Denver homes - Mortgage rates, still hovering at around 6.25 percent for most qualified buyers, remain low by historical standards. There were 25,673 unsold homes on the market in July, giving buyers plenty of choices, although that’s 15.2 percent lower than the unsold inventory a year earlier.
And while a smaller supply of homes usually means higher prices, that is not the case in this market, as foreclosed homes drive down prices. The average price of a single-family home sold in July was $283,650, about 10 percent lower than a year ago. Source Metrolist.
Whether you are buying your first home, or your fourth, there are five basic things you need to know before you venture into the marketplace.
Know your budget - A thorough financial analysis is crucial. It will determine many of the parameters for your property search. It will help you make the most of your money, while preventing you from considering homes that are beyond your capabilities. Nothing is worse than seeing a home you love, and then realizing it is not financially feasible. Make an appointment with a lender, and they will help you determine an appropriate loan amount, and purchase price.
Know what you want - Only the most fortunate buyers find properties with every item on their wish list. Instead of searching for the perfect home, prioritize your wants, and needs. Things to consider include location, type of property, schools, square footage, amenities, and number of bedrooms and baths. If you know what you want, you will be ready to recognize the right property when you see it.
Know the steps - Increase your comfort level, by learning as much as you can about the home purchase process. Find out about the components of the purchase contract. Research the different types of inspections needed, and what is involved in getting a mortgage loan. The better you understand the process, the less anxiety you will feel during the transaction.
Know the marketplace - Knowing the market conditions will help you set the right expectations. For instance, if it is a seller’s market you may have to make an offer without certain contingencies. If it is a buyer’s market, you may be able to offer considerably less than the asking price. You should also make a point to follow interest rates, and learn about different mortgage products.
Know who can help - Find an experienced real estate professional, who has worked in your market for a number of years. They will know the local inventory, as well as the current market conditions. Make sure you feel comfortable with your Realtor, and make sure they will be personally handling your complete transaction.
I wanted to introduce you to other articles on the blog because I thought you might benefit from the articles and would find them informative. Here is a sample of some of the articles you will find in our blog. I designed RealEstateColorado.net to not only be a place to search for homes but also a resource.
7 reasons to buy
* Sellers are motivated and willing to cut deals
* You can find bargains in foreclosures, especially if you’re willing to fix them up and put up with the hassles of dealing with red tape
* Interest rates are still relatively low.
* Lots of inventory to choose from
* Even if you sell your home for less than you might have received two or three years ago, you probably can make up the difference by buying right
* You often can buy homes for less than the replacement cost, a signal that home prices are more likely to rise than fall.
* If you wait, someone else may snap up your dream home
7 reasons to wait
* The slide in housing prices might continue. Why buy now if you can get the same house at a 10 percent or 15 percent discount in a year?
* You may not be able to sell for the profit you need.
* After years of lax lending, it’s more difficult to qualify for a loan than anytime in the past 30 years.
* If you fear losing your job or face a big cut in income, you could end up owning a home you can’t sell for a profit.
* If your company might transfer you from Denver in the next few years, you may have the hassle of selling a home that has not risen in value much.
* If you bought in a place that has a lot of home construction, your house is probably worth less than your mortgage.
Resource
A Colorado Rental Property Resource for both landlords and tenants can be found at http://www.coloradorentalproperty.net . Online land lords can post detailed information regarding their rental property, including 5 color photos. The ad can be self directed by the landlord to their cell phone or property management company. This is a service provided FREE by RealEstateColorado.Net and the ad will remain on line until it is asked to be removed.
REAL ESTATE
If you would like additional information about the Denver Real Estate area in Denver Colorado as well as anywhere in Denver Metro Area contact us at 1-800-791-3990 ext 232.
Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions. Jeffery has been a licensed Realtor since 1995. During this time he has successfully closed over 135 million dollars of residential real estate, and 40 million dollars in un-improved land amounting to 660 individual real estate transactions. His professional experience includes the Denver Colorado front range and the Second Home market in Breckenridge, Colorado located in Summit County.
Posted by: Jeffery McClintock
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