Housing prices are inching up in Utah, mortgage rates are fluctuating by a quarter point more or less on a daily basis, inventory is decreasing, short sales have 6-8 offers or more, and the Federal Housing Administration just announced that effective April 1, 2013 MIP will increase which means your house payment will be a bit higher on FHA loans. Also, effective June 1, 2013 the ability to get the MIP removed from FHA loans will change.
So, what does all this mean for you? If you have been riding the fence, trying to decide if now is the time to sell your home and purchase another—DON’T WAIT!!! It has been like the perfect storm for purchasing a home with the pricing and interest rates the lowest we have seen in decades. That is changing!! Our market is recovering. As a seller you may think waiting another year or so will help you to recapture some of your lost equity and get more when you sell. Remember, that if your value is increasing so is the value of all other homes. Add to that, the increasing interest rates which will result in higher payments.
Your goal should be to realize the best pricing and lowest rates on your next purchase. Selling a home has not been a pleasant experience for many over the last few years. It has actually been a bitter pill to swallow for many folks; but the savings realized in their next purchase has more than compensated that pain. They were able to purchase at the lowest prices with the lowest rates in many years. We would all love to “Sell high—buy low”. That is the dream. Buy low now and know that you have just positioned yourself to begin to realize equity in your home almost immediately. Add to that an interest rate that keeps those payments very affordable.
DON’T WAIT—CALL TODAY!!!
