Buying a Home? There’s an App for That

If you’re in the market to buy a home, a slew of new smartphone apps aim to make the job easier and save you time. MarketWatch’s Amy Hoak reports.

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Buying a Home? There’s an App for That.

You can buy for as much or less than renting in Utah

According to data released this week by real estate website Trulia, even with the current state of the economy and the real estate market it’s still cheaper to buy than rent in many areas of the United States.

So I thought I’d see how that applies to Utah.  Most two bedroom apartments in Salt Lake City rent for around $800 a month, which will buy you a $140,000 house.

Now I know what you’re saying: “Cory, where is anyone going to find a house for $140,000 in Utah?”

Good question.  So I consulted the Multiple Listing Service (MLS) to see if there were homes and condos to be had in that price range, and here is what I came-up with:

Salt Lake County: 1,582

Utah County: 720

Davis County: 354

Weber County: 882

Tooele: 174

Sure, all of these aren’t going to be brand new, and some may require some repair here and there, but if they pass an FHA inspection and you could own for the price of renting and get a mortgage interest deduction at the end of the year than why wouldn’t you do it? With over 3,700 homes for sale under $140,000 along the Wasatch Front you’re bound to find at least one that is just what you’re looking for.

Yesterday vs. Today

The difference between mortgage loans of yesterday versus today:

Yesterday: Have a peg (borrower)?  Find a hole (loan) it will fit in.

Today: Have only generic-shaped holes.  Find pegs that fit them.

Double-digit rent hikes are on the way – MarketWatch

The number of foreclosures across America are causing more and more people to have to rent until they can repair their credit and buy again. This is causing a shortage of rental units and properties which is causing annalists to believe that landlords will be increasing rental prices because the demand will be high and the supply low.

If you are in a position to buy, this may be reason enough.  Looking around the Salt Lake Valley I see homes that can be purchased for $1,100 a month being rented for $1,500-plus.

Double-digit rent hikes are on the way – MarketWatch.