This has, inevitably, led to us often being asked two important questions:
Is this price growth sustainable?
Although it now seems a long time ago, the reality is that prices were very out of synch due to the market collapse years and we are, in fact, still seeing a correction of that, to some extent.
Price growth is, of course, a reflection of demand and, here in Iron County, we are seeing tremendous interest from areas such as California, where residents are cashing out and moving out of state in high numbers. There is no reason to believe that this trend will change significantly, other than it is likely to become even more apparent.
More generally, ultra-low mortgage rates remain a fantastic opportunity for buyers, who are highly motivated to purchase in circumstances where they can lock in very low monthly payments for the life of a home loan.
The situation we are in right now means that sellers can derive huge benefits from these arguably unprecedented market conditions.
Is this the right time to buy a home?
The fact that the market is still correcting itself suggests that prices aren't likely to fall and all the signs are that the trend for growth will continue, for all the reasons outlined above.
The past few days have seen an upward trend in mortgage rates, though they are still close to record low levels even so. Many experts believe that rates will begin to climb more rapidly and, while it must be said that they have been wrong many times in recent years, such low rates as we've been enjoying for some time cannot continue forever, so right now there's still a fabulous opportunity to borrow cheaply, whether you're moving upscale or a first-time buyer.
While nothing can ever be guaranteed in future, Iron County real estate has been a rock solid investment over time. Many people who bought homes just a few years ago have seen their property values more than double! Click here to instantly discover what your home is currently worth.
To summarize, this really is a win-win situation for buyers and sellers right now. Contact us today if you'd like to discuss the possibilities in more detail. We're always here to help.