Buy a Home in Denver to Avoid Rapidly Rising Rent
If you’ve been looking for reasons to buy a home in Denver, the rapidly rising rents in the area should be all the motivation you need.
Multiple reports all agree -- rent is on the rise in Mile High City. One recent report found Denver to have the fastest rising rent rate in the nation, and another found it to have the third fastest rate growth, topped only by Portland and San Francisco. The stats are clear – rent is bad and it’s only getting worse.
The Yardi Matrix report is the latest sign that local renters should be looking to buy. Due to available home mortgage deductions and the long-term sustaining value of local homes, buying would be an attractive option even if rent wasn’t getting so ridiculous.
The word around the industry is that it is very unlikely the Fed will raise interest rates in the near future. If mortgage rates remain low, that’s even more reason to switch from renting to buying.
More Reasons to Buy a Home in Denver
A recent program unveiled by Fannie Mae only requires a three percent down payment. Other lenders like Wells Fargo are also introducing new programs that have extended lock periods, which give home buyers protection from rising rates.
Local housing experts are predicting that home values will be higher a year from now, which means it’s better to act quickly.
If you are a first-time home buyer or a move-up home buyer looking to avoid the crazy rent situation, contact the Denver real estate experts at the Neir Team. Alex and Stacy Neir will help you find the right neighborhood and the right home for your needs.
Call 720.280.3004 or 720.935.4399 or visit our Denver CO real estate listings page today to get started on your property search.