Home buyers should consider applying for a Federal Housing Administration (FHA) loan from Wasatch Peaks Credit Union in Ogden, Utah, as the value of properties has reached a record figure in November 2017.
Zillow said that the median home price in the city rose 15% to $153,000. This applied to single-family homes, condominiums and co-op houses. Property prices continue to increase primarily because of high demand, which could make it harder for low-income households to acquire their own property.
Ogden has lured many in- and out-of-state buyers due to the affordable housing choices in the city. However, the high demand and limited supply have driven an increase in prices even for those that “never go up” such as mobile homes, according to Deone Ehlers-Rhorer, a real estate broker.
Interstate migration served as one factor for the increase in demand. In 2017, around 2,000 people relocated to the Ogden-Clearfield area. This would reach more than 3,000 people by 2020. While this has not yet caused an affordable housing crisis, buyers should reach a decision soon since prices would continue their upward trend during this year.
Rising Home Prices
Young Americans, particularly millennials, should consider buying homes in Utah while prices have not skyrocketed yet, according to James Wood of the University of Utah’s Kem C. Gardner Policy Institute. He believes that price growth would not just occur in Ogden, but also to other regions.
In Weber County, Wood expects the median home price to surge 10% in 2018 to $242,000. The median price in Davis County would amount to $308,000, up 8% in the same period.
If you have been planning to buy a house in any of these regions in Utah, it pays to know the type of home financing for your transaction. The Northern Wasatch Association of Realtors recommends FHA loans as one way to fund a purchase.