September 29, 2022

3 Reasons Why You Shouldn’t Wait to Buy a Home in Denver

Let’s get something out of the way. Yes, mortgage rates are higher than they have been in the past couple of years. As a potential Denver homebuyer, you may be tempted to wait to purchase a house until the rates go down, or until the market gets a little less “crazy”.

But there are a few reasons why you shouldn’t wait to buy a house:

1. Less competition right now

With mortgage rates on the rise, the truth is many homebuyers have been eliminated from the buyer pool. Or they have been knocked down into a lower price range. Less buyer demand means less competition, which means you can get a house at a lower cost. As long as your monthly mortgage payment feels comfortable and you plan to live in the house for a while, getting into a home now is the smart choice. You will start to build equity immediately, and then when the rates go down, you can refinance to lower your rate and your monthly payment. 

2. Home prices are expected to continue to rise

Denver-Aurora-Lakewood Metro home values have gone up 13.7% over the past year. Colorado home values have gone up 14.7% over the past year and will continue to rise in the next 12 months (Source: https://www.noradarealestate.com/blog/denver-real-estate-market/, 9/23/2022). As soon as you close on your new home, you will start to benefit from this appreciation. With thousands in equity, you will have the ability to get a HELOC for home improvements, or sell and upgrade into a larger home, etc. The options are endless. On the flipside, the longer you wait, the more you will have to spend on your home purchase.

3. You may never really be “ready” to buy a house

Here is some tough love. There are hundreds of factors that play into homeownership. You may never be completely ready to buy a house, and you don’t want to miss out on a good opportunity. Do you qualify for a home loan? Can you afford the monthly payment? Are you ready to start building equity? If you answered yes to these questions, then the other factors, such as emotional preparedness, are secondary. 

Bonus reason not to wait to buy a house:

At Edgewater Crossing, one of urban Denver’s most popular new communities, BLVD Builders is offering some incredible financing incentives, including a 5% locked rate* on two new construction homes:

6110 W 28th Ct, Edgewater, CO (The Glenarm floor plan)
6134 W 28th Ct, Edgewater, CO (The Wynkoop floor plan)

Features of The Glenarm – 6110

  • 1,942 Square Feet 
  • 3 Bedrooms 
  • 2.5 Baths 
  • 2 Car Garage 
  • 2 Stories 
  • Walk-Out Basement on select sites

Features of the Wynkoop – 6134

  • 1,860 Square Feet 
  • 3 Bedrooms 
  • 2.5 Baths 
  • 2 Car Garage 
  • 3 Stories

Contact our sales team for current pricing & availability on these two homes and others. 

Bottom Line:

If you’re thinking about buying a new home, don’t wait! There are plenty of good reasons to start your search today and even more for not delaying.

 

* Available on select homes. Must finance with a BLVD Builders’ Preferred Lender. All home lending products are subject to credit and property approval. Terms, conditions, and restrictions apply and are subject to change without notice. See our Sales Team for details. 5.027% APR.

 

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