Buying a home these days can be challenging. With increased home values it is hard to make the income aspect keep up. But, don’t despair. Right now interest rates are slightly lower, helping with that affordability challenge. Yes, owning your own home still makes sense, financially and otherwise. While you enjoy your home you can build up equity, or even “sweat equity” if you are handy and fix up yourself. All the improvements you make to your home belong to you, not the landlord.
Louisville is truly a solid choice for home buyers. If you’re looking for your first home, a condo or townhouse might be the best option and will cost anywhere from the low $200’s to the mid $800’s Alternatively, single family houses can be found starting in the low $500,000’s and going up to as much as $2 million for a very special and spacious home.
The good news is that while it is still tough for buyers, as interest rates lower and homes are not appreciating as quickly, it might be the perfect time to buy as you can afford to spend that little bit more on the home vs spending it on the interest rate.
We are still very much in a seller’s market. Lowball offers are generally not being answered. New homes to the market are still seeing multiple bids (usually 2-3 offers vs 10+!) and while prices are increasing, we’re seeing that appreciation closer to 4% than 10%. However, knowing about lack of inventory, strong employment and desirability of Boulder County area, there still is not likely to be slump anytime in the foreseeable future.