All the action is on the lower end of the
marketIf you have a listing and it's not under the FHA loan
limits ($417k in Denver), the odds of a quick sale are very low. It can be
an $800,000 house selling for $500,000, it still is not going to move very fast,
if at all. Right now, it's all about the FHA loans, and houses priced
below $250k. In those neighborhoods, and at those price ranges we're
getting alot of first time buyers and people who still have jobs and have the
down payments. Not to mention that is where most of the
real
estate investors in
Colorado are looking for bargains
to flip or rent.
What's a broker to do? follow the market.
Although I'm not crazy about viewing $150k homes, it does feel really
good to help out buyers who normally may be shunned by many agents. I hate
to admit it, but it's almost kind of a rush. Like a big fish in a small
pond sort of thing. The home buyers are very greatful for the help and
guidance, and I love working with people who are younger and actually listen
when I
make a recommendation or try to
educate
them about the real estate transaction.
The commission's aren't
there, that's for sure. $5,000 checks don't go very far, but the clients have become friends, and that is
worth a lot!
;)
;)
I heard the NAR economist, Dr. Lawrence Yun today and one of his comments was that Colorado never had the totally over-priced market that other states like California did so our market softening has not been as severe. With all the incentives being offered this is definitely a time for not only first time buyers but for real estate investors to jump into the market. Waiting might mean that you miss the upward trend.