Today I’m going to take some time to answer your questions about the Salt Lake City and Wasatch Front real estate markets. I’ve been getting questions from a lot of different people regarding some different subjects, so if you don’t see your question answered here, please don’t hesitate to contact me and I’d be glad to assist you.
- Will we see more Millennials buying in 2015?
- Statistically speaking, we are seeing more millennial buyers turning to buying instead of renting, but they’ve been delayed by a stagnant economy. However, we are seeing a huge increase in first-time home buyers, and this is expected to have a ripple effect in the market, which is going to generate a lot of activity in 2015.
- What do we expect to see this spring?
- I expect to see a lot more home buyers this spring with interest rates so low and great loan products available for first-time buyers. Unemployment is at 3.2%, and with the highest amount of inward migration in the nation, I expect this spring to be particularly busy.
- Credit Requirement Loosens:
- Fannie Mae and Freddie Mac have come out with new loan products that require only a 3% down payment on a home. On top of this, private mortgage insurance premiums for FHA loans have fallen by half of a percent, which could save you $85 per month on a $200,000 home.
Hopefully these topics have been helpful to you. If you need any assistance buying or selling homes in Salt Lake City or the Wasatch Front, please don’t hesitate to contact me. I’m always willing to help you!