By Michael Hughes October 6, 2010
In today’s competitive Boulder Real Estate market, you need a strategy to be a successful home buyer. You need to by crystal clear about your finances, your down payment (with documentation of origin), your top priorities in a home, and how hard you are willing to work to make it happen. As a home buyer, you need to be clear about your money, your timing, and your most important features in a home. Here’s how this breaks down.
You need to learn the truth about Short Sales, REOs and Residential Properties so you can make informed decisions about the offers you make and the approach you take. Short Sales are unpredictable and have up front waiting periods while the bank considers your offer – it could be 2 – 6 months in some cases. REOs are in unpredictable condition, often vacant for months and damaged inside and sometimes out. This could affect your budget if there are repairs that need to be made that the bank is unwilling to do.
You need to know that some homes in Boulder are being priced under market value in some cases – creating a feeding frenzy (multiple offers) similar to the chumming scene in Jaws.
Home mortgage interest rates are at an all time low – seriously, they have never been lower in the history of lending. Under 4% are you kidding me? It’s like banks are giving money away to QUALIFIED buyers – people with documented money already in the bank, and money coming in every month, and manageable re-payment obligations (commonly called debt.)
You’re probably not surprised to learn that you are not the only one looking for a great deal – there’s fierce competition for homes under $700K. And it may also shock you to learn that you’ve found a great deal if you can get 90% of what you are looking for in a home. Regardless of the price range. Honestly.
So let’s get busy – focus on all the right reasons to buy a home in today’s Boulder Real Estate Market – low low home prices, low low low interest rates, and 300+ days of sunshine every year. Perfect! Giddyup Let’s Go!