This is a great question and one that has been asked throughout modern history. It’s quite difficult to know when the housing market will top out or when it will drop. And what about interest rates? No one knows for sure. All we can rely on is historical data to tell us.
Instead of providing various stats, graphs or charts, ask yourself these questions:
- Do I know where I want to live for the next 5+ years?
- Can I qualify for a mortgage?
- Will a new mortgage payment be comparable to my current rent payment?
If you can answer “yes” to these questions, then it’s likely a good idea to do some research about buying with someone you trust. Kurt’s Property Management & Investments can get you started at no cost.
Again no one knows for sure, however, it’s pretty safe to say that if you can buy today in Northern Colorado now, you should. Local home prices are continuing to increase. Interest rates are on the rise. Rent rates are up, too. It will likely cost less to buy a home today vs. waiting.
Another challenge for major Northern Colorado cities is the very short supply of available homes for sale. Some cities simply have very little or no room to grow. Builders are limited in how many houses they can build due to each city issuing only so many building permits in any given year. This keeps demand up, therefore prices keep creeping up as well.
Lastly, consider this: Would you rather make payments toward your own future or pay someone else’s mortgage? Remember, you’re already paying a mortgage… it’s just not yours, it’s your Landlord’s. For more information, call Kurt’s today! We can help you no matter where you’re at with your homeownership journey.
