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Old 11-08-2015, 02:04 AM
 
33 posts, read 41,993 times
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I'm looking for some real estate input. It would cost us about $4000 to break our lease. I've been against it because I feel like that's just throwing money away. However, I'm seeing the market is slowing down some. I wonder if we'd actually save money in the long run buying now vs waiting until our lease is up in the spring.

How much does the real estate market actually slow in the winter here? Are we likely too see houses for at least $4000 cheaper in the winter months?

TIA
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Old 11-08-2015, 07:51 AM
 
Location: 0.83 Atmospheres
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Since we have no idea what your price point is, it would be hard to say. $4,000 could simply be the difference between good and bad negotiating.

Historically, prices do come down a little in the winter, but if I recall correctly, the last few years have bucked that trend.

My advice is to start looking and if you see a house you like, go for it. $4K is not a lot of money in the grand scheme of things.
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Old 11-08-2015, 08:35 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,673 posts, read 29,579,921 times
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Default You won't know if you don't try

I pay very close attention to the real estate market in my neighborhood. I have a spreadsheet with 500 rows of every house built in this century. Yes, I am a nerd.
My observation in 2014 was a $25k reduction at the $600k price level.
I sense (but, have no data yet) the same this year.
I am seeing developers of completed houses lowering prices (in the $700+K range).
According to data that I saw yesterday, at an open house, the "spring" real estate market in greater Denver now begins in late January. So we only have 9 weeks left in the slow "winter" season.

1. At this time of year, zero or few bidding wars.
2. Spring 2016 is likely to see bidding wars as inventory is still low.
3. If buying from a homeowner, the best day to make an offer is the day before Thanksgiving.
4. I like Zillow as it is easy to see price changes and to get a sense of interest in s house.

Last edited by davebarnes; 11-08-2015 at 08:47 AM..
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Old 11-08-2015, 08:44 AM
 
Location: Henderson, NV
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Well, I just read that a Landlord can take legal action against the whomever breaks the Lease. The Leaser could be required to pay for any rent left on the Lease. Just depends on if the Landlord accepts the reason the Lease is being broken.

Credit can definitely be affected by breaking a Lease.

In other words, unless absolutely necessary, a person really doesn't want to break their Lease!
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Old 11-08-2015, 09:37 AM
 
Location: Colorado
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How much longer is left on your lease? Please bear in mind that buying a house can be a lengthy process, it's not a case of you see it and move right in. There's the looking (though if you already know what you want, and it's available, this part will be cut down), and then there's all the paperwork, inspections, and so on, before you actually take possession of the house. For example, I accepted an offer on my current house the last weekend of September, and made an offer on my new house the same weekend. I'm not moving into the new one until this Friday, due to how long the loan processes took in our cases.
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Old 11-08-2015, 09:49 AM
 
33 posts, read 41,993 times
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Quote:
Originally Posted by SkyDog77 View Post
Since we have no idea what your price point is, it would be hard to say. $4,000 could simply be the difference between good and bad negotiating.
Our price range is $350-450k. We don't have to have the biggest/best house in the neighborhood. We'd like to get the best deal instead.

Quote:
Originally Posted by davebarnes View Post
My observation in 2014 was a $25k reduction at the $600k price level.

1. At this time of year, zero or few bidding wars.
2. Spring 2016 is likely to see bidding wars as inventory is still low.
3. If buying from a homeowner, the best day to make an offer is the day before Thanksgiving.
4. I like Zillow as it is easy to see price changes and to get a sense of interest in s house.
Great info! Do you have any observations for our price range?

Quote:
Originally Posted by LoveBoating View Post
Well, I just read that a Landlord can take legal action against the whomever breaks the Lease. The Leaser could be required to pay for any rent left on the Lease. Just depends on if the Landlord accepts the reason the Lease is being broken.
Interesting, we definitely don't want that. Our lease says: You agree the liquidated damages amount only relieves you from liability for the future payment of monthly Rent and re-letting related costs and expenses, and will not under any circumstances release you for any liability to us under this Lease Contract for any other charges or amounts due under the Lease Contract, including but not limited to unpaid utilities, cleaning charges, or any physical damages to the premises, and you will at all
times remain liable for said amounts or any other breaches of the Lease Contract.

I'm not a lawyer but I read that to say as long as we pay the $4000, it releases us from liability for the remainder of the rent on the lease.
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Old 11-08-2015, 09:51 AM
 
33 posts, read 41,993 times
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Quote:
Originally Posted by Indigo Cardinal View Post
How much longer is left on your lease?
Our lease is up in mid April. We must give 60 days notice and pay the $4000 fee to break it.
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Old 11-08-2015, 10:16 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,673 posts, read 29,579,921 times
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Quote:
Originally Posted by thatgirl0206 View Post
Our price range is $350-450k. Do you have any observations for our price range?.
1. Your price limit is $450K. A $100K range is meaningless.
2. Where do you want to live?
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Old 11-08-2015, 10:20 AM
 
Location: Denver CO
24,204 posts, read 19,041,607 times
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You'd be in a great position to buy something and then get any repairs or work done before you move in - much easier than afterwards! So you could start shopping now, find something and get an offer accepted, go through inspections and closing, get the work done (painting, new carpet, etc. even if not major renovations), and then by the time all of that is finished, you are likely looking at Feb. or even March before you move in. At that point, you can just give notice you are not renewing your lease but then pay the remaining month or two, which should be that same $4000 anyway but you don't have to actually break the lease.

Price difference buying over the winter is very hard to say. Fewer listings in the winter and fewer buyers, but the buyers that time of year are generally very motivated and need to buy. Plus with a lot of people thinking interest rates are going up, buyers may want to get into the market sooner rather than later so they can lock into a lower rate.
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Old 11-08-2015, 11:19 AM
 
Location: Just south of Denver since 1989
11,815 posts, read 34,287,950 times
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From past experience, you have until mid February to contract for a place. Then, more Buyers come to market and more Sellers think about listing their house for sale

1. About 90 days before your move date work with a local lender to get approved for a home loan.
2. Interview local Buyer's agents and choose one to work for you.
3. Zillow does not have all the available houses on the market. Search homes for sale & rent in Denver and Colorado does.
4. You select the properties you want to see. Earlier is better. it may take two weeks to a month to get a contract accepted.
5. Plan on 45 days to close.

There is nothing typical about this market.
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