Join Andrew Kent as he checks in with Cole Butcher from Intercap Lending for this market update as they discuss the current housing market conditions. Is now the time to buy or sell a home? You may be surprised at how things are shaping up, even in the midst of COVID-19. You’ve got questions and we’ve got answers for you in today’s special Market Update from Andrew Kent and Cole Butcher.
It’s been a month since the last market update, and we’re just as surprised at the market conditions as you are.
Volatility has been diminished in rates across the board. Jumbo Loans are back with rates in the 3’s. FHSA loans are in the low 3’s and maybe even into the 2’s.
With the help of Utah Housing Corporation, Cole helped a family get into a home with nothing out of pocket except for a couple hundred dollars of home inspection costs. They received an amazing rate, didn’t have a payment for the first 2 months, got their earnest money back, and a good majority of the closing costs were covered by the loan program. This program exists for first-time buyers as well as subsequent buyers.
One more thought on this market update. A lot of people are afraid to list their homes for sale right now because prices are high. However, inventory is low and you can sell at a premium, especially here in Salt Lake. And even though you may be buying at a premium as well, rates are so low that your payments may not even be affected, even though you’re getting into a home that is better. Don’t be afraid to sell, and don’t be afraid to buy.
Reach out to us at Rooted and Co. and we will help you understand your situation and give you ideas to help you make the best decision. Contact us today to discuss your options.
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