To Buy Or Not To Buy That Is The Question

To Buy Or Not To Buy That Is The Question

To buy or not to buy, that is the question.  

It is crazy to think that just back in May rates were around 3.35% and now the Freddie Mac’s Primary Mortgage Market Survey for a 30 year fixed came in at 4.51%! That is a 1.16% increase in just over 2 months, and there is no sign of rates dropping. Right now there are only two outcomes, rates will stay the same or move up, and I wouldn’t count on rates staying the same. So this raises the question, to buy or not to buy? While these rates are still relatively low compared to what we have seen in the past, the market doesn’t wait for anyone. Sitting on your keester, debating the pros and cons, while watching what the market does could cost you. Remember the higher the interest rate, the higher the monthly mortgage, and the less “house” you can get for your money.  

Another factor to consider is the median sold price. In Denver the median sold price in June was $280,500 which is up 5.8% from May according to metrolist statistics.  If the past few months tell us anything about the future, it‘s that house prices and interest rates are going up… imagine if there is another 1% increase this next month, your rate could be 5.51% coupled with a 5% sale price increase! Ouch! So you tell me, is today the right time to buy?
          

By Kira Krizek


Kira Krizek is a team member of the Carr Peck & Associates at Keller Williams Realty Downtown. Car Peck & Associates was 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling teams in the country.  For more information feel free to 
contact her or call 720-320-7229.


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Dated: July 16th 2013
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