By: Nikki Giordano, Executive Officer, NoCo HBA
People always ask the question, is it a buyer’s or seller’s market? If you’re looking to make a move right now the answer is both. There are a number of trends that are beneficial to anyone looking to buy a new home or sell their current house.
Mortgage Rates are Low
Home loan rates are at all-time lows. Homebuyers and sellers are keeping mortgage lenders busy by taking advantage of these historic rates. Buyers of all budgets are being enticed by these extra low interest rates.
Many people are choosing to refinance, which in some cases drops the monthly payment by hundreds. Other people are switching to a 15-year loan for a payment similar to a 30-year mortgage. This doesn’t save money immediately but paying off a home in half the time pays off big time in the long run.
Buy or Build Your Dream Home
People spent a lot of time at home this year and for some that made them realize their current home isn’t the right fit. Low interest rates are giving buyers the confidence to search for their dream home. Homes that might have previously been too expensive might now fit the budget because of low interest rates. Homebuyers can also get the things they now know they want and need in a home like an office or gym.
Inventory is Low Before buyers can find a new home, many will need to sell their old one. A lot of people are hesitant to put their home on the market because of economic uncertainty but despite recent turmoil it’s a great time to sell. Going into 2020, Northern Colorado’s inventory was already low. Many homes are selling fast and even fielding multiple offers.
So, if you finished all the home projects on your to-do list during quarantine and you still don’t love your home, now is the right time to list it and find one you love.