Afraid To Buy At The Top Of The Market?
We hear this concern a lot. Buyers are reluctant to purchase a home because they fear they could be buying at the peak of the market and the home could start losing value right after they purchase. Some buyers think that they should wait until prices start dropping before they buy. This is probably a mistake.
Somebody once said:
“You don’t wait and then buy, you buy and then wait.”
Here’s how that applies in the Denver metro real estate market. Over the last 45 years there have only been 4 years where we saw an actual drop in home values. If buyers are waiting for prices to go down, they could be waiting a very long time.
Let’s suppose, however, that you were a buyer back in 2007 just before the biggest housing bust that the nation has ever seen. The peak of the Denver metro housing market was June of 2007. Soon thereafter we saw property values plummet as a result of the bank failures.