10 reasons to buy a home now!

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

REALTOR® Magazine-Daily News-10 Markets Most Likely to Appreciate

Good information regarding appreciation. The Denver area made the top 10 in areas most likely to see home values appreciate. The survey was based on the amount opportunities the areas have in growth industries. Great to see Denver in the top 10.


REALTOR® Magazine-Daily News-10 Markets Most Likely to Appreciate

REALTOR® Magazine-Daily News-Mortgage Rates Fall Yet Again

More good news on Mortgage rates. The attached article reports the average rate on a 30 year fixed at 4.38%. Obviously with that being an average, rates are available for less than that. And my buyers have been getting quotes for less than that. It makes this a great time to buy. The cost savings over time really add up and the monthly mortgage payment is really low compared to what most would expect.


REALTOR® Magazine-Daily News-Mortgage Rates Fall Yet Again

Lots of questions about qualifying also. While harder than it has been in the past, most are finding it possible to qualify and qualifying for these great rates.

Feel free to contact me with any questions.

Jeff Sams

What are you waiting for?

Some articles last week reporting a rise in interest rates. No matter how small the increase everyone wants to know if this is a sign that they are going up. My suggestion would be not to panic. As low as interest rates are, slight increases really are insignificant in the big picture. Home prices are still low and the interest rates are still extremely low. The real thing to consider is “What are you waiting for?”

If you are one of the ones out there that is waiting for either home prices or interest rates to drop even further, time to review. The only time we know we have hit bottom is after the fact. We have seen a lot of stabilization in the Real Estate market, with some neighborhoods starting to show appreciation. Home buyers are sticking to their prices and not doing drastic price reductions or accepting low ball offers. The important thing is even if there is a drop in home prices; it would most likely be small considering the huge drops we have already experienced. And interest rates do eventually need to go up. These historic lows cannot be in place for very long.

So if you are considering buying, don’t wait. You don’t want to be one of those that say I wish I had bought back then. There are great opportunities out there, don’t let one pass you by.