Purchasing a rent to own house in Salt Lake City is the best approach to take advantage of the current real estate market In Salt Lake City and prepare well for the future property values. It is imperative for you to learn more about the Luxury Real Estate in Salt Lake City and determine how you can maximize rent to own homes for your own advantage.
The Luxury Real Estate Salt Lake City
The entire state of Utah has been currently benefiting from strong economic growth. This has been trending from the last couple of years and it has been anticipated that it will remain steady throughout 2018. The 2017 National Housing Forecast prepared by experienced Realtors estimate that the real estate market nationwide will slow down a bit in comparison to how it was in the past few years with residential real estate prices increasing of an average of 3.9 percent.
As per the estimations, the Salt Lake City has been placed in the 25 top real estate marketing with a national ranking of 16th. The forecasted increase in the price is at a whopping 6.7 percent – around 3 percent higher compared to the national average!
Learn About The Latest Trends and Its Impact on Luxury Real Estate In Salt Lake City
Although national property value increases of just 3.9 percent perhaps seem very small, the CPI is estimated to increase only to 2.5 percent. This indicates that the real estate values also increase more than the rental rates. This is certainly a great news for buyers who are considering purchasing homes on a rent to own basis.
Considering now, it is relatively cheaper to rent a house in Salt Lake City than buying one. Buyers in Utah can make use of this scenario for their own advantage. Though you will be paying an additional rental premium in the form of down payment, the base rent should be less than getting a new mortgage plan on the same house – specially if you do not have the full 20 percent to make the down payment.
All you have to do here is to ensure that you make all of these predictions work in your benefit when you intend to buy Luxury Real Estate In Salt Lake City. Make sure you apply all the crucial tips to make the 2017 market predictions work to in your favor.