The article below appeared in the Rocky Mountain News recently titled:
Denver soars to No. 1 in home value increase.
If you didn't happen to catch the article click here: http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_5735517,00.html
What did you do after reading it?
Did you take action to applaud the author of the article?
Did YOU make YOUR voice heard?
Or did you even know what steps to take to speak out on the subject?
All too often we sit back and complain about what the media is doing to our industry. Yet, we do nothing about it! Maybe it's time to carve a few minutes out of your day and write a sentence or two commenting on this article.
The author has a blog site set up so that your views on the article can be expressed, which you can find here: Home prices on the rise? Weigh in on RockyTalk Live.
By the way, I wouldn't challenge YOU to do something I wouldn't do myself! Here's my post (and something you might want to share with buyers that are sitting on the fence waiting for market to "bottom out"!)
Most people do not pay cash for homes. So, they get a mortgage to assist them in their purchase. Therefore, it's imperative to factor in a comparison of interest rates when determining whether or not NOW is the time to buy a home. Current interest rates are about 1% lower than the historical averages. What does that translate to in buying power for the same monthly $$$? In the example of the home referenced in this article, the home buyer would have to put an additional $75,000 cash down to have the same monthly payment should interest rates go back up to the historical average! Looking at a $250,000 price range, the buyer would be required to put $25,000 down! So while waiting for higher home appreciation, you run the risk of higher interests rates. You need to buy now when the market AND INTEREST RATES are down!
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.