If you have been contemplating the purchase of a new home, you may be wondering if now is the right time to buy. The market is ever-changing, interest rates tend to rise and fall and you may be wondering about how new tax laws will impact your purchase. These are just a few of the things that potential homebuyers face when they buy their dream home. There are many variables in the home-buying process, but timing doesn’t have to be one of them. You can rest assured that now is the perfect time to look for your dream home. Here’s why:
- Interest Rates are Soaring
If you haven’t been keeping up with the real estate market, you might be missing out on the data surrounding interest rates. They are going up quickly. What seems like a small increase in percentage points, can translate into hundreds or thousands of additional dollars out of your pocket on a monthly basis. Buying a home now, while interest rates are lower, is going to be both an immediate and long-term advantage.
- Home Prices are Increasing
Home prices are going up and are expected to keep climbing! A home that is $200,000 now could increase to $400,000 in 10 years because of market conditions. We are also experiencing the effect of wages that are not increasing as steadily as the cost of living. Purchasing a home in today’s market can get you more for your money, especially in cities like Denver with ultra-competitive markets. Making a move now can save you money and make you more money on re-sale down the road.
- Competition is Getting Bigger
Population growth is real! In cities with booming economies, it is even more real. With more people, comes more competition for homes. Homes are selling faster, which means a higher demand and increased home prices. Buying a home now, before the competition gets even stiffer, could help you land a better deal on the home of your dreams.
In conclusion, the time is now. Avoid increasing interest rates, rising home prices and stiff competition. Find your dream home today and take advantage of this buyer-friendly market while it lasts!