Are We Ever Gonna Buy A Home...?
The real estate market in Colorado just got worse for current sellers. Calling it a buyer's market is an understatment.
Due, in part, to the ridiculous number of foreclosures in this state, getting a home loan just became significantly more difficult since lots of lenders are consolidating their loan programs, while others are filing for bankruptcy.
100% financing has become significanlty more difficult, especially considering the medium price of a home sold is roughly $220,000. Having to find 20% ($44,000) to put down on a home is tough for a young couple like my wife and I.
There is a positive for us, however: home prices are siginficantly less. I read about a home that was purchased a few years ago for $237,000, and is currently on the market for $199,000. As long as we plan to buy and hold, now's the time to buy.
Due, in part, to the ridiculous number of foreclosures in this state, getting a home loan just became significantly more difficult since lots of lenders are consolidating their loan programs, while others are filing for bankruptcy.
100% financing has become significanlty more difficult, especially considering the medium price of a home sold is roughly $220,000. Having to find 20% ($44,000) to put down on a home is tough for a young couple like my wife and I.
There is a positive for us, however: home prices are siginficantly less. I read about a home that was purchased a few years ago for $237,000, and is currently on the market for $199,000. As long as we plan to buy and hold, now's the time to buy.
Labels: Denver, Life, Real Esate
Buy now... you don't want to be stuck with a house that you bought while sales prices were up. There are lots of loan programs that allow minimal down payments, esp. for first time homebuyers. I don't know where to point you, but I'm sure you can find something by talking to a mortgage broker or looking online. Good luck!
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August 21, 2007 at 6:12 PM