This is the Year to Invest in a Home in Cedar City

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Anyone new to home buying for investment purposes may wonder when the best time to buy is. The Cedar City housing market is more complex than some buyers may realize because of all the different types of homes and the difference in price between different parts of town and the more rural areas. If you want to buy a home as an investment, here is why now is the time to buy in the Cedar City market.

The Economy is Solid in Cedar City

One of the best foundational indicators of a good time to invest in a home is when the economy is good. Currently Cedar City is seeing a lot of growth, not only with new people moving into the area, but also with a lot of businesses coming in. Unemployment is also low, and there are lots of good jobs for people who want to find work.

Supply is Low and Demand is High

Perhaps the biggest indicator that you should invest in a home right now is the fact that the home inventory in Cedar City is really low. Homes have been selling like crazy, especially homes in the lower range of $100,000-$150,000. Purchasing a home in the lower part of that range, particularly if you can buy something cheap that you can fix up, will allow you to sell quickly. It will also be worth a lot more one year from now. Buying when the demand is high and the supply low, especially if you can find something below market, will secure you a nice profit.

You Can Rent Your Home Easily

When the supply is low and the prices are starting to move up, it gives homeowners a better opportunity to rent their homes to renters. As homes start to become harder to buy and more expensive, more people decide to rent. The more people in the market looking to rent drives rental prices up. Renting a new home purchase to a renter can help you pay for your investment and make some profit until you decide to sell.

The market has been moving quickly. With houses selling fast, you’ll want to start looking for your home investment soon. If the current trend continues, you’ll be able to sell any home you buy for a nice increase in the next few years.