Real Estate Information Archive

Interesting survey from the National Association of Realtors. 

http://www.realtor.org/press_room/news_releases/2009/11/survey_record

Even though this survey is from November 2009, the Denver area real estate market is still largely following this trend.

While the tax credit has expired, interest rates are at or near record lows, home prices remain affordable and there is a reasonable amount of inventory.

If you are thinking about buying your first home and would like additional information about the process, I would be glad to answer any questions you may have. 

I offer a Free First Time Home Buyer Consultatioin and Home Buyer's Guide that goes through the entire process in detail for you.

It is still a great to buy a home in the Denver metro area!

Gary

The tax credit for first time homebuyers (and those who haven't owned a home in the past three years) is still available and there is still time for you to to take advantage of it.

The credit of $8000 will be available to qualified home buyers until December 1, 2009.  That means that time is running out!

To qualify the home purchase must be closed by December 1, 2009.  That gives you time to get pre-qualified and means that you would want to start your search right away. 

Inventory levels are still up, meaning there is a good supply of homes to choose from and interest rates are still down...at historically low levels. 

The only type of home purchase transaction that we may be running out of time on would be the short sales, but even those may be able to be completed before the deadline.

If you would like more information or if you are ready to start your search, let me know!  I am ready to help you find your next home now!

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.