If you are considering a move in 2016, here are a few reasons why buying a home might make sense for you this year:
Interest Rates Are Still Historically Low. Interest rates are still at historic lows, with a 30-year fixed-rate home loan right around 4%. Even though Denver area home prices have gone up in the last couple of years, the savings in interest payments could amount to huge savings over the life of the loan if you buy while rates are so low.
New Down Payment Programs Available. There are several new programs that make saving for a down payment more feasible. One such program is the Fannie Mae and Freddie Mac Home Possible Advantage Program, which allows for a 3% down payment for credit scores as low as 620.
Increased Inventory Expected In 2016. Denver has been a seller’s market for the last couple of years. There has been a lot of competition for very low inventory. Indicators are pointing towards a more balanced market for 2016 with increased inventory, so now is a great time to start your search and keep an eye on new listings. Click here for an easy Denver MLS Search of homes currently For Sale or Sold.
If you think that this is your year to make a move, please give me a call! I would be happy to help you with your real estate needs.