Real Estate Fact vs. Fictionadmin
It’s amazing to me, but, right here in Salt Lake County, there are over 94,000 residents who are currently renting even though they can afford to purchase a home. They are qualified to buy a home, so why wouldn’t they?
Some people think that the housing market isn’t stable, but home prices in Salt Lake County are forecasted to appreciate by 4.9% over the next year, and 23.1% over the next 5 years. What does that mean in dollars and cents? Well, if you purchased a home at the median price of $352,000, you would gain $81,000.
This is a very strong market; however, here is the biggest misconception: in a national survey, the number one reason why people are still renting even though they are qualified to purchase a home is because they think they need 20% down.
It’s hard to believe that people still believe they need 20% down. That couldn’t be further from the truth!
You can purchase a home with as little as 5%, or even 3% down, based upon the programs that are available.
If you have questions down payment assistance or becoming a home owner, contact me – I’ll show you your options!