Right now Utah's housing market is red hot. And, it's a seller's market.
Brittini Forbush, AVP Public Relations at Mountain America Credit Union (MACU) says buying a home in a seller's market can be challenging.
She joined us with some things to consider to determine if now is the right time for you to buy your first home or upgrade to a new home.
Forbush says to determine what you can afford by getting prequalified. Make sure you budget for additional costs associated with owning a home: property taxes, private mortgage insurance, hazard insurance, utilities, HOA fees and more. A comprehensive mortgage calculator can help you identify expenses that come with a new home.
Next, look at available options. Before selling your current home, look at what's available in your price range and preferred neighborhood. Identify features you can compromise on, such as location or price. When the market is hotter, like now, buyers may need to pay above asking price. A seller's market also means you're likely going to need to pay for closing costs. If you can't find a home you love that is in your budget, Forbush says consider adding value to your current home now (adding space, upgrading, remodeling) and waiting to buy a new home.
Visit macu.com/buy for more information on current offers for new home loan purchases.