first time buyers-need advice (foreclosures, to rent, loan) - Colorado (CO) - City-Data Forum

gsaldana32 · 10-15-2007, 05:55 PM

Hello everyone, I am sorry to ask these questions but I search for answers and could not find any that would help me. My husband and me are thinking about relocating in March or April of 2008 and my question is will these months be very good to buy we don't want to buy and then loose value instead of gaining equity. Here in California all I hear is that the house is worth less then what you bought it for. My other question is has anyone applied for the city programs for first time buyers and is there any qualifications. I know we can not predict the future but there's got to be people who study the house market that may have a better view of what to expect! Thanks for all your advice in advance.

Sincerely,
gsaldana32

Mike from back east · 10-15-2007, 06:22 PM

Truth is, we won't know when prices anywhere bottom out and stop falling. Prices here have softened a bit, but I've seen no news articles about any major price declines.

One of the best economists in the country lives here, her data show that much of the state has not seen the major price declines like Detroil or other areas, and her assessment of the current Colorado economy is at: The Adams Group - Colorado Economy

As first time buyers you most certainly need the help of a good realtor. They cost you nothing extra and will help you avoid all the usual newbie / first timer mistakes. I'm not a realtor nor in the biz. I'd recommend a Buyer's Broker to help you. Read more about this type of realtor at: //www.city-data.com/forum/color...community.html

Billfung · 10-15-2007, 06:46 PM

gsaldana32,

yes those are good months to buy, Home prices have not shot up yet for the new year. You need actually 2 people to help you, One is a realtor who has worked specifically with 1st time home buyers and knows buyer assistance programs and also a loan officer who also knows of the programs.

Be careful of internet loan companies. I personally know of a person who lost over $1,500 trying to buy a home. The internet loan company kept saying she was approved and when it came right down to the wire, they did not approve her and said they needed more financial documentation and it would be at least another month or so before they could approve her.

OutOfSoCal · 10-15-2007, 10:51 PM

May-August are the peak time for home sales. Don't know if that means prices will go up but there will be more competition for the houses. Most don't buy/sell/move while the kids are in school or in the winter months(Nov-feb), Generally speaking.
we too are moving out early summer, after the kids are out of school, but are going to rent for 3-6 months to get the lay of the land and be pressed into a bad buying decision.

good luck

Tom Emmerling · 10-16-2007, 08:30 AM

It has recently been predicted that we will not get out of this housing slump until 2009. So what that means is bad news for the sellers and great news for the buyers. I have some clients right now who are willing to take their time buying. I have found them a couple of foreclosures that are 80,000 dollars below market value and they need very little work. Chances are that there will be many more foreclosures in the next year. Also the builders are dramatically dropping their prices on new construction to try to get rid of their inventory. I think you will be buying at a great time. Good Luck.

OutOfSoCal · 10-16-2007, 09:06 AM

Quote:

Originally Posted by Tom Emmerling

It has recently been predicted that we will not get out of this housing slump until 2009. So what that means is bad news for the sellers and great news for the buyers. I have some clients right now who are willing to take their time buying. I have found them a couple of foreclosures that are 80,000 dollars below market value and they need very little work. Chances are that there will be many more foreclosures in the next year. Also the builders are dramatically dropping their prices on new construction to try to get rid of their inventory. I think you will be buying at a great time. Good Luck.

Tom with all that going on why don't don't the builders just stop building? there so much going up they are destorying any demnd they have for their own rpoduct

Noahma · 10-16-2007, 09:19 PM

Quote:

Originally Posted by OutOfSoCal

Tom with all that going on why don't don't the builders just stop building? there so much going up they are destorying any demnd they have for their own rpoduct

they keep building to keep selling. They will be paying taxes on the land they are building on. If they even drop the prices significantly they still make a profit on the houses sold. and will not have to pay the lot taxes (which are pretty darn low)

CosmicWizard · 10-17-2007, 09:33 AM

I recommend working with a buyers agent so that you have an agent who's looking out for your interests rather than focusing on getting the deal done. Take your time when looking at houses until you find one that feels right to you. Let yourself be OK with taking your time. You may be living in the house you buy for many years to come. Make sure it's the right one for you.

happy home hunting....Franco