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.
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 heror call 720-320-7229.
Author:Jason Peck Phone: 720-446-6301 Dated: July 16th 2013 Views: 6,724 About Jason: ...
Recognized as a top selling team in Denver Metro area. Nationally recognized for homes sold by the Wall Street Journal, Real Trends and Top 5 agent by RIS Media. Our goal is simple and that is to exceed our client's expectations by providing professional service, expert advice and exceptional results.
Have some fun this weekend, things to do in Denver June 15th -17
"We worked with Karen Venier for a relatively short time for a good reason: our home sold at full price within hours of hitting the market! While it’s true that the Denver housing market is “hot,” credit for the speed and ease of our transaction belongs to Karen. She was great to work with, giving us perfect advice about readying our home for sale and then expertly guiding us from offer to close. Along the way, we came to appreciate Karen for her skillful blend of professionalism and personal touches – like dropping off our favorite beverages during a particularly stressful time in our move or shoveling our driveway in subzero temps after we’d left the state (way beyond the call of duty!). Now that we’ve relocated to Wisconsin, we keep saying that we wish Karen could be our buyer’s agent here. Since that’s not possible, we’ll shout her name loudly to whoever might be looking for a home in the Denver area.
Thanks for the great work, Karen!