Interest Rates DROPPING!

Attention home buyers! Interest rates have gone back down!! with the summer frenzy over and inventory holding steady now is a GREAT time to buy before the winter hits. Contact me today about getting into a new home before the holidays! There is no better way than to #MovewithMike

Real Estate Update

Did you know? Within the last three months Salt Lake has had more that $8,000 go from negative to positive equity! In a recent survey done by CoreLogic, "In Salt Lake City, the share of "underwater" properties fell from 15.5 PERCENT down to 12 PERCENT" If you have been thinking about listing your home within the next year contact me today so we can get your home. Furthermore, Utah is the number 7 fast growing state. Which means that if you are trying to sell your home as a "For Sale By Owner" you are missing out on all of the potential buyers that are relocating from out of the state. The best way for these buyers to see your home is by working with a Realtor like Mike Thompson to get the maximum exposure to ALL potential buyers! If you are looking to buy or sale a home there is no better way than to Move with Mike!

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Weekly Real Estate Update "buying still cheaper than renting"

Buying Still Cheaper Than Renting!

In a recent Article published by Real Estate global network; Across the country at today's sales and rent prices, buying is cheaper than renting until the 30 year fixed rate reaches 10.5%. Last week we hit the 4.625% mark! that means that it would have to rise quite a bit to get anywhere near the 10.5% mark. The recent increase in the 30 year fixed rate raised the monthly payment on a $200,000 mortgage by $56, or 6%. However, because mortgage rates are still near historic lows, and because values fell so much after the housing bubble burst and remain low relative to rents, owning a home is still much cheaper than renting one. What this means that the recent jump in interest rates doesn't change the rent versus buy calculations very much.

The fact remains that buying is still cheaper than renting as long as interest rates stay below 10.5%. At 3.9%, the current 30 year fixed rate according to Freddie Mac, buying is 41% cheaper than renting across the U.S. at a 5% interest rate, buying is still 34% cheaper than renting. Mortgage rates would have to rise a great amount, all the way to 10.5% to change this to make renting more favorable than owning. Rates were about that high through most of the 1980s, but have been consistently below 10.5% since May 1990. Each market area has its own mortgage rate tipping point where renting becomes cheaper than owning a home. At 3.9%, buying is cheaper than renting in all of the 100 largest metros areas, which means the tipping point is above 3.9% everywhere. If you or anyone is renting stop throwing your money away and contact me so I can help you find your perfect home today! 

Mike Thompson 

Cell - 801.699.8176

Email - Realtorthompson@gmail.com

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Utah housing home buyer information

This is great information if you are looking to get into a home with little or NO money down! The basics are listed below but make sure to contact Mike today at 801.699.8176 or email at Realtorthompson@gmail.com; if you or anyone you know are looking to buy a home!  

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