I get asked every week by someone “is this a good time to buy” and my answer is yes, yes and yes. The Colorado market is not in the kind of trouble faced by many other areas of the country. There are pockets in the metro are that are actually seeing appreciation.
Denver looks to be under priced. Job growth and an educated work force will provide solid demand for housing. The FHA loan revival will help moderate income house holds buy their first homes. Builders are cutting back on new homes, so the timing seems perfect.
What about the foreclosure and short sale market?
Yes we have many foreclosures and short sale properties on the market which is another positive for the buyer in the market. The banks seem to be more receptive to low offers, then they were weeks or months before. You figure it out, the banks need to move the property that they have in inventory. They don’t make money on properties they have in inventory.
What about timing? Timing is not only important, it’s critical to investment success. The economy is cyclical. Markets are cyclical . Buying and selling opportunities are created by the ebb and flow of the cycles. Market timing is about being active. Great opportunities cannot be found sitting on the sidelines watching. The best deals come from the best opportunities, an the best opportunities go fast. The best way to find out about opportunities is to get in the market with your Real Estate Agent.
According to Lawrence Yun, National Association of Realtors Vice President of Research, the doom and gloom headline are not warranted in describing the current Denver Real Estate Market. “It’s all a matter of perspective,” says Yun. “Price appreciation is holding up better than media reports would have us believe.”
“Once people look pas the headlines they’ll see this is actually a very good time to buy,” Yun continues, “Inventories are flush, prices are moderate, and interest rates remain historically low. Once the psychology catches up to our market conditions, that pen-up demand will be released.”
If your are looking to purchase a home for yourself or an investor looking for opportunities, then you should take such words to heart especially in the Denver Metro Area. Many factors are making the Denver Metro market a very attractive place to invest in real estate. The importance economic trends lines are pointing in the right directions. Standing on the sidelines or waiting for the perfect time to jump in, may be too late. Jump in the water is FINE!