Well, if we go back to the example of the $300,000 home, if rates rise 1% in the next 90 days, your monthly payment would be $1,442 instead of the $1,111 you would pay today.
In the next 90 days, based on numbers
we've seen in Salt Lake City from April to June over the last two years, you could watch a $300,000 house go up to a purchase price of $336,000, which would cost you an additional $7,200 if you put 20% down, and see your monthly payment rise by $331 a month! In other words, being indecisive about making your move could cost you a lot of money in the long run.
Here at Utah Cribs, our goal is to share this information with you so you can be an informed buyer in the Salt Lake marketplace. If you would like to discuss your moving options, or if you need real estate assistance of any kind, we would love to help you out. Give us a call or shoot us an email if you would like to make the most of these stellar market conditions!
In 2013, the median price in Salt Lake City from April to the end of June increased 12%, as our market was rebounding sharply from the lows we experienced after the market crash. During the same period in 2014, appreciation slowed down, but prices still increased 4%. What can we expect as we begin that time period in 2015?
If you're buying a $300,000 house in our current market and median price does the same thing it did two years ago, in 90 days your home will appreciate by $336,000! It's unlikely we'll see that rapid of growth this year, so let's assume prices appreciate at the same rate they did last year; your $300,000 home would still appreciate to $312,000! What this example shows is that pricing can change drastically while people shop!
Right now, there is a lot of talk about interest rates, which are still near historic lows. We have some clients recently who have closed with interest rates below 4%! What kind of effect will rising rates have on your spending power? Well, if we go back to the example of the $300,000 home, if rates rise 1% in the next 90 days, your monthly payment would be $1,442 instead of the $1,111 you would pay today.
In the next 90 days, based on numbers
we've seen in Salt Lake City from April to June over the last two years, you could watch a $300,000 house go up to a purchase price of $336,000, which would cost you an additional $7,200 if you put 20% down, and see your monthly payment rise by $331 a month! In other words, being indecisive about making your move could cost you a lot of money in the long run. Here at Utah Cribs, our goal is to share this information with you so you can be an informed buyer in the Salt Lake marketplace. If you would like to discuss your moving options, or if you need real estate assistance of any kind, we would love to help you out. Give us a call or shoot us an email if you would like to make the most of these stellar market conditions!
