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.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

Metrolist Services Inc (Colorado) Logo Terms and Conditions: The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC., DBA RECOLORADO® Real estate listings held by brokers other than Kenna Real Estate are marked with the IDX Logo. This information is being provided for the consumers personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.

Copyright 2020 METROLIST, INC., DBA RECOLORADO® -- All Rights Reserved 6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA

Listing information last updated on July 12th, 2020 at 10:00am MDT.

Information source: Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules. © Copyright IRES.

Information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Information deemed reliable but not guaranteed by the MLS.

Listing information last updated on July 12th, 2020 at 10:04am MDT.