The Denver, Colorado housing market remains strong, and a home purchase, custom build, or remodel, could be one of the best investments in your comfort and future. Here are several reasons why the best time to buy, build, or remodel your Denver home is now.
1. Housing Prices
Housing prices have recently plateaued, primarily due to the recent international tariffs imposed on various countries. These tariffs on lumber, aluminum and steel are adversely affecting prices upward, forcing builders to pass along these price increases.
Lumber prices have been in effect for two months, while aluminum and steel increases began last week. These tariffs are “the straw that broke the camel’s back” or the “tipping point” to curtail home buyers’ interest in purchasing new homes.
These tariffs are not only affecting all segments of the construction industry. They are also affecting many consumer products including refreshments, cars and furniture.
2. Economic Indices
Surprisingly, all other economic indices are fine, especially the gross domestic product percentages. Employment statistics continue to be exceptional. Everyone who wants to find employment can.
3. Low Inventory
Inventory of existing homes and new homes remains low. Purchase values will be determined by the consumer, although builders throughout the nation have begun to offer incentives to help sell their homes.
As a buyer, you may be able to benefit by purchasing now with an older price that has not been affected by new price changes. The cost of a new home may be much higher next year.
4. Remodeling Benefits
Remodeling remains an excellent alternative for your current residence or an existing home purchase.
By choosing to to remodel your current residence, you can enjoy your neighborhood while being able to take advantage of all of the services, schools, recreation, transportation, medical attention and shopping.
You can also take the time to research new products and services to be included in your remodeling exercise.
Many consumers who purchase an existing home remodel prior to moving in, to have the home improved to their specific design and finish needs. This procedure helps new home buyers eliminate any stress of construction while living in the home and also affords lower construction costs.
There are many financing programs for purchase, refinance and remodeling. Make sure you take the time to research the most suitable financing program with your mortgage and/or banking professional. Different programs may offer different organization fees and monthly payments.
Good service and knowledge offered by your financing professional are also important factors to be considered.
Price may be an important consideration, but you may find the original payments quoted are not the program that will be delivered. Obtain referrals from your financing professional. Ask for their last five customers’ contact information – not their best five customers. Check them, too.
Now is the best time to purchase or remodel. Today is the time to act.
Create the environment and lifestyle you are seeking before prices become too costly for your adventure.
Reach out to Jackson Design Build to discover how we can help you buy, build, or remodel your Denver Metro Area dream home today!