Rentals are Scarce – is it Time to Buy?

Metro Denver apartment vacancies dropped to 3.9 percent in the third quarter, the second-lowest recorded rate.

Source: Denver Post

no-vacancy

What does this mean for you, if you happen to be a renter or potential renter? Rents are rising, and chances are good that even in a seller’s market, with current interest rates *the monthly payment you make on a mortgage for your own home could be less than what you would pay for a comparable rental home.

Winter is coming, and the colder months offer benefits you might not expect as a home buyer:

  • Experience has taught me that Sellers who list their home over the winter are serious about it. They’re not willing to wait until the busy spring season, and their state of motivation can absolutely work in the Buyer’s favor.
  • Even in the hottest market, home prices tend to cool a bit with winter temperatures. Buying a home in the winter could get you more bang for your buck, or allow you to get into a neighborhood you didn’t think you could afford.
  • Sellers love a bidding war – but this scenario is generally not in the Buyer’s favor. With fewer Buyers searching the marketplace during the winter selling season, you’ll have less competition for your purchase.

If you’ve been on the fence about making a home purchase, pick up the phone. I’m happy to chat with you about the market in your desired neighborhood and what your options are in the Denver marketplace.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

 

 

 

*Mortgage terms vary, consult a licensed mortgage professional for specific information.

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