It????????s a great time to buy a home in Cache Valley. There are plenty of affordable houses to choose from on the market, making it easier to find the perfect fit for your family.
Though the valley is still recovering from the economic recession, homes are selling at record rates. More homes have sold in the past few months than in previous years, which may lead to a consistent increase in home listing prices. Buying a home while these prices are still down is a great investment in your future.
While home prices are not expected to drop any time soon, the average home value in Cache Valley has risen. This is great news for the seller, but not so much for the buyer. Sellers may hold on to their homes longer to see if the market will continue to increase, causing the buyer to have fewer options available. However, if home values are truly increasing, a rapid increase in home prices will not likely happen any time soon, making it the perfect time to begin your hunt for a new home.
The real estate market in Cache Valley has slowed since 2007, but not nearly as much as other counties such as Salt Lake and Weber, according to Cornerstone real estate professionals in Logan. With nearly 700 homes on the market in Cache Valley alone, the market is still a buyer????????s market.
While there is still plenty of supply for the buyer????????s market demands, mortgage interest rates have risen slightly. However, interest rates in Cache Valley are still well below national interest rates. With good prices and incredible interest mortgage rates, it????????s still an excellent time to buy a home and lock in a low interest rate.
Although there is an increase in home prices and the market is moving slowly to favor a seller, this shift is gradual and will not likely be felt in Cache Valley for quite some time. The housing market is still booming after the crash a few years ago and mortgage rates are still incredibly low. This shift is motivating many potential buyers to begin the house hunting process and once the number of homes decreases, prices will rise again.
If you????????re thinking about buying a home, it????????s a great time to do so. Finding a home for a reasonable price that fits your specific needs is easy. The mortgage loan process is also cheaper than it will be in future years as the market still favors the buyer. Make sure you lock in these good deals before it????????s too late. Talk to your loan representative at the Longhurst Group today.