With all the changes that have taken place in our daily lives today there is a lot of uncertainty about going through with our plans to purchase a house. So, is it a good idea or not? I want to look at some of the things we learned in the 2008 collapse and how that applies (or doesn’t) today.
First things first. Colorado Springs did not get hit as hard by the 2008 collapse as many other places in our country. Yet, those that bought in 2008 and are selling today will tell you it was an amazing time to buy. Prices were down, demand was low, and most buyers got their dream home for a lot less than the 2006 market and have seen a huge appreciation over the last 12 years. When these homeowners look at selling their home today, they can realize a tremendous gain and either put the money down on their next purchase or use it in some other beneficial way. It took us a while to recover from the 2008 crisis, but those who held their properties were glad they did.
Today is different. This time will pass in a relatively short period. The huge benefit today is that the rates are so low that you can afford to buy a home and have a lot lower payment than just a few months ago. And on a fixed rate mortgage, your payment will be a known factor in your budget. If you can qualify for your payment today, then that payment will look even smaller when you get back to work full-time and the market picks back up. Even though the market has slowed a bit and prices are stabilizing, it is still a great time to sell and take advantage of the appreciation realized in these recent years.
How about all the competition when you place an offer in our local market? Well, there is a lot of uncertainty out there right now and competition is certainly lower. Builders are still staying on track with building (so far) so moving up to a new construction may be a great idea.
All of us have a bit more time on our hands, or at least, more time on the laptop to do detailed research about buying a home, moving up, or selling your home. I can run detailed market analysis’, send you complete lists of available inventories, and analyze your financing needs so that you are very well educated before making your next move. I will send you a digital copy of my new book “Real Estate in Colorado Springs: Your extensive, professional guide to purchasing a home in 2020 and beyond” just for the asking. Call, email, or text me and I’d be happy to help.
