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Now is the Time to Buy in Denver

According to recent statistical data gathered on the Denver metro, now is the time to buy your forever home in the area. As of late June 2013, there were about 11,000 homes and condos for sale in the Denver area — an amount that is reflective of a 28 percent decrease in the local available housing supply over the last year. The Denver local movers have found that in addition to dropping availability, the median price for homes in the area is up about 18 percent, bringing the median to $355k.

One pushing factor that is fueling the market is that the interest rates are steadily increasing in the area, which is of no surprise to many because they have remained down so long, rising rates were only natural. The urge to buy in relation to interest rates is simple–rising rates will likely continue to rise.

Most recently, the average rate for the 30 year fixed mortgage rose to 4.46 percent from 3.93 percent, the biggest one-week jump since 1987. It was the highest lending rate since July 2011 and was above 4 percent for the first time since 1987.

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