When it comes to any kind of investing, getting in at the right price is always the key. That’s true with stocks, gold, and real estate. Right now, Cedar City real estate has seen a steady increase in property sales thanks to several interesting developments.
One of the most important developments in the last two years has been the construction of the new LDS Temple, which has generated a lot of interest in land investing on the north side of Leigh Hill. Historically, land near an LDS temple site in Utah has always gone up in value following an announcement of construction. This historical trend has proven true in Cedar City the last two years: prices have steadily gone up in the area, and as completion is nearing, it may be the best time to invest.
Not only does the nearing completion of the temple make Leigh Hill lots potentially good investments, there are also many other developments in the works on in that particular area. Any time a particular part of town has a lot of growth potential, it keeps lot prices moving steadily in an upward trend. You can expect that any property you purchase now, particularly with the speculation on current developments, will grow in value significantly.
The spread on lot prices in the surrounding neighborhoods near the construction site can be significant. It’s important to get advice from someone who understands the actual market price in the area. With a lot of speculation comes a lot of fluctuation in land prices, and it’s important to know that some sellers may be listing lots well above market value in an effort to drive the market up.
Performing your own due diligence, speaking with local Realtors, and working with an appraiser are all good ideas before buying any lot. Buying a lot in a high-demand neighborhood and building a new home may be the best investment you make this year. Interest rates are still at 3.9 percent, which makes building a new home right now a great opportunity. When all of the conditions come together just right, real estate investments can be the safest and most lucrative opportunities available.
Now is a good time to look at Cedar City’s market.