Want to relocate to sunny St. George but not quite ready to move? You'd do well to buy now and rent the property until ready.
The St. George real estate market is the “hottest” market in the country, literally and figuratively, with 19% real estate appreciation. From an average sales price of $293,671 in June 2017 to an average sales price of $348,860 in June 2018. I believe that is #1 in the country for a metro area.
With interest rates on the rise, I recommend to my out-of-area clients that are not quite ready to purchase (but don’t want to miss out on the tremendous opportunities here) that they buy now and rent until they are ready to move.
Not only is that a great investment but the write off through depreciation expense, which is a noncash write-off, is tremendous. For example, a home purchase of around $325,000, after taking out a portion for the land value, can generate a $10,000 noncash deduction for depreciation plus all of the cash deductions for repairs, maintenance, property taxes, insurance, interest expense etc., creating a considerable loss for tax purposes.
In addition, we have a 0% vacancy rate here so a property can be rented out and tenants qualified in hours - without even being here. I can give you the details of how my clients are doing it. Please feel free to call, text, or email me. You don't want to miss out on this hot market!