Another reason to consider buying now is because of the basic supply and demand law of economics. If demand is increasing for housing, and supply is remaining the same, the cost of renting or buying will rise.
Only 2,418 new permits for condos, townhouses, and single family homes in the Denver metro area were pulled in the first 7 months of 2011, down 4.95% from 2010.
Historically Denver needs to add about 4,500 new apartments a year to keep up with population growth.
Jeff Hawks, a principal of Apartment Realty Advisors says “By 2015, we are going to need 30,000 more units just to meet demand.”
If you are currently renting, expect your rent costs to increase steadily.
If you think this is the right time for you to buy, and/or invest in rental properties, search here. Or call or text me, Vickie Hall, at 303-944-1153.
Credit goes to Lonnie Glessner at America’s Mortgage, LLC for his research and statistics in this article.