Market Update

Denver's real estate is finally taking off again, even if it is starting with the first time home buyers! With the current $8000 tax credit offered to first time home buyers, the $250,000 and lower priced homes are going under contract very quickly, and many times are experiencing multiple offers. Bank owned and short sale opportunities are always viewing multiple offers before accepting. Inventories in this price range are shrinking!

If homes are clean, smells are not apparent, and priced correctly, many are not on the market more than one week! Keep that in mind when you are thinking of "low balling" an offer in this price range, especially if this is a home you really want! Most HUD homes are getting at least 5% more than list price, rarely accepting under list price.

Interest rates have been climbing from 4.75% early January, and currently are 5.62%. This does affect the amount your qualify for as it increases. The experts do not expect these rates to decrease again - we have seen the bottom.

Senators have proposed a new bill this past week to increase the tax credit to $15,000, and eliminate current restrictions on who can qualify -- removing the stipulation of having a home in the last 3 years, and all income restrictions. The National Association of Realtors and executive officers are pushing to expand the credit and to lower mortgage rates to revive the housing market across the country.

Denver's housing market is doing well currently, but this would help even more!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com