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There may be no better time than now to purchase a 1st time home, or to trade up/down or sideways.
Simply put:
a. Prices are down
b. Interest rates are very low (near or under 5%) and likely to head up in the next year
c. If you qualify, the US government will pay you either $6,500 or $8,000 to buy a home.
Because of this forces, the lower price ranges are very competitive from a buyers standpoint. Investors and 1st time buyers are competing with often multiple offers. Average time on market to sell a lower priced homes is measured in days, not months.More articles of interest:
It is also a great time to considering refinancing, especially if you have a variable rate. Historically low fixed rates set Another Low in Freddie Mac Weekly Survey - The 30-year fixed-rate mortgage averaged 4.71% with an average 0.7 point for the week ending December 3, 2009, according to Freddie Mac's Primary Mortgage Market Survey. http://realtytimes.com/rtpages/20091204_rates.htm
Low Mortgage Rates Could Be Ending
http://www.realtor.org/RMODaily.nsf/pages/News2009111803
The 1st time buyer credit ($8,000) has been extended to April 30 and expanded ($6,500) to include all buyers who have not purchased a home in the last 5 years. This means you can trade up, or downsize and receive a credit on your 2009 or 2010 tax return. This credit is refundable, even if you don’t owe any tax. Considering the current market, “Sell First” is my motto. There is adequate inventory in the 250K and up price ranges, so selling first will keep insure you stay above water in case your home does not sell quickly. The average time on market is about 3 months and you can always stay put if it does not sell at all. If you are thinking of doing this your home should be on the market after the holidays, which means preparing it now. It might actually be a better time to trade up since the inventory increases as the prices go up, making it a buyer’s market in the higher price ranges, while it is actually a seller’s market in the lowest price ranges. I understand, you can also provide a down payment to your son or daughter for them to get into a home and they still can take advantage of the credit. Details are available upon request. There are some other requirements to qualify. 1) You have to have owned and used your current home as your principal residence for five consecutive years out the past eight; 2) Your adjusted household annual income cannot exceed $125,000 if you file taxes as a single, or $225,000 if you are married filing jointly. To qualify, you must sign a contract to purchase a replacement residence before next April 30, and go to closing on it by June 30, 2010. http://realtytimes.com/rtpages/20091109_washingtonreport.htm
Colorado mortgage rates drop to 4.65% - Rates for 30-year fixed home mortgages in Colorado slid to a new recent low of 4.65% as of Tuesday, according Zillow Mortgage Marketplace. Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20% or more.
http://denver.bizjournals.com/denver/stories/2009/11/16/daily41.html?s=industry&i=resi_real_estate
7 tips for buying foreclosures
http://money.cnn.com/2009/11/19/real_estate/buying_foreclosures_tips/index.htm
Move-Down Buyers Can Be Eligible For Tax Credit Too - Move up, move down, move sideways; it just doesn't matter - buyers may still qualify for the new tax credit available to current homeowners. It is unfortunate that the credit has too often been characterized as a credit for "move-up" homeowners. We need to get the word out that the credit is equally available to homeowners who are moving down, cost-wise. The move-down homebuyer is not an unusual phenomenon. For years, retirees have been known to move from a larger home to one that is smaller and often less expensive. Moreover, it is reasonable to think that current economic conditions may lead to even more move-down buyers. The same requirements for the tax credit apply to both move-down and move-up buyers.
http://realtytimes.com/rtpages/20091222_movedown.htm
Home resales surge to nearly three-year high - Nationally, home resales surged last month to the highest level in nearly three years. Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. First-time buyers made up about half of all transactions last month, driving sales up 44% above last year's levels, a record jump. Sales are now up 46% from the bottom in January, but down 10% from the peak more than four years ago. The median sales price was $172,600, down 4.3% from a year earlier, and up 0.2% from October. November sales rose 7.4% to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October.
http://www.msnbc.msn.com/id/34521144/ns/business-real_estate/
Tax credit drives surge in home sales
http://www.denverpost.com/business/ci_14046898
LoDo: Denver’s real estate hot spot
http://insiderealestatenews.com/2009/12/lodo-denvers-real-estate-hot-spot/
Report: Home Prices Likely to Hit Bottom in March
http://www.realtor.org/rmodaily.nsf/pages/News2009122202
Consumers Buying Furniture and Appliances
http://www.realtor.org/rmodaily.nsf/pages/News2009122204
Commercial Real Estate: Still Awaiting a Recovery
http://www.realtor.org/research/reinsights/infocus
I wish you and your family a safe and happy holiday season, and the best of luck in the year 2K10!
Best Regards,
Jeff Barber
Broker Associate
Home Real Estate
13111 E. Briarwood Ave., Ste 110
Centennial, CO 80112
Cell Phone: (720) 934-0525
Fax: (303) 680-6412
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