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Old 04-13-2013, 08:31 PM
 
Location: Aurora Co
31 posts, read 60,248 times
Reputation: 38

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My husband and I live in an apartment in Denver currently (the saddle rock area of aurora) and we a looking to buy a house here in the near future. I was wondering if there was a time of the year that is better to buy?

My other question is about area, we are considering areas other than where we live now but we don't know much about anywhere else. We have checked out 80016 and 80016 areas but are their other areas that are nice with about the same housing prices? My husband works off of Quincy and gun club and I work on Peoria and the 70. We are looking in the 300 -350 price range.
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Old 04-13-2013, 08:46 PM
Status: "Celebrating 30 years as a Broker" (set 28 days ago)
 
Location: Just south of Denver since 1989
10,892 posts, read 29,346,101 times
Reputation: 7095
With the market being as hot as it is, try looking 60 days before your lease is up, with a lender approval in hand.

Most buyer want to close at the end of the month. Close 5 days before your lease expires, and you'll have time to move in and clean the apartment.
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Old 04-13-2013, 08:57 PM
 
Location: Aurora Co
31 posts, read 60,248 times
Reputation: 38
Quote:
Originally Posted by 2bindenver View Post
With the market being as hot as it is, try looking 60 days before your lease is up, with a lender approval in hand.

Most buyer want to close at the end of the month. Close 5 days before your lease expires, and you'll have time to move in and clean the apartment.
We are considering new build homes as well as resale so that couldn't work for us if we went new build.

Are prices better on new build or resale homes? Also are homes selling for more or less than what they are listed for? I am from northern Virginia where houses sold for far over asking price.
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Old 04-13-2013, 09:44 PM
Status: "Celebrating 30 years as a Broker" (set 28 days ago)
 
Location: Just south of Denver since 1989
10,892 posts, read 29,346,101 times
Reputation: 7095
A new build would need to be 4-6 months from lease expiration, or less if you buy one already started. You would need to be able to go month to month with your current lease. You would need money for the options/upgrades plus the down payment.

Yes, houses are going over asking. I have a nice house listed in Highlands Ranch $310 offer says they are willing to go to $325 if needed with an escalation clause. Yikes!

You can use a Realtor/Buyer's agent for both. I was born in DC, raised in MD, please don't hold that against me.
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Old 04-14-2013, 08:48 AM
 
Location: The Berk in Denver, CO USA
13,973 posts, read 20,251,487 times
Reputation: 22612
Default Be prepared

Find yourself a good buyers' agent.
You are going to need one for 2 reasons:

1. To help you find a house. Inventory is way down. This chart should scare the crap out of you.


2. To help educate you about the market.
You need to do more research.
Spend some time reading at:
Inside Real Estate News
Colorado Division of Housing
Denver Business News - Denver Business Journal
and this forum
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Old 04-14-2013, 11:52 AM
 
Location: Aurora Co
31 posts, read 60,248 times
Reputation: 38
Quote:
Originally Posted by davebarnes View Post
Find yourself a good buyers' agent.
You are going to need one for 2 reasons:

1. To help you find a house. Inventory is way down. This chart should scare the crap out of you.


2. To help educate you about the market.
You need to do more research.
Spend some time reading at:
Inside Real Estate News
Colorado Division of Housing
Denver Business News - Denver Business Journal
and this forum
Is this the case with new build homes as well? We are thinking that buying a new home might be the way to go since there are so many builders in the area. I'd imagine that in the summer months that inventory will go up slightly, that seems to be the trend.
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Old 04-14-2013, 12:54 PM
 
Location: Northwest Suburbs of Denver
433 posts, read 963,921 times
Reputation: 293
We are moving to Denver in July and were looking at new home construction as well as existing. Maybe it was just where we were looking, but I generally thought that new homes were more expensive than existing when comparing similar houses.
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Old 04-14-2013, 02:05 PM
 
Location: The Berk in Denver, CO USA
13,973 posts, read 20,251,487 times
Reputation: 22612
Default Yes

Quote:
Originally Posted by MustangMommy View Post
Is this the case with new build homes as well?
You show up to buy a new build without a buyer's agent and the price is $350K.
You show up with a buyer's agent and the price is $350K.
You then show without and ask for a 2.8% price concession and the builder's sales rep will say: "No".
Get a buyer's agent. (And, I say this despite the fact that I despise real-estate agents as a class.)
In fact, you are more likely to need a buyer's agent with new build than with a used house. After all, you are buying from a company that does this (screws its victims) every day. They are experts at the transaction. You need your expert.

Last edited by davebarnes; 04-14-2013 at 02:25 PM..
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Old 04-14-2013, 02:17 PM
Status: "Celebrating 30 years as a Broker" (set 28 days ago)
 
Location: Just south of Denver since 1989
10,892 posts, read 29,346,101 times
Reputation: 7095
New homes have the "it" things that everyone clamors for. But, builders are humans. You need an advocate to tell you what is normal and when to throw a fit. I have gone to corporate before to fight for an upgrade the buyer wanted, but the sales office said it was no longer offered.

You also need an independent inspection(s). Just because they are new doesn't mean they are perfect. Why else would they offer a warranty?

New builds have a base price. Their business model is cost plus profit. They make a ton of money sending you to their mortgage company, and upgrades. How do you know what to spend money on and what will be a cash suck? Expect to spend about 10% more for landscaping.
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Old 04-14-2013, 07:18 PM
 
Location: Wheat Ridge, CO
569 posts, read 1,046,560 times
Reputation: 480
Quote:
Originally Posted by MustangMommy View Post
We are considering new build homes as well as resale so that couldn't work for us if we went new build.

Are prices better on new build or resale homes? Also are homes selling for more or less than what they are listed for? I am from northern Virginia where houses sold for far over asking price.
I think, in general, you are likely to pay more for a new build, especially when you factor in the additional cost of appliances, landscaping and other things that are not included. However, we went under contract for our Stapleton new build in January - one of the last homes that was based off of pricing that was set in summer 2012. While our home would have been overpriced last summer, you can't find a comp resale home in Stapleton for the price we are closing at - we tried buying a resale for several months and kept getting outbid. So it depends. Also, we had a buyers agent that not only helped be our contract expert but also gave us great advice on the value of various upgrades. Builders really mark up a number of the upgrades because they know they can make a huge profit at the design center. I felt like we were able to make smart decisions at the design center using our agent's advice. Pay close attention to the standard features offered - some builders have pimped out models but will have very basic standard features. Others will offer some really great standard features that make it easy to get close to the level of upgrade seen in the models.
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