Denver Real Estate Report
Investors know secrets that they don’t share. Right now real estate investors are claiming their stake in the Denver real estate market. Prices are down, interest rates are insanely low and inventory is up. These factors create the perfect storm for a buyer.
Wise buyers are purchasing homes right now. Some are first time buyers taking advantage of incentives offered by County Governments, and sellers who want to “sweeten the offer.” Other buyers are those who have a home but for whatever reason it is just not right for them anymore. The family has either grown or shrunk leaving their current home inadequate for their needs. Some folks are seeing this time as the perfect opportunity to grab that dream home in the foothills, or step toward a more urban environment.
There are no right or wrong answers to your personal housing questions. The only thing one can do wrong is to assume now is not the time to make that move!
Look at the statistics from Altos, a third party company that tracks real estate activity across the nation:
Interest rates are currently in the low 4′s right now. A 30 year conforming loan is 4.25% and a 15 year is 3.5%! (Note: most people I am working with are going for the 15 year loans. With rates this low it makes sense to commit to the shorter term and OWN the house free in clear in 15 years!)
We are also seeing some creative financing incentives offered by sellers. They are buying the interest rate down to 2.25% to attract more buyers. This is great if you are thinking of purchasing a home that needs some updating. Having lower payments for a year gives a new buyer the opportunity to live in the house and fix it up.
Here’s a mortgage calculator. Use if to see what payments would be on the various options of interest rates. Try a 30 year or 15 year and see if you can live with that payment.
Call for a Free Consultation
As a special benefit to buyers who may or may not be sure they want to buy, I offer a free, (no strings attached) consultation. We talk about your needs and wants to see if buying a home right now is a good idea for you. If you are interested, please call or email me so we can set up a time that is convenient to you.
About the Author
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog