Low Priced New Homes Are Selling Well
Are you sick and tired of waiting for the bank to approve your Denver short sale offer? Did the small of the last bank foreclosure that you looked at turn your stomach. It just needs new carpet and paint!?!?!? Yeah Right? Builders that construct brand new homes with a garage under 150K actually exist in Denver.
Two Bedroom Condos Under 100K Brand New
If you are a Denver First Time Home Buyer, you can end up buying a property and end up with more money than you started with. In addition to being paid to buy a brand new Denver Condo, low interest payments make it cheaper than paying rent. The best deals in Denver Real Estate are actually with brand new construction.
Denver New Constructions Starts are low
2009 will be one of the slowest years ever in the new construction industry for Denver. Very few builders are drawing housing permits at this time. Many new home builders in Denver have filed for bankruptcy or gotten close to it. The new home builders in Denver that provide great new homes for under 200K are staying very busy. Click here to find out how to get information about a few of these communities.
New Homes in Denver Under 150K
Home Values Rise in Denver Over Last October
For the entire area that Metrolist ( Denver’s MLS ) covers the average sold price in October was 4.6% higher than in October 2008. The average sale price of a single family residential was $250,172 in October 2008. The average sale price of a Denver area home that sold in October 2009 was $261,771.
Inventory of Denver Homes Still Low
Many sellers have decided to remain on the fence when it comes to placing their home on the market. In fact the Denver real estate inventory is half of what it was in October 2007. In two years our inventory has been cut in half. If you were to take short sales and foreclosures out of that mix our inventory would be almost 66% less than in October 2007.
Denver Real Estate Sales are Down
The lack of Homes for sale in Denver is the number one reason that the number of sales is down 15.2% YTD compared to last year. There is incredible pressure on existing homes listed on the market with several offers submitted within days on well priced Denver Properties.
Craigslist is FREE
When I think of Craigslist, one word comes to mind. FREE Oh how Denver buyers love free stuff. I know REO Agents ( Realtors that list bank owned properties for sale ) that post free stuff on Craigslist to get rid of evicted tenant’s belongings. And yes their are people who have made a living out of chasing down free stuff on Craigslist. One person sits at the computer and constantly refreshes the page while a driver in a truck is waiting to speed over to the location where the free stuff is located.
Craigslist Makes You work hard for Real Estate Information
Free Denver Real Estate information on Craigslist can come at a Read the rest of this entry »
Many Denver Area Homes went under contract during the past month and they all want to close by the end of November to qualify for the First Time Homebuyer $8,000 tax credit. Now the pressure of getting the properties to close is on the Realtor, mortgage lenders, title companies and buyers. Add to the stress the fact that we lose two days at the end of the month for Thanksgiving and Black Friday.
Don’t Wait Until Thanksgiving
Only a turkey would delay in getting on top of the details. You may have 10 days to get your home inspection completed. Order it done asap and get past this hurdle first. That way the lender can order the home appraisal. The appraisers are going to be swamped this month. Watch those dates and deadlines on your real estate contract and get the items done well before the deadline.
Get Your Mortgage Broker What They ask for Right Away
Many closings that get delayed are blamed on banks and underwriters. While from time to time these human beings do mess up real estate deals in Denver, often the borrowers did not get them the information that was needed to complete the loan. So many times borrowers give their broker only part of what is asked for. This November you do not have the luxury of doing things half baked. If you are asked for your last two pay stubs, you need to get them exactly those items on the day they ask for them. Remember that you are the one getting $8,000 for closing in November.
There will be leftovers in December.
Will we see a bunch of Denver homes back on the market December 1st? Will the buyers back out because they aren’t getting the $8,000 credit? Maybe the government will step in and extend and expand the program. I think that most people will still close on the home they are buying even if they miss the end of November deadline. The tax incentive is only one of many reasons why now is a great time to buy a home. People need a place to live and low prices and interest rates are good enough reasons for most people to buy.
Pass the potatoes!
If I had a quarter for every time I hear somebody brag about the killer deal that so and so got just last week I’d travel to Alaska.
I mean really, how do you expect me to respond to that?
“Uh okay lets offer $40K under asking price on that new listing that just came out on the market with 3 offers on it asking for highest and best.”
So now that I have that off my chest lets talk.
There are some fantastic deals out there in Highlands Ranch and the low financing rates make it more affordable than it has been in a long long time.
The statistics say that the average house in Highlands Ranch sell for 97% of the asking price. If the average sale price is close to $330,000 then you can expect close to 10K in discounts or incentives.
I appreciate that you need to ask advice from trusted friends when it comes to making a big decision like buying a house. Just make sure that the person giving you advice on value has enough CURRENT experience to advise you correctly.