The market has changed over the last five years so much, real estate does not even look the same! The lending industry has undergone MANY changes, especially for those first time homebuyers! There is no longer a 100% loan available, and an FHA loan with first time home buyer assistance is very difficult to get accepted. If you are in the market to buy your first home, be prepared to have a down payment, and pretty good credit, or your interest rate will be higher than the normal. Keep your credit clean, no lates, no repos or bankruptcy. This protects your FICO score. Check your credit annually FREE --- www.freecreditreport.com.
If you are a seller, you probably have noticed either the market has remained pretty flat over the last three years, or in some areas, have actually gone down in price. There are a few pockets in the Denver metro that still show a small increase in values, such as Observatory Park, Wash Park and Highlands. Buyers are either looking to MOVE IN, without much effort, or they are looking for the deal of the century. The media has made it such a point to tell the viewers it is a BUYERS MARKET, that they feel they should not pay full list price for any home, and ask for seller concessions as well. If you can snag a buyer in the first days on market, that would be your BEST buyer. The longer it is on the market, possibly priced too high, or needing some repairs, you lose valueable days on market, and also profit from the sale.
The interest rates are still below 6% (based on good credit), and the inventory is still good right now --- a GREAT time to buy in the City of Denver!
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