Buying a home can be one of the most daunting events in your life. Make sure you don’t let these myths stop you from buying your dream home.
Interest Rates are Too High
Fiction. Interest rates are a common element of the home-buying process that can scare homebuyers away. There’s always talk about how interest rates are continuously on the rise when in reality, interest rates can rise or fall for a variety of reasons. As of right now, Denver is seeing rather low-interest rates and an increase in inventory, meaning now is the time to jump on the market as a buyer! Read my Midyear Market Report blog for a closer look into the current market. The best way to know the ideal time to buy your next house is to contact your Realtor to help guide you during the process!
Listing Prices are Set in Stone
Fiction. This is especially false in a market as active as Denver. It’s always a good idea to first set a strict budget for your new home and start looking at homes under that budget. In a competitive market, there could be buyers just as prepared as you and ready to make an even better offer. Keep a realistic approach when spending your time and energy looking for a home as you could find yourself going far over budget on a single property, without exploring more economical options first. However, if you have great credit, pre-approval, and are prepared for your down payment, some sellers will be willing to negotiate down if they feel a buyer will lead to a quick and seamless closing!
The Only Good Time to Buy is in the Summer
Fiction. There are pros and cons whether you’re buying or selling during any season. In the summer, there tends to be more inventory giving you more options to choose from, but this can also drive up prices. During the so-called “slower seasons”, inventory may go down giving you fewer homes to choose from, although this will mean less competition and could lead to lower home prices. No matter the season, your Realtor will be the perfect resource to find your next dream home!
Don’t let the time of the year, listing prices, or interest rates deter you from buying your next home this year! Give me a call today if you’re ready to get started and I’ll help you navigate through our red hot Denver real estate market.