The housing market here in Utah didn’t cool down over the cold winter months. Houses are flying off the market the day they hit the market, if not sooner. Now that the weather is heating up so will the real estate market and that leaves one very important thought for you to consider: “If you don’t LOVE your current home, why not build a new one?”
- As life changes, so does what you need from your home. As a young family, you may have moved into your current house with one or two small children but as your family has grown your home has not. Or consider the opposite, you purchased your home while all your children were living at home and you needed plenty of space to spread them out, but now that they have moved away do you really need to be cleaning that six-bedroom house or hauling laundry up three flights of stairs?
- We currently live in a “sellers’ market” in Utah. Some houses are going under contract before they even hit the market and selling for more than the asking price. Why? Because there are more families in need of homes than there are homes available. What does this mean for you? If you have worried in the past that your home may not sell or that you wouldn’t be able to get a good price for it, don’t worry anymore.
“Right now, it’s a seller’s market because of the low inventory of single-family homes. Leavitt said it is extremely difficult to find homes in the $250,000 to $350,000 price range on the market.” -Chase Leavitt, ReMax Agent
This means that there may be buyers out there looking for your exact home right now, and probably lots of them! One of the biggest fears in building a new home in the past has been what do I do if my current home doesn’t sell. This market makes that a very unlikely situation.
- Building a new home allows you to customize your home to your needs and wants. From choosing the type of neighborhood you want to live in, to the exact floorplan that will work best for you, building a new home gives you control. Instead of choosing from the limited list of houses currently available you will be able to decide exactly what you want in your next home. While having the perfect paint colors and all the upgrades completed before you move in is just a perk, it definitely makes a move a little less stressful.
- Financing for construction loans has never been easier, especially, here in Utah. With all the new developments along the Wasatch Front (and off the Wasatch Front), you can find the best lender to help you fund your dream home. In the past construction loans were difficult and had lots of moving parts for you, the borrower, to manage. Getting a Veritas Funding construction loan has changed all that. We pair you with a construction loan specialist in your area to make sure that the process is streamlined. Our are trained to help you every step of the way.
So, whether you have outgrown your home or your home has outgrown you, building new is a great option for living in Utah right now. Don’t invest time, money, and tears into extensive remodels or additions when there are people interested in buying your home as it is right now. Contact our preferred mortgage lender to find out if you are ready to build your dream home.