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3 REASONS ITS CRAZY THAT FIRST TIME HOME BUYERS ARENT BUYING RIGHT NOW IN DENVER
Being a First Time Home Buyer can be overwhelming, daunting, scary, and confusing.
There really couldn't be a better time for you as a First Time Buyer to purchase your new home though! Here's why.............
Great Interest Rates
This week we are still showing interest rated around 4%, but the break in rates is not going to last much longer. With average unemployment and economic improvements, the Feds are guaranteed to raise interest rates and possibly even as soon as the next few months. Recently shared in an article from Money Magazine, "If mortgage rates hit 6%, a third of Millennials (people younger than 35 years old) wouldn't be able to afford homes as they're currently listed." - Data from recent analysis by HouseCanary.
The payment on a $215,000 home via a Conventional Loan (20% Down-payment) at a 4% interest rate is roughly $821.15. Move this same home into a 5% interest rate (and these rates are returning soon) and you are looking at $923.33 monthly. Is $102.18 something that you want to throw away every month? Let's take this a step further, over the course of a 30 year loan this $102.18 would accumulate to roughly $36,784.80 over the course of your loan!
Low Down Payment Requirements
Traditionally First Time Home Buyers have used FHA loan products and been required to put a 3.5% down-payment on their new home. Not anymore! Fannie Mae has a new loan program called the Conventional 97 where you can put 3% down and pay lower monthly insurance along with no upfront mortgage insurance premium like with a standard FHA loan. The down-payment alone is over $1000 less requirement, not to mention savings on the insurance as well.
Denver Rents Are Ridiculous
I looked at 3 different apartment complexes in Southeast Aurora all in 80015 zip code and within less than 5 miles of each other. Rental rates for a 2 bedroom, 2 bathroom apartment ranged from $1,249-$1,443 monthly. Right now in the same area of Aurora, here are just 3 of the homes or condos for sale that are either similar in monthly cost or much less! And you have more space!!
Estimated $1,119 monthly! http://tatyana.denverhomesearchnow.com/property/6-5376327-17107-East-Whitaker-Drive-D-Aurora-CO-80015
Estimated $1,296 monthly! http://tatyana.denverhomesearchnow.com/property/6-2343388-4561-South-Buckley-Way-Aurora-CO-80015
Estimated $1,230 monthly! http://tatyana.denverhomesearchnow.com/property/6-2749670-17053-East-Wagontrail-Parkway-Aurora-CO-80015
**These estimated monthly payments calculated using a 4% interest rate, with 3% down-payment, using standard FHA guidelines**
Read the full article from RealtyTimes.com "Why First Time Buyers are Crazy Not to Buy a Home Now".
Tatyana Sturm and The Storck Team have 10 years experience in Aurora, Centennial, and Parker real estate and have helped buyers in many different walks of life with finding their new home from the first time home buyer to seasoned investors all across Colorado. We have a true passion around finding you the best home for your lifestyle. Please call or text The Storck Team at (720) 350-5909 or email us at email@example.com to start your home buying process with a knowledgeable and trustworthy real estate professional.
Tatyana truly understands the dynamics of selling homes in the Denver Metro real estate market and is an expert at educating her clients so they can make the best and informed decisions for their need....