Is this your window of opportunity in the Denver Real Estate Market?
Interest rates are low and will be but they are creeping up. They are really so low right now and have been for a couple years, I feel like it is accepted as the norm when in reality when it pushes back up to 6% people will be wondering why the didn’t buy.
Yes, 4% to 6% make a big difference if you are purchasing a property with a loan.
Let’s break that down.
Borrowing $200,000 at 4% = $954.83
Borrowing $300,000 at 4% = $1,432.25
Borrowing $200,000 at 6% = $1,199.10
Borrowing $300,000 at 6% = $1,798.65
This is why we have buyer pent up demand. What a buyer can afford now they might not be able to afford in 6 months or a year.
Think about that for selling your house.
Is now the time to sell so that you can move up to a bigger house while the rates are low.
Is now the time to sell so that you can downsize while the rates are low.
I know we are talking about low inventory, which is why it couldn’t be a more perfect time to sell. There are lot’s of options to buying which may include a double move, then again maybe not. Let’s talk through the options if you think now might be the time to see if it makes sense for you.
The numbers above are not a full mortgage payment, they do not include taxes and insurance but this give you some numbers to work with. You can use the mortgage calculator on the right side of my home page if you want to break down your numbers and look at estimated taxes and insurance.