Buying a rent to own near me is a superb way to take advantage of the current housing market and get ready for the upcoming property values. First let’s get a review of the housing marketplace and then we’ll see how it is possible to optimize rent to own homes.
Salt Lake City, Utah Housing Market Overview
The entire country of Utah is presently benefiting from solid economic development. It has been the trend over the last few decades and forecasters expect that it will stay stable throughout 2019. The National Housing Forecast ready by Realtor quotes that nationally the housing market will slow down slightly compared to the last few years with residential property price increases of an average of 3.9 percent.
According to the forecast, Salt Lake City was put in the top 25 housing markets using a nationwide ranking of 16th. The forecasted cost increase is in a whopping 6.7 percent – almost 3 percent greater than the national average!
Real Estate Trends and the Effect on Rent to Own Homes
Even though a federal property value growth of just 3.9 percent might appear quite modest, the consumer price index is projected to grow just 2.5 percent. That usually means that home values will grow greater than leasing prices. This can be good news for buyers seeking to buy homes on a rent to own basis.
Especially considering that today, it’s slightly cheaper to lease a home in Salt Lake City compared to buy based on your report. Buyers in Utah may use this to their own advantage. As you’ll be paying an extra rental premium that’s placed towards the deposit, the base lease ought to be less than getting a new mortgage to precisely the exact same home – particularly in the event you don’t have the whole 20% for a down payment.