What are you waiting for?!
We get it. When it comes to buying a home there can be a lot to worry about. Did I get a good deal? Will prices get lower? What if I wait for lower interest rates? Those are a few of the natural and normal questions to ask during the homebuying process. Let’s talk about them.
Are Prices Going to Go Lower?
No. Unfortunately, historic data is not on your side. Since 1941 there are only seven years where housing prices experienced significant drops. (1990-1991, 2007-2011. See chart.) Even during periods of high inflation and high interest rates housing prices still rose. They just didn’t rise as fast.
As to the price cuts in new construction covered by news outlets and online financial influencers over the course of this year. Don’t forget. Inflation affected us too. We must cover the increased costs of labor and materials ourselves. Many homebuilders local and national have cut prices as far as we can and remain in operation. And when demand returns these prices will go back up.
What if I Wait For Lower Rates?
That’s why we mentioned the return of demand. Last year it was reported that Utah would need to build 28,000 housing units a year to meet the projected needs of the housing market, read about it HERE. And that would just keep home prices and rents flat! Adjusting for inflation! You are not waiting alone. Waiting for lower rates is waiting for increased competition when you think it is time to buy. And that competition will cause prices to rise again. While it might not be the full-on insanity of the housing market during Covid, it will be extremely competitive.
Did I Get a Good Deal?
While you have been waiting for the best deal. (And possibly making your landlord richer.) We at Garbett Homes and many of our competitors have been offering fantastic deals throughout 2023. And now we are at the absolute last we can offer. Up to 3% off any way you want on select quick move-in homes*. A Temporary Rate buydown? You have it. A year of HOA dues? Can do. Just take it off the price of the house? It won’t help you as much as you think but it can be done. A permanent rate buydown? Yes. Just tell us what you’re waiting for and we’ll get it done.
What are you waiting for? This is the best it gets.
*Up to 3% off Anyway subject to qualification and financing limitation. The amount is considered based off the listed price of the home. On select quick move-in homes for a limited time only. Some available homes may be less than 3% depending on already discounted home pricing. All incentives are tied to use of the builder’s preferred lender unless otherwise contractually agreed upon. Incentives and pricing are subject to change without notice. Talk to a sales associate about specific homes available for incentive and any applicable limitations.
Are you ready to go green?
Fill in the form below and one of our team members will contact you soon to help you on your way.