The Utah real estate market is hotter than ever. This is especially true in popular mountain communities like Park City, Midway, and Heber City, UT. If you aren’t jumping on the train now, you may just miss out on a great opportunity to buy real estate in this beautiful location.
Why Buy Property Now?
Why is now such a prime time for buying a home in Heber City and surrounding areas? In the past, the best time to buy a home in Utah has been in colder winter months such as January and February. During these months, Utah home sellers generally don’t see as many offers. This gives buyers less competition to make their appealing offer on the home they want, right when property owners are eager to sell.
However, that may not be the case anymore. With home prices and interest rates on the rise, waiting until the cold front sets could mean paying more for a property that could very well sell before you have the chance to make an offer.
Ever-Increasing Home Prices
More and more people are making Utah communities their place of residence, whether just for a winter retreat near some of the top ski resorts or for year-round living. As such, properties are constantly in demand in areas like Heber City. That high demand also means that Utah home prices will only continue to go up.
The U.S. Home Price Insights report from CoreLogic estimates that within the next year those high prices will keep appreciating by 4.8%. Historically that appreciation rate has stayed around 3.6% from year to year. But not anymore.
The Utah real estate market is changing. What that means for you is that if you have considered buying a home or property in Heber City or elsewhere, the time for waiting has passed. Not only may other buyers who are flocking to this area put up offers before you, they may also get those properties at a better price than you could in even just a few months time.
Rising Interest Rates
Interest rates have also been going up in connection with this high demand to buy real estate in Utah. Luckily, rates haven’t yet hit 5%, but projections show that, like home prices, interest rates will only continue to increase within the next year and beyond.
The sooner you can buy, the more you can avoid those high rates that will substantially increase your monthly home payments. Currently the average rates for a 30-year fixed-rate mortgage are at a yearly low of 3.75%, which is quite a drop from 4.45% interest rates from the beginning of the year. This is the drop before the predicted rise, making it the perfect time to buy.
Still feel that those current rates are still too high? Put it in perspective: 10 years ago, interest rates were getting as high as 6.29%. 10 years before that they were reaching up to a shocking 8.12%.
Yes, 3.75% isn’t the ideal interest rate, but it definitely isn’t as high as it has been and isn’t as high as it’s projected to be in the near future. So take advantage of the situation by buying now before rates increase.
No Time Like the Present
If you’re wondering, “Should I buy property in Heber City, UT?” there has never been a better time than now. Buy real estate in Heber City and elsewhere in Utah while interest rates are at a current low and before they rise again, but also before house prices continue to rise with it.