Apartment Rents in Salt Lake are on the rise, making a home purchase more attractive for those who will be staying in the area for a few years. Homes available for purchase are at extremely high levels and that makes it a Buyer's market.
But, as the common phrase goes, Buyer Beware! Interest Rates are also fluctuating which plays a big part in determining whether or not you can buy a place for cheaper than rent.
The best advice is still not to purchase a home if you will only be staying in the area for a year or two. Only during a boom (like Salt Lake had in 2005-mid 2007) can you expect to buy a home and sell it within that time frame and walk away with some equity.
For most renters, even if it costs a bit more to buy than to rent, if you plan on staying in the home for 5 years or more, it almost always makes sense to purchase.
If you are thinking about buying a home in the Salt Lake area, make sure you get an agent on YOUR side.
Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Areas. We do not list any homes. We never represent Sellers. We work for BUYERS ONLY on the Buyer's side of the transaction.
We work to get BUYERS the Best Price and Terms when they Buy...
We're "Real Estate Agents who Represent the Home Buyer" TM
If you have excellent credit and are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 30-60 days, call us at (801) 969-8989 or contact us via the link on this page.
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Yup, rents are rising everywhere! I just can't wait until the rents eclipse the cost of ownership.
Take care!
RJH