The National Association of Home builders reported that Salt Lake City reached a seven year high for home affordability. 79% of homes sold in the second quarter of this year were within reach to families that make median area wages.
2) Favorable Conditions
According to Amber Wykstra loan production manager for Bank of Utah,
“Some people have been hesitant to buy a home because of the instability of the national economy, but certain favorable conditions in Utah’s housing market have created a great window of opportunity for those anticipating buying a new or existing home.”
3) Low Interest Rates
Eric Allen, director for the Utah/Idaho Metro study said, “The combination of low interest rates and falling home prices have resulted in a prime environment for potential buyers to find affordable properties.”
Mortgage rates have been at record lows for months averaging 4.15%. Utah’s housing market makes it a great time to buy right now with low interest rates and affordable pricing. Consider using Utah movers after you purchase to move into your new home!