DENVER Housing Market NOW: How Far Can $600,000 Really Go? [Denver Homebuyers Watch This!]

Hey everybody, Ray Williams from the Mortgage Meister Group. Like I said, I've had clients making these big life decisions, so my main goal here today is to educate you so that you can decide what's right for you. Let's get into the numbers, okay? So if you bought right now in Denver, $600,000 property using a 6.25 rate, principal and interest as you can see, $3,510. So why does this matter? Because I said I'm going to use a 24 month window. So if you decided to keep renting, sign another lease before you know it, two years goes by, I will also layer in 1% decrease in rates. So yes, from 6.25 to 5.25. What does that mean? Well, the $600,000 home now costs $636,000. Your down payment only goes up, as you can see, not that much, around $1,800. So not that much more you need to save in the next couple of years. 5.25, the principal and interest, $3,336. What does it mean for your pocket? $175 a month is what you save in your payment by waiting it out, but you just paid $636,000 for the house. So that seller gained the $36,000 of appreciation that you would have. And in the 24 months, you would have paid $13,000 to principal, as you can see here. So in essence, that's $49,000. Now, yes, there are other aspects to this, such as if your money's in the market for 24 months, what does that mean for you? Yeah, you got to decide there. Make sure to watch another important video that I have for you here, as we continue to educate you on building wealth through real estate. Thanks so much.