If a new National Association of Realtors (NAR) study is correct, first-time buyers in Utah and across the country may not be the only segment of the population that is prepared to occupy the same property for an extended period of time.
The NAR study determined that homeowners have increased the amount of time they intend to stay in their current properties to around 15 years. Since homeowners do not appear to be as mobile as they once were, they increasingly need to utilize long-term, strategic thinking when committing to a home purchase.
Circumstances and neighborhoods are constantly in flux, and while it can be difficult to predict structural changes to a community, homeowners can look into the future somewhat. For example, they might look up a municipalities development planning to see how neighborhoods are expected to change in the coming years. If they see plans for a new highway, they may want to avoid nearby neighborhoods as home values could suffer.
A May 2 U.S. News and World Report story offers other similar recommendations to homeowners and buyers alike, cautioning that a natural inclination to buy a home and a basic misunderstanding of financial issues could cause a new homeowner long-term issues.
In recent days, experts with knowledge of the housing market have suggested that prices will plateau after falling for the better part of the last six years. Once home values begin improving in the latter part of this year, prospective buyers will no longer be able to find quite as many bargains as they have in recent years. Mortgage interest rates may remain near record lows, but those rates can be volatile and will not remain this low forever.
Consumers who are buying a home in Utah can turn to a local real estate consultant for insights into the development of certain neighborhoods. This conversation should occur before a buyer applies for home loans in Utah to ensure that the right decisions are made.
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