Saturday, November 7, 2009

Have You Lived in Your Home For Five Years? 6,500 Reasons to Upgrade

Have you lived in your current home for atleast 5 Years? Have you thought about upgrading or downgrading into a different residence?

If so, right now is an awesome time to upgrade. There are tax credits available for home buyers, there are screamin deals on many Utah Homes for Sale, and mortgage interest rates are incredibly cheap.

$6,500 Stimulus Tax Credit Incentive
Until the end of April, you may be eligible for a $6,500 tax credit. This Credit is available for all buyers making less than $220,000 per year, who have lived in their current home for five out of the last eight years.

Lots of Selection and Sales on Northern Utah Homes
There is an oversupply of large homes in Northern Utah. In Cache Valley, there are 220 properties for sale larger than 3,000 square feet. This is 11.58 months of inventory. There are 93 Box Elder county homes for sale bigger than 3,000 square feet, or 18.6 months of active inventory. Weber County has 511 properties for sale, or 11.93 months of inventory, and Davis County Utah has 700 properties larger than 3,000 square feet for sale, 8.52 months of inventory based on the last six months of home sales.

Mortgage Interest rates are dirt cheap.
Mortgage Rates for conventional mortgages are currently less than 5%, for 30 year fixed mortgages right now. 15 year fixed, and 5-year ARM's are even less expensive. At a 5% interest rate, a $250,000 loan has the same monthly payment as 2 $200,000 loan at a 7% interest rate. If you have a mortgage, you're going to get a lot more home for your payment with the current rates.

Moderate Homes are actually selling.
If you do own a home, you probably need to sell before you can buy. The good news is that starter and more moderate homes in Northern Utah are actually selling. Prices of these homes aren't as high as they were a couple years ago, but sellers of these types of homes are usually getting close to what they are asking. For homes less than 2,000 square feet, Davis County has just 4.86 months of inventory, Weber County 7, Box Elder County 7.18 months, and Cache County just 6.15 months of real estate inventory.

Selling your current home in this market is possible. With this new tax credit, you actually have until June to buy, you just need to get your new property under contract by the end of April.

If upgrading is something you have thought about, call a Cornerstone Real Estate Agent today to discuss your options.


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Bea said...

I agree with you. it was a great and really informative post! keep it up. I would like to read more soon. Thanks.......