People are always wondering, Is now a good time to buy a house in Northern Colorado? the real answer to that depends on your personal situation but in general, I believe that 2022 is a great time to buy a house. Let’s discuss the reasons why in this video.
Home buyers are getting spooked by rising mortgage interest rates and soaring house appreciation but even with those factors, there is a lot of demand from people who want to buy homes in Northern Colorado. Even with higher interest rates, people are eager to stop paying rent and start building some of their own equity.
Home ownership offers many important benefits including house appreciation which for most people is their largest source of wealth building. Experts don’t expect to see the record high house appreciation levels that we’ve had over the last 2 years but they are still calling for home prices to rise.
Bottom line, if you are buying a home that you plan to live in for 2 years or longer, now is a great time to buy a house. However, if you want to try and flip a house or potentially try to sell it after only 12 months, you probably won’t make money or it will be a wash with all of the closing fees.
Inflation is high and rents are increasing. Locking in your housing payment for a 30 year mortgage is a great way to hedge inflation. If rates do drop back down to lower levels, you can always refinance.
Do you have more questions about buying a house in Northern Colorado? Reach out to me directly to discuss.