Murray is a city in the Salt Lake Valley, named after former governor Eli Murray. It’s the 14th biggest city in Utah. It is known as the “Hub of Salt Lake County. As for cost of living, Murray is known for having an extremely low city tax rate and has a population just over 50,000 people. In particular, Murray City Park is famous for sports and other organized events. The biggest employer in Murray is currently the Murray Intermountain Medical Center, a medical campus in the city.
According to Niche, Murray is a suburb of Salt Lake City that gives its residents a dense suburban feel. It’s a place most people own their homes, and Murray is also home to many restaurants and parks. The city is home to many families and young professionals, as well as many above average public schools. Murray is known for being very accessible via commute, having lots of jobs to attract new residents, having great health and fitness opportunities, and having a lot of outdoor activities. It also has a terrific night life scene. It has a median home value of $313,800 and a median rent of $1162.
As of June 2022, Murray is a seller’s market. It’s a place where demand is exceeding supply and where homes are selling very fast and for higher than listing price. Murray is a city that’s in a housing bubble where real estate investors are getting into a lot of bidding wars over the best housing in town.
Real estate investors in Murray should consider looking into hard money loans to invest in real estate in Murray. Hard money loans are used for real estate transactions where an investor has to flip houses and make a significant profit off of doing so. Hard money loans are used for transactions like fix and flips, long term rentals, and construction projects. Their biggest advantage in a very competitive and cutthroat real estate market like Murray is their very fast speed of approval. Traditional mortgage loans usually take a month or more to be approved, and in that time, a real estate investor may have already lost out on their property. Hard money loans, by contrast, can be approved in only a couple of days, which is significantly faster than hard money loans and gives real estate investors a major competitive edge.
However, it’s not all sunshine and roses when it comes to hard money loans. Hard money loans are known for their significantly higher interest rates, shorter repayment periods, and lower LTV ratios than traditional mortgage loans. Hard money loans have interest rates anywhere from 8–15%, which is significantly higher than the interest rates of traditional mortgage loans, which are currently at approximately 5.6% in this booming housing market. Hard money loans also have repayment periods of more or less than a year, which are much less than the 30 year mortgages of traditional mortgage loans.
The reason hard money loans have such unforgiving terms and rates is because they use a different asset than traditional mortgage loans. Hard money loans use the property as the asset, and although they don’t rely on credit and financial standing like traditional mortgage loans, hard money loans use the credit of the borrower as a minimum and to lower interest rates.
It’s essential to only trust the best hard money lenders, which is why we at Hard Money Lenders IO have compiled a list of the best lenders in Murray.