Time To Dump Your Landlord? Top 5 Homes Cheaper Than Your Rent

Time to dump your landlord?

Most Utah renters have seen large rent increases over the past two years and market indicators point to average rents continuing to increase in the near future. Both 2020 and 2021 saw housing market bidding wars, which often stopped first-time homebuyers from nabbing their first house due to the lack of large cash reserves required to participate in the bidding wars.

In recent months it has become possible to buy homes with no bidding wars. First-time buyers can get a home with $0 down, and all buyers can finally get homes with just 3-5 percent down without needing to bring extra cash to the closing table to settle a bidding war.

How to buy in a high mortgage rate market?

While interest rates are hitting levels not seen in years, borrowing rates have finally cooled an overheated housing market and created conditions where buyers can get in homes without bidding wars or forfeiting safeguards like inspections and due diligence periods.

For the first time in at least two years, we are seeing homes stay on the market and prices drop. While the interest rates can make for intimidating payments, theretools like negotiating seller paid closing costs, seller paid concessions used to fund 2-1 buydowns, rate buydowns and 7-1 adjustable rate mortgages (these are all fancy talk for getting your monthly payment down). At a later time (when hopefully rates dip again) prices will rise, but if you're already in the home, refinancing can make your home purchase into a stellar deal. Date the rate, marry the price!

5 Washington County Properties cheaper than your rent:

No. 1

161 W 950 #N1

Asking price: $237,000

Views, Views, Views. Beautifully updated condo in the heart of St. George is a must see. Great opportunity for an investment or easy living. 2 Bedrooms and 2 bath move in ready. Enjoy a stunning east facing patio with views of the Red Rock and the city of St. George. HOA is $280 a month and includes, cable, exterior building, insurance, garbage, internet, swimming pool, sewer, water and all yard. Square footage figures are provided as a courtesy estimate only and were obtained from county records. Buyer is advised to obtain an independent measurement. Property facts: 2 Beds, 2 Bath, 1008 Square feet, HOA $280, Built 1999 Rates estimated at 6.5%, price includes principal, insurance, pmi (if applicable), property tax and home insurance. Does not include HOA if applicable.

Listing, description, contact info and more pictures: https://www.utahrealestate.com/1837945?st_id=178127617&actor=4019269

No. 2

3712 W Gates Circle, Santa Clara

Asking Price $295,000

This Santa Clara townhouse is a must-see. The primary bedroom features a balcony overlooking the fully fenced back yard. Laundry is conveniently located upstairs near the bedrooms. The two bedroom layout features a jack-and-jill bath with new LVP flooring and a soaker tub, great for relaxation. Main floor living is open with dining and kitchen adjoined and accessible from the living space, perfect for get-togethers and game nights which can extend to the patio area out back. A half bath is conveniently located just off the kitchen near the back door which acts as a convenient guest bath whether entertaining inside or out. Located near the historic Jacob Hamblin home, within 15 minutes of all that St. George has to offer. This condo is a charming retreat removed from big city busyness and bustle.

Property facts: 2 Beds, 2 Bath, 1008 Square feet, HOA $280, Built 1999 Rates estimated at 6.5%, price includes principal, insurance, pmi (if applicable), property tax and home insurance. Does not include HOA if applicable. $0 Down: $2187 Monthly 5% Down ($15k): $2086 Monthly 20% down ($59k) $1652 Monthly Listing,

Description, contact info and more pictures: https://www.utahrealestate.com/1842004?st_id=178128060&actor=4019269

No. 3

700 N Main St, Washington, UT,

Asking Price $299,000

Beautiful end unit condo in a prime location. This is a ground unit with a awesome 10x40 back patio and has been remodeled. Unit comes with one covered parking stall and has a lot of parking stalls on the side. 8 minutes from the university. Close to freeway entrance, shopping, and restaurants. HOA covers pool, hot tub, sewer, water, landscaping, exterior of the building, and trash, $185 HOA. , pictures may differ. Message me with any questions you may have. Property Facts: 3 Bed, 2 Bath, 1100 Sq Feet, HOA $185 monthly Rates estimated at 6.5%, price includes principal, insurance, pmi (if applicable), property tax and home insurance. Does not include HOA if applicable. $0 Down: $2200 Monthly 5% Down ($15k): $2081 Monthly 20% down ($59k) $1642

Monthly Listing, description, contact info and more pictures: https://www.utahrealestate.com/1836663?st_id=178128060&actor=4019269 

No. 4

2437 E 200 S, St. George, Utah

Asking Price:$380,000

Property facts: 4 Beds, 2 Bath, 1539 Square feet, No HOA, .19 acre lot WOW! Did we hear someone ask for a great value? We've got it! This 4 bed/2 bath home with private backyard is in prime proximity to shopping, entertainment, dining, recreation, and more! The listing Broker's offer of compensation is made only to participants of the MLS where the listing is filed. Rates estimated at 6.5%, price includes principal, insurance, pmi (if applicable), property tax and home insurance. Does not include HOA if applicable. $0 Down: $2800 Monthly 5% Down ($19k): $2671 Monthly 20% down ($76k) $2113

Monthly Listing, description, contact info and more pictures: https://www.utahrealestate.com/1843021?st_id=178128060&actor=4019269

No. 5

504 E Telegraph St #34, Washington, Ut 84780

Asking Price:$379,900

Don't miss out on the best kept and most upgraded unit in Horizons West! With $34,000 in remodel, upgrades, and fixtures since August of 2021, this home is in immaculate condition. This is one of the newer built homes in the subdivision featuring upgraded exotic granite, tall, vaulted ceilings, brand new appliances, AC, and fixtures throughout, custom tile backsplash, upgraded cabinets, all LED lighting throughout, skylight and plenty of windows, a large master suite, and RV parking set up for 220v and sewer dumps. This home has it all! One of the few units that has a grandfathered shed, the backyard also includes lots of covered back patio space, perfect for entertaining and enjoying the outdoors! The dryer and stove are wired and plumbed for gas. Only the main fridge is included. Buyer to verify all information, deemed reliable, however buyer to verify all info including utilities & HOA information if applicable. Property facts: 3 bed, 2 bath 1345 Square feet, $165 monthly HOA, Rates estimated at 6.5%, price includes principal, insurance, pmi (if applicable), property tax and home insurance. Does not include HOA if applicable.

$0 Down: $2800 Monthly 5% Down ($19k): $2642 Monthly 20% down ($76k) $2083

Monthly Listing, description, contact info and more pictures: https://www.utahrealestate.com/1838535?st_id=178128060&actor=4019269

Please note all mortgage payment estimates are subject to fluctuating interest rates and personal credit rating.

Additional note: All information for this article provided by AJ Griffin at UtahRealEstate.com