The Denver real estate market is hot. Spring is officially in the air and homes are selling. The number of homes for sale have increased by 2,184 since December and the average sold price rose from $260K in January to $270K in February.
In the recent months, I have experienced a demand for homes selling under $250K to be greater than the market can provide. In the last month, I've seen this trend work its way into homes selling for over $250K. Just last week, while scheduling showings, 4 of the 5 were already under contract. These homes averaged $300K and had been for sale an average of less than 30 days. Today's housing market is actually a "sweet spot" for sellers and buyers.
Sellers, today is a great time to put your house on the market for a few reasons:
Buyers, the timing is perfect to purchase for several reasons:
Get it while it's hot. Let me know if you have specific market questions.
Melanye Phipps, MelanyesMinute.com, 303-913-5325
The refinancing program was extended today
The Obama administration announced today that borrowers with little or no equity in their homes will have another year to take advantage of a refinancing program. The Home Affordable Refinance Program was set to expire in June, of this year but will now be extended to June 2011.
Read more information from the Washington Post here: http://www.washingtonpost.com/wp-dyn/content/article/2010/03/01/AR2010030102143.html?hpid=topnews
Time is running out. Only about 1 1/2 optimal months left to find a home and get it under contract to take advantage of the $8,000 tax credit. For those of you who have not owned a home within the last 3 years, NOW is the time to get started on owning your own home. After November 30, 2009, that free tax credit may not be available. There has been talk of an extension but no official evidence yet.
Watch this short video to learn more details about the tax credit and the required timing:
(Click on the link right next to the red arrow)
I hope this helps,
Melanye Phipps
Your Castle Real Estate
303.913.5325
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