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Recently, we shot a video that explained what the market can do in a 90-day time period in Salt Lake County. In that video, we speculated about what the market might do between April 1 to July 1 of 2015. To do that, we used real numbers from 2013 and 2014 to see what we could expect.
In 2013, median price in that 90-day time period between April 1 and July 1 went up 12%; in 2014, median price increased by 4% in that time frame. Using those numbers, we speculated about what this year might look like and where interest rates might head. Well, now that the numbers for that 90-day period are in for 2015, we can take a look at how close the numbers are to what we thought they would be.
You might find it shocking, but from April 1, 2015, to July 1, 2015, median price for Salt Lake County went up 12.97%! At the same time, local interest rates went up by about .5%. If you were to buy a $300,000 home back in April, while putting 20% down with a loan of $240,000 and an interest rate of 3.75%, your monthly payment would have been $1,111. That same home now, only 100 days later, would almost cost you $40,000 more in purchase price, you would need to put $8,000 more down, and you would be loaning an additional $31,000. When coupled with a .5% interest rate jump, your monthly payment would be $222 more right now than you would have back in April!
We talk about these numbers because here at Utah Cribs we're educated and we know what the market is doing. Of course, no one has a crystal ball, us included - but we pay attention to the market every day so you don't have to. So, what can we expect to see in the Utah market moving forward? Stay tuned for our future videos where we'll share sound advice about the direction our market is heading!
In 2013, median price in that 90-day time period between April 1 and July 1 went up 12%; in 2014, median price increased by 4% in that time frame. Using those numbers, we speculated about what this year might look like and where interest rates might head. Well, now that the numbers for that 90-day period are in for 2015, we can take a look at how close the numbers are to what we thought they would be.
You might find it shocking, but from April 1, 2015, to July 1, 2015, median price for Salt Lake County went up 12.97%! At the same time, local interest rates went up by about .5%. If you were to buy a $300,000 home back in April, while putting 20% down with a loan of $240,000 and an interest rate of 3.75%, your monthly payment would have been $1,111. That same home now, only 100 days later, would almost cost you $40,000 more in purchase price, you would need to put $8,000 more down, and you would be loaning an additional $31,000. When coupled with a .5% interest rate jump, your monthly payment would be $222 more right now than you would have back in April!
We talk about these numbers because here at Utah Cribs we're educated and we know what the market is doing. Of course, no one has a crystal ball, us included - but we pay attention to the market every day so you don't have to. So, what can we expect to see in the Utah market moving forward? Stay tuned for our future videos where we'll share sound advice about the direction our market is heading!
