First things first: I am not a financial planner! *With that disclaimer aside, I'll tell you this: I get asked often if I think that someone should buy Real Estate. And I almost always answer with a YES! Not because I'm a Realtor®, and not because I'm looking for a sell. I say yes because it's something I believe.
YES. Because there's nothing more important than having a place to call home.
YES. Because Real Estate is by far one of the safest and most foundational investments you can make.
YES. Because land is one of the few investments that steadily appreciates in value.
But, with that said, that doesn't mean that it's ALWAYS the right time for someone to buy Real Estate in their particular journey. The question is not SHOULD I buy Real Estate, but WHEN should I buy Real Estate.
For example: if you know this is a temporary location for you, you should consider the costs of purchasing a home vs. the costs of renting a home - and that includes the maintenance and the up-front real estate costs. The general rule of thumb is this: if you're planning to be somewhere for 5 years or more, it's a solid, sound investment. However, if you're anticipating moving in a relatively short period of time, you may want to consider saving up for the time that you know you'll be in one place for a significant amount of time.
Another thing to consider is the current market alongside the market forecast. Utah has been in a steady upswing for several years due to the population and economic increase. It's been an amazing time to be a part of the Real Estate community as we've watched communities grow and develop - and housing values rise right alongside the population. For a long stretch of time, we were in a wild space where there were far more buyers than there were sellers, and builders couldn't even get houses up quick enough for the demand. Things have settled just a bit from that point, but that doesn't mean that the market shows signs of slowing down. It's still a great time to buy a home in Utah, and if you're even kind of considering it, I would suggest you do so sooner than later if you're going to be around for a while.
On top of that? Interest rates are awesome right now - so should you buy real estate? YES. Should you buy right now? Well - if you're planning on sticking around for any amount of time, in Utah, the answer is this: Absolutely - and sooner than later.
Questions? Answering questions is what I do best. #FollowMeHome.