Posts Tagged Utah County

You can buy for as much or less than renting in Utah

According to data released this week by real estate website Trulia, even with the current state of the economy and the real estate market it’s still cheaper to buy than rent in many areas of the United States.

So I thought I’d see how that applies to Utah.  Most two bedroom apartments in Salt Lake City rent for around $800 a month, which will buy you a $140,000 house.

Now I know what you’re saying: “Cory, where is anyone going to find a house for $140,000 in Utah?”

Good question.  So I consulted the Multiple Listing Service (MLS) to see if there were homes and condos to be had in that price range, and here is what I came-up with:

Salt Lake County: 1,582

Utah County: 720

Davis County: 354

Weber County: 882

Tooele: 174

Sure, all of these aren’t going to be brand new, and some may require some repair here and there, but if they pass an FHA inspection and you could own for the price of renting and get a mortgage interest deduction at the end of the year than why wouldn’t you do it? With over 3,700 homes for sale under $140,000 along the Wasatch Front you’re bound to find at least one that is just what you’re looking for.

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Salt Lake County home sales are up even though prices are down

I personally think that increased home sales is a good thing for long-term values in Salt Lake County and adjoining areas.  As homes sell the values will again start to inch up. At least as soon as we get rid of the REO’s (Real Estate Owned by banks).

I also agree with Joshua Stern of Keller Williams – right now we are seeing the perfect buyer situation in the balance of low interest rates and lower prices of homes.  Prices could go lower, and interest rates could hold at current levels for a few more months, but I wouldn’t count on either.

Most economists agree that mortgage rates simply cannot remain this low over the long term and that as the economy improves, those rates will drift upward. “With rates this low, you may not get a better deal by waiting for prices to bottom,” said Joshua Stern, an agent with Keller Williams in Salt Lake City.

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Congress restores funding to USDA Rural Housing

On Thursday Congress restored funding to the USDA Rural Housing program which has been on pause since May.  This is great news for Utahans since much of Utah sans the Wasatch Front (Salt Lake County, Utah County, Weber County and Davis County) is considered “rural” and homes in rural areas are eligible for 100% financing.  Areas such as Eagle Mountain and Stansbury Park are in these rural areas.

So if you are thinking of buying a home and are short on down payment funds, think USDA Rural Housing and have your Realtor show you homes in qualifying areas.

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