Trying To Buy Your Telluride Home?
We’re still in a sellers’ market. And if you’re looking to buy a home in Telluride, Colorado, that means you’re likely facing some unique challenges, like difficulty finding your Telluride home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s Telluride market that give you good reason to stick with your search. Here are a few of them.
Long-Term Benefits Outweigh Short-Term Challenges
Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac puts it this way:
“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”
The key there is long-term because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today’s sellers’ market presents.
Mortgage Rates Are Constantly Changing
Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Mac, notes, they’ve been coming down some recently:
“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”
Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at realtor.com, explains:
“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”
The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.
Home Prices Will Increase
According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below):
As a buyer, you should be aware that home prices are expected to increase in the coming years. This means that if you wait to buy a home, it will likely become even more expensive. On the other hand, if you buy now, the value of your home and your net worth are likely to grow over time.
If you’ve been trying to buy a home, hang in there. Buying a home is not only an exciting milestone, but it can also provide long-term financial stability. With the current market conditions, however, it can be difficult to find your dream home and mortgage rates are often volatile. Despite these short-term challenges, staying in the market and looking for your Telluride home will likely pay.
Making your move now could become an investment in your future, so don’t hesitate to reach out to Anne-Britt of Mountain Rose Realty – the best real estate consultant in Telluride. She can help you find the perfect home for you and your family.
Anne-Britt of Mountain Rose Realty is the go-to real estate consultant in Telluride, Colorado who always puts her clients first. She knows all the ins and outs of the current market, and she’ll be able to help you secure a home that meets your needs – no matter how complicated they may be. So if you’re looking to invest in the Telluride real estate market, make sure to reach out to Anne-Britt for expert advice!