Smart Money Says It's Time To Buy In So. Utah

Home prices are lower and inventory is higher right now than it has been for any January in years. What we have here is a buyer's market.

One year ago, the inventory of houses available for sale in Washington County was 1,179. In numbers just released by Eagle Gate Title Company and the Southern Utah Homebuilders Association, we currently have 1,420 houses are for sale.

That's right, 241 MORE houses are available now compared with this same time of year in 2024.

And with house prices down (median sold price in January 2024 was $542.900 vs. this year's total average of $521,084), this may be the best time to buy.

But what about interest rates?

First of all, a lot of people are talking about not buying again until the rates get back down below 3-percent.

We need to face this fact: Interest rates will NEVER get back down below 3-percent.

We set an all-time record in January of 2021 with the 30-year fixed rate being set at 2.65 percent.

Currently at 6.48-percent, a number that is actually quite normal, 30-year fixed interest rates are higher than we like.

A lot of us refinanced our homes back in 2021 and now we just don't want to leave with our interest rates so darn low.

But with that low interest rate also comes huge payments that go straight to the principal of the loan (the actually money borrowed).

In other words, we are gaining huge equity in our homes, so if we do decide to sell, we should be able to have plenty of extra money to get a new home.

So if you feel stuck in your current home, remember that high inventory means lower prices.

And that home you always dreamed about may be closer than you think.