BUY V. RENT
Everyone's paying a mortgage -- either yours or someone else's.
Maybe you've been renting in Denver because you think home prices are just too high. We have record high demand for homes and record low supply. Basic economics tells us that that dynamic pushes up prices, and that's not reversing until something else changes.
Here are some things to consider.
Mortgage rates are on the rise. For every 1% increase in mortgage rates, you lose 8% in buying power. (That's due to the higher cost of borrowing.)
While the rise in home prices have slowed, there's reason to think they will continue to go up: tech money flooding in, Meow Wolf coming, medical mushrooms might be on the horizon (which could mirror the arrival of marijuana), and the fact that the front range has proven (in the past) to come out pretty well in a recession.
No matter how much you rent you will never gain any equity. It's lost money. When you buy, that money goes toward an asset that you own. Once you own a property, you can leverage it to buy another. The compounding effect of home ownership is huge, and it can set you up for financial security.
Contact us today to take that first step.
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