If the reports about real estate are to be believed, a lot of the U.S. is going through a real estate market cooling off. In Denver, while we have weathered some of these storms in the past, constant upward growth is never truly sustainable.
Some call it the inevitable buyers’ market, others a market adjustment, but no matter who is right, you are still wondering if you should buy a house now? You tried to buy for awhile and are totally frustrated, so why is now different? The good news is that in a lot of ways it’s a great time for buyers to buy.
In a hot market, buyers are often frustrated. Homes that are listed sell quickly and they are often out bid in their attempts, or simply didn’t move fast enough to buy and find their favorites already under contract.
When the market cools this changes.
Whether there is a glut of homes listed, which typically happens as the market changes from a sellers’ market to a buyers’, or even if there isn’t, prices are impacted by the cooling off.
If sellers find that fewer buyers are looking, they will lower the asking price of their home. Today the market is cooling in many areas, and even though interest rates are rising for the first time in a long time, it’s still a good time for buyers to buy. Prices are dropping.
Be prepared, though, because competition still exists. With the market cooling off, fewer home owners are selling. Especially if they have a low rate mortgage. Why sell and pay higher interest? That said, it’s still going in your favor as a buyer so you should get your finances in order, including pre-approval for a mortgage.
Stick to your budget even if you are frustrated in your search. Be ready to act when you find a home you want!
If you would like to have some help finding the home of your dreams, give us a call today!