Denver news you can use. Denver CO market update and mythbusting. What a start of 2012! With all the news/views flying around I thought I would give you my point of view. The market is crazy right now and I am sure we all have a different idea of how our market is doing. Here are some key myths/points for you:
Myth #1: the market is not that great. #2: its a buyers market. #3: there are lots of good deals. #4 it's not a good time to list. #5 it not a good time to buy. #6 it's not a good time to invest
Truths:
*Rental vacancy rates are VERY low: metro area average is 4%, some counties are at 0%!
renters are struggling to find a place to rent, investors are salivating: supply vs demand
*Rental rates are going up.
It could be cheaper to buy vs rent
*Metro Denver Inventory (homes for sale) is down over 40%
I have buyers waiting for homes to come on the market, Denver needs listings! It IS a good time to list your home.
*Days on the market are going down.
Low inventory, quick/mulitple offers are not uncommon
*Values are going up and/or stabilizing (location specific)
Supply vs demand, sellers are getting asking price, sometimes over asking price
*Overall completion is very steep.
Well priced homes are moving! Lots of folks waiting to pounce on good deals
*Interest Rates are still very low.
*Lenders are finally loosing up
I have buyers waiting! The Denver market needs listings! If your considering investing or listing your property give me a call. Have we passed the bottom of the market???
We all know some homeowners that are struggling and I can help provide some options. Please send them my info, it is important they know they have options.
Just announced: HUD just announced that they are increasing the up-front mortgage insurance premium and the annual mortgage insurance premium for FHA loans that have case numbers assigned on or after April 1, 2012.
The up-front MI payment will increase from 1.0% of the loan amount to 1.75% of the loan amount.
The annual MI payment will increase from 1.15% of the loan amount to 1.25% of the loan amount.
As always, if you have any questions please give me a call.
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