Fear of overpaying for property is common these days, not just in rural mountain communities like Durango but for real estate in Colorado and nation wide. If you are like every other potential buyer out there right now you are likely frozen because you are concerned that you will pay too much and the market might drop. Here are 5 reasons for why now is a good time to buy:
1. Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
2. Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
3. Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.
4. If you are a 1st time homebuyer or haven't owned a home in the past 3 years you can qualify for the $8000 tax credit. It expires at the end of 2009.
5. Real estate moves in cycles up and down, we are definitely at the bottom right now. As soon as is starts moving up again everyone will buy and you will see lots of competing offers, driving prices up again. Now is a great time to negotiate with sellers and take advantage of good deals. As long as you keep in mind not to pay more than say 20% below the 2007 price you really can't go wrong. Durango prices are stable and have been, it's a small market and will remain popular. We can help you identify the right property for you. Don't wait. It's time to buy real estate in Durango to get a great deal. This week alone I got 3 properties under contract and bought one investment property for my own account. I figure this is the time to build my retirement fund. Volume is up and more and more seller's are ready to be reasonable or just plain old desperate.
-- Claudia Williams Owner/Ecobroker/Exchangor Blue Ribbon Properties 835 Main Ave #214 Durango, CO 81301 970 247 8388 (office) 970 749 3555 (cell) 970 247 8360 (fax) www.blueribbondurango.com Check out my blog The Scoop on Durango Real Estate www.blueribbondurango.com/blog
Claudia Williams is the broker and owner of Blue Ribbon Properties, a full service realty in beautiful Durango Colorado. We have 7 agents in our office and work as a team. We are EcoBroker certified.
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