Northern Utah Homes & Real Estate Blog

As an agent, I get asked about the current real estate market all the time.  “How’s the market?”, “How are rates doing?” and lately, “Should I buy now or wait?”.  And I generally answer these questions by referring back to the actual market statistics.  I’ll say something like, “Well, compared to last year this time, sales are way down, prices are slipping, and the average days on the market is rising…It’s amazing right now!”.  Typical Realtor huh!? lol.  But seriously, despite the fact that my living is made when buyer’s buy and sellers sell, I know that this is a market full of opportunities.  And I know this because in my short 10 years in the business I’ve experienced it, I’ve studied it, and I’ve talked to hundreds of people who wished they would’ve bought more real estate in markets very similar to this one.

So here are my Top 5 reasons to buy now:

1. Increase your Net Worth.  Unless you plan on checking out of this world in the near future, any real estate you buy right now will be worth at least twice as much in the next 12 years.  Just research the median price in the U.S. over the last 100 years and you’ll see what I’m talking about.  Hold on to that house for 24 years and it will be worth 4 times what you pay today.  So considering the fact that you’re going to be paying for a place to hang your hat anyway, you may as well own it.  And yes, all this appreciation, despite our current market conditions (if you were around in the early 80’s then you know what I’m talking about).
2. Money is extremely cheap right now.  Ok, set aside the fact that buying vs. renting is smart.  Interest rates are ridiculously low.  Not buying now could have you experiencing regret later.  A 30 year loan of $250,000 at an interest rate of 7% in comparison to 6% will cost you an additional $60,000!  And I’ve seen rates climb a full percentage point in less than 12 months.
3. You’ll want to retire someday.  I don’t know about you, but at some point I’d like kick my feet up on a tropical beach somewhere and not have to worry about how I’m going to pay my mortgage that month.  Or worse yet, my rent payment.  Talk to anyone who’s home is paid for and ask 1 simple question:  Knowing what you know now, would you still have bought your home if the market was depressed?  I bet I can guess the answer.
4. Your kids will thank you.  Well let’s face it, when we’re dead and gone it won’t matter to us anyway!  But it will to your kids.  Chances are that our kids and grandkids will inherit the benefits of decisions today, or not benefit based on those choices.  Most of us think so much about the short term aspect of things that we don’t realize how we can make a difference in the future.  I know one elderly couple whose home sale proceeds will contribute significantly to their family’s college trust fund for the grandchildren
5. The country needs you to.  You may not realize it, but you taking action does make a difference.  Americans are becoming increasingly more conservative with concerns of a recession looming.  As they should be.  However, home ownership is not where we should be holding back.  It is one of the ways we can contribute significantly to the overall economy.  Plus, we need a roof over our heads anyway.  Now I’m not saying to go out and bite off more than you can chew, that’s what got us in this mess in the first place.  But rather, buy a home within your means and we’ll all be glad you did.