Home Buying in Denver>Question Details

Trulia Denver, Home Buyer in Denver, CO

How do you determine when it's not a good time to buy?

Asked by Trulia Denver, Denver, CO Mon Feb 18, 2013

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Elizabeth Bolton’s answer
I've never in my years of home buying and wanting to buy thought in terms of "not a good time to buy". Why are you buying? I buy because I need to live somewhere, I adore houses, I always wanted my own house, etc. You should not be getting hung up on extraneous circumstances. Provided you have a stable income source and intend to live in an area for at least a few years go ahead and buy if you want to. I LOVE having my own house and renting could never compare.
2 votes Thank Flag Link Mon Feb 18, 2013
Trulia Denver,

One simple answer is that it is always a good time to purchase a home. It is even better now in Denver when we have prices still rebebounding from historic lows and the current historically lo interest rates that allow you to buy a lot more house now than you will in the future.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Fri Feb 22, 2013
I'd say when prices are constantly declining, there is a lot of inventory. That is not the case now, low supply and big demand make home prices go up. That with low mortgage interest rates makes the perfect combination to go out there and buy yourself a home if you have not started already. Call me for help and guidance 303.748.6559
0 votes Thank Flag Link Thu Feb 21, 2013
That would depend on your goals. If you are planning on staying in a home for a few years then it is always a good time to buy. Think of the money you would waste over 10 years on rent. If the property even lost a little value then you would still come out a head. In the last couple of years the values of property have risen significantly.
0 votes Thank Flag Link Wed Feb 20, 2013
If we could predict the future, we would all be rich! Seriously, the analogy of buying a home is like buying a stock ... there's no predicting what the future holds. The price could go up or the price could go down.

In Denver, however, I can say with certainty 2013 may be the last BEST year to buy. Prices are rising due to incredible buyer demand (and low inventory), interest rates are still great (but WILL go up, likely before year's end), and finally, is it the right time for you?

There's nothing like owning your own home. If you can, stop paying your landlord and at the very least, contact a reputable lender to get pre-qualified. You have everythng to gain and nothing to lose.

Julie Montgomery, RE/MAX Masters, Inc., Greenwood Village, CO http://www.jmontgomery.com
Web Reference: http://www.jmontgomery.com
0 votes Thank Flag Link Tue Feb 19, 2013
There's no such thing as market timing. You buy when you have a need and can afford to. Right now interest rates continue to be at or near record lows, and in most areas of the country real estate prices are still at or near record lows within the past decade. If you are someone who believes you're going to be in one place for at least 4-5 years and can afford to buy now would be an ideal time. If you're not sure you're going to be in one place for at least this long it may not make sense unless you're interested in acquiring property as part of your personal wealth portfolio.
0 votes Thank Flag Link Tue Feb 19, 2013
With the right opportunity, it's always a good time to buy and now may be the best time in our history; low prices, super low interest rates, raising rental rates and an appreciating market. It's unlikely there will ever be a better time to buy!
David Cox, GRI, CNE
Broker/Owner, Cox RE
Web Reference: http://www.CoxRE.com
0 votes Thank Flag Link Tue Feb 19, 2013
1. Do I want to buy? If no, then it's not a good time to buy.
2. Can I buy? If no, then it's not a good time to buy.
3. Do I think I can get a better deal if I wait? If yes, then it's not a good time to buy.
0 votes Thank Flag Link Tue Feb 19, 2013
Right now IS a the perfect time to buy as prices have just bottomed out last year and are starting to rise again. Also, interest rates are lower thwn they have ever been in recorded history.

To find great deals on properties in this Great time to buy go to

DenverColoradoRealEstateNow.net

or

RealEstateColoradoNow.com

Thanks,

Ethan Besser
Keller Williams
303-856-8980
0 votes Thank Flag Link Mon Feb 18, 2013
So many answers to that question! Some would argue that there is always a good time to buy and that good deals/buys are always available (although sometimes harder to find!). I would suggest analyzing trends. There are different trends to monitor. One mentioned below is Interest Rates. A better trend to examine in my perspective is Home Prices. Be sure to focus locally as Real Estate tends to be a VERY locally sensitive market. It would have been VERY easy to monitor Home Value trends in 2007 & 2008 and see the beginning of the downturn. It's easy to see right now that Denver is in the beginning of a upswing cycle. Real Estate cycles tend to last 5-7 years. We're about 1.5 years into an uptrend here in Denver. Couple that with low interest and now is a great time to buy. 4 or 5 years from now may be the answer to your question.
0 votes Thank Flag Link Mon Feb 18, 2013
Well there are a couple of things to look at in order to make a decision. What is your current situation, lease terminating? Living with parents at home? Or coming out of foreclosure or a short sale?

Now seems to be a very good time to purchase if you can qualify for a loan that your happy with its requirements. The only negative thing is that there isn't much inventory so therefore you have to make decisions quickly. If you you like a new construction home there are more to chose from currently. The other thing that we are seeing in the marketplace is the rise of prices. So I would say it is a good time to consider purchasing.

If I can be of any help just reach out to me, and best of luck with your decision!

Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
720-329-1470 |Bill@DenverRealtorForLife.com
5280 Magazine FIVE STAR Real Estate Professional – 2010, 2011, 2012
0 votes Thank Flag Link Mon Feb 18, 2013
I would agree with one of the answers posted; when interest rates are high and rent is cheaper. I would also add that it depends on how long you plan on staying.
0 votes Thank Flag Link Mon Feb 18, 2013
Right now, when the interest rates are ridiculously low and the prices just started climbing up, is the best time ever to buy real estate! Historically, real estate has always been a great investment, no matter when you buy. In my opinion it is always a good time to buy real estate. If you look at property values 20 years ago, you wish you bought as many as you could! Real estate prices continuously go up, but they don't go up in a straight line. There are ebbs and flows and you have to be able to ride them out.
0 votes Thank Flag Link Mon Feb 18, 2013
That's an interesting question and I think it's different for everyone. Economically speaking I don't think it's smart to buy when interest rates are high and renting may be cheaper. It also may not be a good idea to buy when there is ton of inventory. That shows prices falling. The opposite could be true for a good time to buy. People have to buy though and they need to get into homes so emotion plays into it. You just have to think and get the right advice before you pull the trigger. Good luck hope that helps. Call or email me if you want to chat further. I love these questions.
0 votes Thank Flag Link Mon Feb 18, 2013
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