Mitch Myers

Aurora still remains one of the hottest places in the country to buy real estate. Aurora has a huge inventory of HUD homes, lender owned properties and foreclosures. We are one of the few cities that have actually seen some appreciation in the "normal market" with the good buys having multiple offers.

With interest rates hovering around 5% you simply should not wait to buy. This past week-end I helped 3 different buyers get super buys. One picked up a 1500 plus square foot ranch with a 1500 plus square foot basement for $180,000.00 AND the seller agreed to pay my buyers' closing costs.

Next year everyone will say "I wish I had bought in 2009".

Real estate is a local business. We all hear so many things in the media and just assume that is how it is. One thing that is not just local is the misconception that you should wait to sell in a buyers' market. Generally that is true unless you are moving up within the same market.

In a buyers market you will not receive top dollar by any means. Selling during this period is not ideal unless you are looking to upgrade. If you are moving out of the market it may be best to rent your property and buy in the new market. This method could allow you to catch the appreciation that is coming to Aurora and the Denver area and take advantage of the other market which is way down and coming back after you buy.

If you want to stay in this market and intend on moving up within the next 5 years you should move ASAP. The Denver metro area is one the few areas in the country that has seen any appreciation. If you wait to get more money for your current home you will pay much more for the next one.

As always, a top-notch REALTOR is key to taking advantage of any market. Call me for a list of experts in your area. No obligation of course.

The stimulus package that just passed and becomes effective when President Obama signs Tuesday in Denver will have some cool benefits to home buyers and investors alike.

The National Association of REALTORS was effective in lobbying a couple of key things that will go into effect. Home buyers (with certain conditions) will receive an $8,000.00 tax credit that does not require a payback. Investors who were previously limited to 4 financed properties can now have 10 allowing them to help soak up the surplus homes currently on the market.

You just cannot find a better time to buy or invest in Colorado. Hud homes, foreclosures and sellers who have done beautiful things to their homes are priced at all time lows.

This is not the time to sit on the fence and watch this window close. Get an agent and get going.

Investing in residential real estate can be extremely lucrative. First and foremost you need a REALTOR with experience and an intimate knowledge of the current market. Second you must remain emotionally detached from the process to avoid over bidding or over improvement. Finally you need patience and persistance. With these three things as your foundation you are ready to apply the following secrets.

1. Quickly get up to speed about what is really happening with the best buys. Have your agent review the recent history of time on the market, winning bid amount and potential value of good buys that have recently sold or went under contract.

2. Define your "target properties". Have your REALTOR help you determine exactly what is best for you. In Aurora a 3 bedroom, 2 bath, 2 car garage property under $150,000 would be an excellent pick.

3. Be prepared to move very fast. Currently in Aurora the best buys are lender owned foreclosures and they receive multiple bids the very day that they hit the market. Recently a lender owned hit the market at an incredible price of $106,000 and my client bid $137,000. We were second place with a total of 17 bids on this property.

4. Know value. Make sure your REALTOR shows you lots of market analysis's so you see the value and can bid intelligently.

5. Bid on multiple properties. Don't worry about being legally bound to too many properties. When a bank accepts an offer it begins with a counter and addendums and you can choose not to sign them without risk of losing your earnest money.

6. Finally, make sure your REALTOR knows about everything that hits the market everyday and you are available for quick signatures.

Very soon this window in Aurora will shut and people will say "I wish I had bought in 2009".

The department of urban development (HUD) provides an excellent venue for both owner occupants and investors. In Aurora right now bunches of new HUD homes hit the market every week.

Although these homes have been foreclosed upon many of them are in good shape cosmetically. HUD does an inspection prior to placing them on the market. This inspection is to determine health and habitability. So if the furnace is bad or if there is a water leak HUD will escrow money at closing to address those repairs.

Pricing on HUD homes are incredible. Just last week a nice 3 bedroom, 2 bath home with a 2 car garage had a winning bid under $100,000.00! All this home needed was some interior paint and carpet. It had upgraded windows and kitchen cabinets. The location was near Mississippi and Tower. The new owners payment will be less than $700.00 a month!

The best part about HUD is their $100.00 program for owner occupants that submit a full price offer. You can actually get HUD to pay your closing costs, you just give a $100.00 for a down payment and you're done.

You must use a registered HUD agent to make a bid. HUD does require that you put up $1,000.00 for earnest money upon acceptance of your bid. When you sign the final documents to take ownership HUD cuts you a check back for $900.00. Your only other cost is about $350.00 for a professional inspector to examine the house for you. So for less than $500.00 you could own your own home with payments less than rent.

To take advantage of this great opportunity give me a call.