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Delinquent Mortgages Not As Bad In Colorado

by Alan Daniels

The nation has had a large number of delinquent mortgages coming into the fourth quarter.  The news seems to be great at generalizing the stats for all but you should really listen more to the what is happening in each market.  Colorado has definitely had an increase in delinquent mortgages accounting for a total of 5.61percent of all Colorado Mortgages in the fourth quarter.  According to the Mortgage Bankers Association Colorado’s delinquency rate ranked 42nd nationwide in the fourth quarter, with first being the highest rate and 50th the lowest.  Things are bad, but they could be much worse.

4 Reasons to Buy Colorado Springs Real Estate Now!

by Alan Daniels

Colorado Springs Real Estate

Many genuine home buyers are sitting on the sidelines these days deciding on when to get into the Colorado Springs real estate market.  In the end this decision will be based on many different variables depending on each person’s situation.  Here are 4 reasons why you may want to make a move on your choice of Colorado Springs homes right now.   

1) You can not time the bottom of the market.  Timing the bottom of the market is incredibly hard to do and often harder to resist.  Current housing inventory is at historical highs and mortgage rates are staying down, so you should definitely be able to find a great home with an experienced Colorado Springs Realtor.  You will find that many home sellers right now are pricing their homes very competitively!  The old supply and demand curve… more supply and less demand.  This curve is bound to shift sooner are later, so don’t be the one to wait for the seller’s market!  

2) Low mortgage rates.  Most economists agree that home financing will become more expensive in the future.  By now we have all heard our share of stories about financing woes even for well qualified people.  Currently, the 30 year loan is now roughly at 6.0% and most economists see it reaching 6.5% by the end of the year and up to a 7% forecast sometime in 2009.  Even if Colorado Springs real estate prices were to fall in the following months, the current interest rates end up saving money throughout the years of the loan.  

3) Don’t just by for a cheap price, buy in a good area.  Sure you might get excited about that great foreclosure price, but when you are buying a home, you are also buying the neighborhood.  If more than a few foreclosures have come up in one area, there most likely will be more.  They tend to be bunched in particular areas and this might not be the best recipe for stability in a neighborhood.  An old rule of thumb is to buy the worst house on the best block…not the worst house on a bad block.

4) Work with a great Colorado Springs Realtor that has experience and who can supply opportunities from the current market.  This I think just needs to be brought to attention since times are tough for many Realtors.  Make sure your Colorado Springs Realtor is not desperate and just steering you into a home to finally make a deal.  Sit down with your Colorado Springs Real Estate Agent to share your plans and get a good sense of whether they are looking out for you or just looking to get paid.  This market has opened up many opportunities that a great Colorado Springs real estate agent can share.

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