Are you considering Moving-Up to a New Denver Home? Do it NOW not Later!

Are you considering Moving-Up to a New Denver Home? Do it NOW not Later!

Posted by on Monday, March 10th, 2014 at 10:51am.

 Are you considering Moving-Up to a New Denver Home? 

Move up in Denver

A recent study revealed that the number of existing  Denver home owners planning to buy a home this year is about to increase dramatically. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today™s blog post.

There is no way for us to predict the future but we can look at what happened over the last year. Let™s   look at buyers that considered moving up last year but decided to wait instead.

Assume they had a home worth   $300,000 and were looking at a home for $400,000 (putting 10% down they   would get a mortgage of $360,000). By waiting, their house appreciated by   13.8% over the last year (national average based on the Case Shiller   Pricing Index). Their home would now be worth $341,400. But, the $400,000   home would now be worth $455,200 (requiring a mortgage of $409,680).

Here is a table showing what   additional monthly cost would be incurred by waiting:

Move Up Cost of Waiting (2)

Prices are projected to   appreciate by over 4% and interest rates are also   expected to rise by as much as another full percentage point.   If your family plans to move-up to a nicer or bigger home this year, it may   make sense to move now rather than later.

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