Why is it that with so many home buyers and home sellers and Denver want to put a "fork" and write-off Denver real estate? The reality is, when looking at the Denver MLS sales statistics for the 1st 2 1/2 months of 2007, that nearly 68% of the home sales - in MOST Denver suburban cities - are equal to or greater than what they were last year! How shocking! Yes - Denver real estate is not dead! It's actually thriving...
The biggest problem right now is that many home buyers are having a tough time getting a loan to purchase their next home or their first home. That's also causing the problem for home sellers who have inexperienced Realtor's that bring buyers out house shopping - and who write contracts on houses that they can't qualify for - or get loans on! Hello McFly!!!! If you go out house shopping NOW, you'd better have the world's best Lender Letter and a very good preapproval - or you're just wasting everyone's time...
That's the only problem out there right now that's stopping Denver from actually booming (like many Texas markets are!) Sitting on the fence and waiting for a lower interest rate is another silly idea now, because in this mortgage and real estate professionals opinion, these are going to be the lowest interest rates we see all year. Don't forget, all of these national lenders going out of business like Bear Stearns, etc. need to make up for their mortgage losses - and as soon as the roller coaster stockmarket settles down, they will begin raising mortgage rates on ALL new loans to offset all the low rates they've been offering for the last year. Does it really take a genius to figure this one out? There are just way too many great deals out there in the Denver real estate market right now to sit and watch them drift away while you continue to "blow money" on rent...
It might shock you but there are still zero money down loans (around 6% on 30 yr fixed rates) out there available for people with good credit and FICO scores above 620, savings or 401(k) accounts, and a good job history. FHA loans may help you to but you'll need 3% down and a 45% backend debt ratio to qualify for - although this money can be gifted by your parents - or "rolled-in" to the purchase price if you hire a 'sharp' Realtor that knows how to wrire these Contracts and close them! Now's an amazing time to buy - and you'll thank me a year from now when you got a 5.75% 30 year fixed loan - instead of a 7% rate by Christmas...it's coming!!
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