My husband and I purchased our home in July of 2007.Â Like many fellow Americans, a few months later we were informed that as a result of the economic downturn, the value of our home had dropped and we owed more than it was worth.Â While that news was not encouraging at the time, we have since been able to secure a lower interest rate on our mortgage, which has lowered our monthly payment and helped us stretch our money.
Interest rates are an interesting thing.Â They reflect the wellbeing of the housing market.Â When the supply of homes is greater than the demand for them, interest rates drop to encourage consumers to buy.Â As the demand increases and the supply decreases the interest rates rise.Â Interestingly, the wellbeing of the housing market is a major reflection of economic conditions.Â Our present economic conditions have resulted in a large supply of homes for sale and low demand.Â This in turn has driven interest rates down.
Through all of this the consumer watches for the best time to buy a home.Â Ironically, that time could actually be sooner than later.
Considering the present low interest rates combined with the expected economic rebound in the near future, now may be one of the best times to buy a home.Â Â First, interest rates are still extremely low so mortgage payments are lower and the consumer can actually get more home for their money.Â Secondly, there are encouraging signs in the economy that suggest itâ€™s already bottomed out and on its way back up.
Ivory Homes, a major Utah homebuilder for nearly 50 years, keeps a close watch on the factors that influence the housing market.Â They know that employment is improving and consumer confidence is slowly rising.Â Â The economy added 200,000 jobs in December bringing the 2011 total to 1.6 million.Â And, the prices for non-distressed homes are stabilizing; a very important trend in the housing market right now.
Ivory Homes understands the concern that consumers carry regarding the housing market and are a strong advocate for providing the best advantages when looking at homes in Utah.Â They offer competitive prices and interest rates, combined with the largest number of years, over any other homebuilder, in superior home designs, floor plans, and construction.
When looking for the best housing move to make, look to Ivory Homes.