We hear it all the time - homeowners and renters who are "waiting for the Colorado market to cool down because prices are too crazy right now."
Makes sense, except we have been hearing folks say this for about five years now, and prices have continued to go nowhere but up. This is a quick analysis of what could happen if current sales trends continue in the Denver Metro area, with both average prices and interest rates on the rise. (Calculations include principal and interest only.)
As you can see, prices ARE rising at a fast pace...jumping almost $200,000 in just two years. So, does it make sense to wait? It depends on your situation and your financial and Real Estate goals.
If you thinking about Selling a Colorado property, it might seem like waiting would be worth it...to watch prices continue to increase. But, you also have to remember that the more expensive your home becomes, there are less people who will be able to afford it. You also have to think about your replacement home...if you are wanting to stay in Colorado, the property that you are likely to buy will also become more pricey.
If you are renting and thinking about making the leap to Home Ownership, you know that rental rates are also increasing, and every month that you rent is one more payment that it going towards your landlord's equity instead of your own.
Of course there are pros and cons to be argued in any scenario, but it's better to move forward with all of the information so that you can make the best decisions possible for both your lifestyle and your bottom line.
Let's dig into what all of these numbers mean for you. Contact us.
Thanks to Market Analyst Megan Aller and Land Title for compiling this information.