Unfortunately, I see it all the time…folks think they can wait until summer in Denver to get the best price yet those best prices are gained for properties on the market in March and April. If you are thinking about making a move start now. Buyers just think the prices will go down if they wait. Ask yourself “How has that strategy worked for you over the last 5 years?” And read more…
Whether it is hesitation or procrastination due to uncertainty, it can cost buyers by having to pay more for both the house and the financing. This is one of those markets where most of the experts expect interest rates and prices will continue to rise through 2019.
The National Association of REALTORS® reports there is currently a 4.2-month supply of homes for sale which is close to the same as last year’s inventory. Normal inventory is considered to be a 6-month supply.
If during the period you’re waiting to buy, the price of the home goes up by 5% and the mortgage rate increases by 1%, the payment on a $275,000 home with a 95% mortgage could be $233.80 more each and every month. Over a seven-year period, the delay to purchase would total close to $20,000.
To act decisively, you need good information; a confused mind will not generally make a decision. In today’s market, you need to know exactly what price home you can qualify for and you need to know what kind of home you can expect for that price.
You’ll want a housing and a mortgage professional you can trust to give you the information you need to make good decisions for yourself and your family. We’d like to be your real estate professional and can recommend a trusted mortgage professional.