Home Buyers : Denver Real Estate Market Still Strong and Doing Well … Get into the Market Soon
by : Mari Takeshita
Pending home sales were down in July 2013, with higher mortgage interest rates slowing the market, according to the National Association of Realtors.
A forward-looking indicator based on contract signings, declined 1.3 percent to 109.5 in July from 110.9 in June, but is 6.7 percent above July 2012 when it was 102.6; the data reflect contracts but not closings. Pending sales have stayed above year-ago levels for the past 27 months.
NAR chief economist, said there is an uneven pattern around the country. “The modest decline in sales is not yet concerning, and contract activity remains elevated, with the South and Midwest showing no measurable slowdown. However, higher mortgage interest rates and rising home prices are impacting monthly contract activity in the high-cost regions of the Northeast and the West,” he said. “More homes clearly need to be built in the West to relieve price pressure, or the region could soon face pronounced affordability problems.”
NAR projects existing-home sales to increase 10 percent for all of 2013, totaling about 5.1 million, and reach approximately 5.2 million next year. With ongoing supply imbalances, the national median existing-home price is expected to grow nearly 11 percent this year, and moderate to a gain of 5 to 6 percent in 2014, with rising construction taking some of the pressure off of home prices.
Publication quoted from the NAR ( National Association of Realtors)
What is happening here in Denver?
If you are a buyer you’re are still doing very well.. If you are thinking of purchasing a home, give your Realtor and Mortgage person a call. It isn’t as crazy as it was in the the first two quarters of the year so you will want to jump into the market.
BUT, you will still want to be preapproved by a lender and have all your ducks in a row. Being prepared to purchase a home will allow you the best negotiation stance you can have. Many buyers will start to look and fall in love with a home before they start the process of the loan.. Don’t let this be you! Position yourself to have the highest probability of being accepted as the offer made on a home.
When you speak with a lender, make sure that mortgage company can do FHA loans. Ask about down payment assistance programs or other benefits of purchasing a home. Learn about the MCC program that give you added purchasing power and also gives you additional tax deductions.
(THAT MEANS MORE THAN OTHERS that do not use the MCC program)
Cell – 303.941.MARI (6274)
Fax – 720.208.0215
Cherry Creek Properties, LLC