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Cost-vs-Price

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.

Let us explain.

There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.

What will happen in 2015?

A nationwide panel of over one hundred economists, real estate experts and investment & market strategists project that home values will appreciate by almost 4% by the end of 2015.

Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% by the end of 2015.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

20150204-Cost-of-Waiting

Information found here: http://www.simplifyingthemarket.com/2015/02/04/the-difference-between-a-homes-cost-vs-price/?a=12338-4392492f7c27f4a770069e01b69db523

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There is a new community opening in Aurora, 80016.  Just south of Tallyn’s Reach.  I took some time this weekend during their grand openings to meet the sales team and tour the model homes.  There are 4 models to tour.  They have two sections in the neighborhood.

KBhomes

The Estates at Ponderosa Ridge:

Priced from the high $300s.  There are 14 floor plans to choose from.  Square feet from 2100-3800.  Award winning Cherry Creek Schools.  Close to Southland, E-470 and DIA.   Learn more by clicking here.

kbhomes2

The Reserve at Ponderosa Ridge:

Priced from the low $300s.  There are 9 floor plans to choose from.  Square feet from 1600-2800.  Award winning Cherry Creek Schools.  Close to Southland, E-470 and DIA.   Learn more by clicking here.

Please remember how valuable using a real estate agent is especially when purchasing new construction.  While talking with the sales team I was reminded how important it is for the buyer to be represented.  The sales person mentioned how someone came in and put money down on a new home.  Then the next day they come to talk about the contract.  They were so overwhelmed by the process they walked out.  The sales person also admitted that since they work for the builder it is in their best interest to push as many upgrades as possible.  When using a realtor, we act in your best interest.  We help you to not feel so overwhelmed.  We also help to ensure that you make the best choices when selecting upgrades.  Plus the best part the builder pays us!!

As always I am here to help with any and all of your real estate needs.

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