For many people, buying their dream house is a plan for the distant future. Maybe they’re just hitting their stride in their career, or they’re starting a family. Whatever the reason, they’re saving now to buy later. With the current trends in the Denver area, it may be time to put that dream house at the forefront of your plans. Here’s why:
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The Denver metro area is experiencing a stronger seller’s market than we’ve ever seen before. That means you’ll likely receive more and higher offers than you would have in the past. You might be surprised by what you can get for your Home, and we mean the good kind of surprise.
If you hit pause on selling because you haven’t found your next property, it’s time to reconsider! You can house hunt while your Home is on the market and negotiate terms with your buyer to give you ample time to relocate.
If you’re not familiar, a jumbo loan, or jumbo mortgage, is a mortgage loan that exceeds the limit set by the Federal Housing Finance Agency. It would make sense that a lender would charge higher interest rates for a jumbo loan, considering the risk involved. Market data says differently, however, as we see competitive rates between conforming and non-conforming loans. With the right credit score, you can secure a jumbo loan for just 10% down.
While buyers contend against multiple offers in a seller’s market, we see lower levels of competition in the higher price ranges. This means you won’t have to compete with so many other offers when you find your dream house.
Interest rates right now are historically low, making a million-dollar Home surprisingly affordable. Gasp! Did she say “million!?” That’s right. You may have avoided looking at Homes priced that high because it seemed unrealistic, but now is the time to consider these higher-end options because your payments will be lower than you might think.
If you were planning on staying put, even if only for a year or two, you might want to reconsider. The median price for single-family Homes rose by about 12% in the last year and is forecasted to increase another 12-15% in the coming year. The sad fact is that tomorrow’s $750K-1M Home won’t look the same as today’s. If housing prices continue to rise on their current trend, you may be stuck in your Home for longer than you planned.
Ready to adapt and make a new plan? We can help you! Whether you’re ready to buy or sell, or just exploring your options for the future, let’s connect.