Ten Peaks Sotheby's International Realty Blog

Purchasing Property Now Will Save You Later!!

There are a few main things to consider when purchasing a new property.   Unless you're planning on paying cash, current interest rates are a major component in the future cost of owning a property.  Over the past year, interest rates have been very attractive.  It appears that such low rates may disappear in the near future.  Below are quotes from two of our local lenders:

"The combination of the end of the Fed's involvement in MBS purchases, the likelihood of Federal stimulus policy related inflation and improving economic activity means that mortgage rates are likely heading north."  --Doug Sullivan, Sulquist Mortgage

"The next three months may be the last window of opportunity for buyers looking to take advantage of both low rates and low home prices." -- Terrence Power, Power Mortgage Corporation

The real estate climate in Summit or Park County is ideal for buyers.  Although we are still seeing signs indicating the market is beginning to turn, deals still exist and some sellers are very motivated - buying now before rates go up will save you money down the road. 

Now is an exceptional time to visit Summit or Park County, enjoy the beautiful weather and make your mountain property dreams a reality.  If you would like to arrange a time to view properties, please contact me at any time. 

Looking for Market Data for Summit and Park Count Colorado? Follow this link. Market Data

Originally Created at: http://tenpeakssothebysrealty.com/real_estate_blog/view/2362/purchasing_property_now_will_save_you_later__

Stupid, Broke, or Just Don't Want To Move!!!

I would say these are the three main reasons that someone would have if they are deciding NOT to purchase a new property! Of course there are other reasons out there I'm sure, but if you have been looking, wanting to, and ready THIS IS THE TIME!!! I say this because of two main reasons.

Reason One: Real Estate Prices and Amount of Available Property

The safe bet is that in the last year or two the value of property in your area has dropped anywhere from as low as 2-5% in places like Summit County, Colorado all the way down to 20-35% in some of the worst hit areas like Florida, California, and Las Vegas. The question to ask yourself is, if you are going to buy something when is it better to buy? When prices are low are high??? Low of course. One of your biggest troubles might just be choosing between the top 3 that you like? And that's an okay problem to have(from the buyers perspective).

Reason Two: Amazingly Low Interest Rates

Not only is the price of the home you're buying low but the amount of interest you have to pay on the loan is quite a bit of savings as well! The national average for a 30-year fixed rate loan is around 5%. This is around 1 to 1.5% less then the past year. This is the lowest rate in the past 40 years. We are now starting to hear reports from some of our local mortgage companies that rates are on the rise! What that means for you is that if you decide to wait one more year you could be paying more for the same loan you would have received now. This chart below from Mortgage-X.com shows the last 18 years of interest rate.

If you want to search for your perfect mountain property, give any of our agents at Ten Peaks Sotheby's International Realty a call to help you with your Colorado Mountain Real Estate Search.

Originally Crerated at: http://tenpeakssothebysrealty.com/real_estate_blog/view/2359/stupid__broke__or_just_don_t_want_to_move___