Real Estate News
Over the past few months, inventory might not have jumped up in numbers, but it hasn’t gone down either. So, is it a good time to buy? Let’s take a look at some numbers.
In my July addition, REcolorado reported that there were 8,030 active listings on the market in June as opposed to 6,565 in May. That is an increase of 22 percent! The second largest percentage gain from May to June was an 11.8 percent increase in 2013.
Home prices on the other hand are continuing to increase (up another 8 percent in the past 12 months) however the average inflation adjusted PITI (Principle, Interest, Taxes, and Insurance) payment is actually BELOW our 35-year average. This means that while prices have steadily risen, buyers are still able to afford their monthly payments, providing plenty of room for continued home price increases.
So, what does this mean for you as a buyer? I think it means you should consider buying a home IF it makes sense for you. Consider the following factors – are you running out of room at home? Are you expecting a baby? Do you have a bad commute? Would you prefer to live in another neighborhood? Looking for a better school district for the kids? Are you ready to move into a smaller home?
There are a lot of great reasons to move. But my suggestion is to buy a home because it’s time for a new home, not because of market speculations.
Call me anytime to discuss what your options are and how I can help you find a wonderful place to live.