If you are one of the many Americans that routinely watches the local news than you mostly likely think no one is able to buy or sell real estate in the current market.  The media is in the business of entertaining whether it be true or false and in the case of the local Denver Real Estate market is way off.  The term that is regularly used like "credit freeze" and all the publicity given to failing banks greatly discourages first time and seasoned buyers from buying a home.  Any investor will tell you to buy low and sell high, now is the low point and for some reason the media is scaring people away from real estate.  Homebuyers will realize the most benefit by buying in this real estate lull and selling at the next high.  The process is cyclical and proven to re-stabilize and produce massive gains every time.

To set the record straight we have outlined steps to homeownership in this market: 

•1.       Find

•2.       Qualify

•3.       Budget

Find.  The first step is to find a price range and quality of home you are interested in.  Denver and the Metro area vary greatly depending on the aspects of a neighborhood that are important to you.  A local real estate agent can easily provide you with detailed information about a particular home or area of Denver. 

Qualify.  After you have decided you would like to buy a home a very important step is to speak with a mortgage professional.  As a mortgage banker I can help you determine what purchase price you qualify for and also what type of loan product is the best fit for your individual situation.  Many home buyers avoid this step until they are very involved in the home buying process.  I always recommend starting early because by the time you find the perfect home you won't want to talk to me about interest rates and amortization terms you'll want to spend time at Crate and Barrell picking out your furnishings.

Budget.  Whether you need to save for a downpayment or prepare for move in costs budgeting is another important aspect.   As a home buyer you will have additional costs as well as financial benefits that will need to be incorporated into your monthly and annual budget.  I suggest planning financially before and after the home purchase.

Finding, Qualifying and Budgeting for your new home is an exciting process.  If you focus on the 3 elements laid out above you will discover just how beneficial owning your own home can be.

In an effort to educate our clients we hold monthly workshops to focus on Finding, Qualifying and Budgeting for home ownership. 

EMAIL ME TO INQUIRE ABOUT THE NEXT HOMEOWNERSHIP WORKSHOP - mshotnik@summit-mortgage.com 

Final bit of advice:

The absolute truth about real estate regardless of the market conditions is the sooner you get in the sooner you'll realize your financial potential. 

Michael Shotnik

Mortgage Banker

Summit Home Mortgage

P 303-800-4595

E mshotnik@summit-mortgage.com