Denver Metro Home Stats

This time last year, there were 21,730 homes on the market. Right now, there are 25,484 homes on the market. Ironically the average home price is up from $291,000 last February to $305,000 this month. As for condo/townhomes, the average price is down from $186,000 last February to $175,000 this month. This is a buyer’s market, but with interest rates on the rise, the time to act is now!

30 year loan can be a 21 year loan

The stats show if you make an extra $100 payment per month towards your principal, you can knock NINE YEARS off the loan. Basically, you are reducing the amount of interest on your loan every year. Now your payment will not decrease every year, that will stay the same, but your amount owed will decline. If you are planning on being in your home for a while (more than 10 years) I highly recommend this technique.