now Is a good (great) time to buy a home?
Buying. a home at any point in time is a huge undertaking. Weather this is your very 1st home or your 10th home, the process can be challenging, stressful, and wonderful all at once. However, I am convinced that the process is well worth the effort. The advantages to owning your own home are amazing. It is yours and celebrate it everyday when you cross the threshold of your home.
Why do I think now is a great time to buy a home in Northern Colorado?
First- Interest rates are not just good, they are excellent!!! I know that people have been hearing this for awhile, however, about 8 months ago or so, we were seeing most loans in the mid 4’s to 5’s for fixed rate loans. Historically, the rates in the 4’s to 5’s are still great rates. However, now we are seeing loans in the 3’s and some in the very low 3’s, this is crazy low. It is smart for homeowners and/or purchasers to take advantage of these amazingly low rates. For home purchasers, the low rates mean lower payments and higher purchasing power. If you were told or thought you could not purchase a home recently…now is the time!!! It is an excellent time for possible buyers to reach out to local lenders to find out their buying options. If you need a local lender’s information that is reliable and understands the lending process please reach out to me. I am happy to recommend some amazing lenders in our area.
Second- In Northern Colorado one of the issues with buying a home in the past has been inventory on the market. We now have inventory! Buyers actually have multiple homes to look at in the area in various price points. Buyers also have time to think through their options before making an offer. In the past few years many buyers have had to make offers on the spot or have been in multiple offer situations. This can be very stressful on the buyer! I am not saying that our properties are not moving because they are, but in many situations the buyer seems to have more options.
Third- We are in the off season for buying in Colorado. Fall is here, the holidays are coming, and the weather is changing for these reasons there are less buyers out looking. Therefore, buyers have more options and are able to negotiate on offers. When the weather is at its worst go house shopping!
When everyone is out shopping for shoes and TV’s on Black Friday call your Realtor and go shopping for a home.
Fourth- We are seeing some price improvements on properties. Many homes are going under contract for less than list price. Buyers are able to negotiate on items like purchase price, included items, and inspection items that need to be corrected. For all of these reasons the buyer will benefit and the buyers bottom line to purchase a property will be less. The buyer will not need to go and purchase that new refrigerator because they are able to negotiate for it in the purchase price or washer/dryer, maybe the seller will fix the AC unit…all of this matters.
Fifth- New construction builders have inventory to sell. Builders have finally caught up with some land development, and builders have been able to build homes for buyers to purchase. Builders do not like to have carpeted inventory! Builders want to sell their inventory as quickly as possible. Buyers are able to ask the builder to include more items into the contract to purchase a home. This has not been the case in recent years. Builders are very motivated to sell!!! Make sure you have a realtor working on your side when purchasing a home with a builder. The realtor will help you to negotiate the best deal possible and will be able to advocate for you during the process. The agents at the sales office work for the builder not for the buyer…remember this!
Finally- I was a homeowner long before I became a realtor in our area. I have always been passionate about home ownership and the value it gives to a person/family. By the way, I feel that the value goes way beyond the actual price of the home or equity in the home.
I believe that now is the time to purchase a home in Northern Colorado. The market has inventory, buyers have a voice in the process, and interest rates are AWESOME!!!
Don’t be afraid of making a life changing decision, sometimes it is just the right time.