A perfect storm is arises from a combination of adverse factors come together to create a violent storm.
A perfect storm for buying a home would occur when a seller is desperate to sell, interest rates are low and a buyer has the ability to buy.
These factors exist in today’s real estate market in Metro Denver. Many home owners have been waiting for the market to improve before they sell their home. Well, the market is improving, we are seeing values increasing little by little each month.
While this is a benefit for sellers, buyers can also benefit from the incredibly low interest rates. Many home buyers aren’t aware our interest rates haven’t been as low as they currently are since 1956!
Low interest rates mean a buyer can afford to purchase a home and still enjoy a low payment. In many instances those mortgage payments are lower than paying rent!
To further illustrate the difference in cost, let’s look at another chart. This one shows the difference in principle and interest payment for a $100,000 mortgage. One can see the difference between a mortgage with a 6.15% interest rate and one at 3.40% is $165.75 a month. This is serious money when you think about what that amount can buy for the family over the course of 30 years!
So, if you are a first time homebuyer or an seasoned homeowner looking to make a change, now is probably as good a time as any. If I can answer any questions or assist you in finding a home, please call me. I welcome your call.
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