For first time buyers in the Denver or metro areas 2016 should be their year to buy. With the average home in the denver area gaining a 10% value increase its a great time to own a home. People who live in Denver renting are getting hit hard with some of the highest rents in the nation. With the price of property on the rise first time buyers should try and get into the market as soon as they can for 3 reasons.
1.) The home that you wanted this time last year could be out of your budget. If you were to look at homes last year in the $250,000 range those same homes could be $275,000 now and out of your budget by $25,000. Why wait to buy?
2.) You lose money everytime you pay rent. With a home its like putting your money into a bank. You have ewuity in your home which can then be liquidated or sold for cash! Your rent goes into your landlords pocket which he builds in equity…Congrats youre paying someone elses mortgagte note.
3.) If you purchased the same home as talked about above and purchased last year at this time. You could've essentially made $25,000 for living in your home.
You do the math and decide… Should I buy in 2016?