Buying A Home In A Cooling Market

Is now the time to buy a home? We have heard the buzz about the housing market and how the boom phase is almost over. But, if you play your cards right, you can still make out with a really sweet deal. For investors, rock bottom housing prices would be a dream come true but a good solid deal is better than no deal at all. Whether you are looking for a home or an investment property? Here are some suggestions to get more for your money.

Stay up to date
With a transitioning housing market it is important to understand what is going on in the marketplace. Ensuring that you have the most correct and updated information is paramount because: 1) you can save thousands on the deal and 2) in the event of a negotiation stalemate you will know when and how much to give in.

Jump on a good deal
Although it may not be a housing boom as recently experienced, a correctly priced home will draw buyers to the door, so be the first one there. Don't wait too long; hoping the seller lowers the asking price, particularly if you absolutely love the house.

But ... don't move too fast
Move quickly but not too fast. In a cooling housing market, buyers have more time to find the house they want and not just settle for one they like. So think about what part of town you would like to live in and look at about 5-10 houses at a time.

Be assertive
Ask for what you want. The time is right and most sellers are accommodating buyers in ways not seen in previous months. If there are damages that you would like to see repaired before you take possession of the home, negotiate for it. It's worth a try.

Choose the road less traveled
With properties taking longer to sell, homeowners are using alternative methods to sell their homes. More and more homes are being auctioned and For Sale by Owner (FBSO) properties are increasing as well. Your Realtor should have access to the latest FSBOs, Foreclosures, HUDs, and all the homes in the MLS. Purchasing a home using these alternative methods can potentially save you thousands of dollars. When purchasing a home through an auction be sure to have funds readily available as most auctioned homes require a 10% down payment and the balance within 30 days after the date of purchase. Do your homework before making your purchase: you may come across one that needs a bit more repair than you would like. Buying a home is still a good investment. If you plan on living there until you are old and gray or just for 5 years or so, home ownership is a good choice. If you are lucky enough to buy when interest rates are down that just adds cake to the ice cream. This means that you can buy more home for less money.
The recent housing market slowdown presents many creative ways to acquire your dream house. Take your time, shop wisely and negotiate, negotiate, negotiate.

Comments

Post a Comment

Popular posts from this blog

Can Your Home Survive a Wildfire?

Image
Whether a home survives a wildfire is not random, nor is it a function of luck, most homes that exhibited attributes promoted by the FireSmart program -- including keeping combustible vegetation away from the house, uncluttered yards and low-flammability roofs and surfaces -- survive fires. It seems clear that the survival of homes was a function of resistance to ignition and not a random event or a matter of luck, Beyond doubt, risk mitigation (FireSmart) guidelines demonstrated their effectiveness in mitigating risk under the harshest of wildfire conditions. Most homes caught on fire as the result of embers from the forest fire landing on their property. "Based on site visits, no instances were observed where home ignition could confidently be attributed to direct contact by flames of the burning forest, and there were very few observations where home ignition was likely due only to radiant heat from the forest. Other studies have shown that embers generated by burning vege...
Read more

You need to make more than $80,000 a year to afford the median Denver-area home

Image
A new report highlights just how far out of reach home ownership is for many in the Denver metro area. An individual or household needs to make at least $81,349.82 a year in order to afford the median home in the Denver metro area. Compare that to the Denver metro area’s median household income, which was $71,146 in 2015, the latest year for which data are available. The analysis used median single-family home price data from the second quarter of 2017, which amounted to $424,500. That price encompasses the entire metro area and not just the city of Denver. In calculating the salary required, We assumed a 30-year fixed-rate mortgage with a 4.11 percent interest rate and a 20 percent down payment, which would mean a monthly payment of $1,898.16. That includes the principal, interest and estimated taxes and insurance. A 20 percent down payment isn’t always necessary, but putting down less money upfront will lead to higher monthly payments. With a 10 percent down payment, one would nee...
Read more

My First Sale HGTV show in Denver CO

The Home and Garden Television (HGTV) show “My First Sale” a new show from the producers of the HGTV hit show “My First Place,” are kicking off their first season in Denver, CO! They are in search of fun and enthusiastic first time home sellers to feature on the show. “My First Sale” is very similar to “My First Place,” but instead of taking the point-of-view of first time homebuyers, They want to see what it takes to sell your first place! It’s a documentary-style show, so they don’t assist with any of the aspects of the process, they just want to document the journey. If you are a first time home sellers, I would love to talk with you further to see if you would be interested in this opportunity. Filming can begin almost immediately, and the home must be located within an hour’s drive of Denver. The sellers must also be moving into a new home, although they don’t get into that process as much. Ideally, they are looking for single-family homes. Thanks homesandpeople.com
Read more

Living Green in Colorado: Air Sealing Materials

if you’re considering some do-it-yourself weatherization projects, make sure you’re using the right air-sealing materials for the job: Caulk — Seals gaps of less than ½ inch. Select grade (interior, exterior, high temperature) based on application Spray foam ,— Fills large cracks and small holes. It can be messy (use light weigh disposable latex gloves. If you do get some on your hands you can use kerosene or rubbing alcohol to remove the foam from your hands) consider new latex-based foams. Do not us near flammable, applications (e.g., flue vents). ho not use expanding types on windows and doors Backer rod — Closed-cell foam or rope caulk. Press into crack or gap with screwdriver or -putty knife. Often used with caulk around window and door rough openings Housewrap — Installed over exterior sheathing. Must be sealed with housewrap tape or caulk to form an airtight seal. Resists water but is not a vapor barrier. (Mainly used in unfinished crawl spaces) Polyethylene plastic — This i...
Read more

99 percent of Denver homes regain or surpass pre-recession value

Image
Nearly 99 percent of homes in metro Denver have regained or surpassed the prices from their pre-recession peak, according to an analysis by Trulia that shows only a third of homes nationwide reaching the same mark. The report, “The Housing Recovery That Wasn’t,” said the metro area’s recovery from a decade ago is the best among the 100 housing markets it examined. Counties to the north, south and even east of Denver are showing strong recovery rates, while the rebound on the Western Slope is spottier, with median prices in most areas still below their old highs. In metro Denver, home prices have shot up 50.5 percent from the pre-recession high of $237,071, the highest percentage gain of any of the 100 metros. That has allowed individual homes over time to regain their old highs. But incomes in metro Denver are up only 20 percent since the end of the recession, making it harder for buyers to find affordable homes and pushing them further out in their search. Colorado Springs w...
Read more