Is now the perfect time to buy in Denver?
Transcript for Experts claim that now is the best time to buy a home:
The dropping Dow and other indicators giving some cause for concern. But some consumers are cashing in.
Upgrading from renting their home, to buying one. Why some experts say now may be a great time. Here's ABC's Clayton Sandell.
Reporter: A new recession may be coming, but right now may just be the right time to buy a home. Laura Maloney is hoping to go from renter to home owner.
Laura: We love Denver, we love the walkability of Denver, we love being able to walk to restaurants, bars, all of that kind of stuff.
Reporter: Her realtor Dave Christie says plummeting mortgage rates are helping convince potential buyers to finally jump into the market.
Dave: If someone bought a house today at the average price of any house in Denver as opposed to six or seven months ago they're saving $250 to $300 a month.
Reporter: Average mortgage rates are down. 3.55% on a 30 year fixed.
Dave: But it's still a seller's market. Prices are high in Denver.
Reporter: Because high demand from more buyers like Maloney means more competition for the lower supply of homes currently for sale.
Dave: There's still a huge demand for housing that's in that what we would call affordable, 300, 400,000.
Reporter: Christie's advice is: Research what you can afford and get pre-approved for a loan. Locking in the right mortgage rate timing is everything. If there is a recession, there's also a silver lining. A downturn in the economy can mean more homes for sale, turning into a buyers market.
Ready to start a conversation or find out more about the current conditions for buying/selling/investing in the Denver Metro Area? All of our agents, including Dave Christie, are here to help!
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