Good Time To Buy A Home In Colorado

Although the real estate market in Colorado is down, the opportunities for purchasing homes in Colorado are probably as good as they have ever been in the past. Of course to take advantage of these historical buying conditions you need to have a solid job situation or a solid retirement.

First of all, mortgage interest rates are at historic lows. With 30 year loan rates down to almost four percent, and 15 year rates down below 3.5 percent, it is almost inconceivable that they can be any lower. If fact recently those rates have edged up slightly, but that is almost insignificant, unless it means that rates have turned the corner and have started to rise. Thus far the Federal Reserve seems bent on keeping rates as low as possible in order to spur the economy in general and the housing market in particular. One person I spoke with a few weeks ago who is refinancing a mortgage and will have rates in the 3.5 percent range said, "With rates that low, why would you ever want to pay off the loan?" Personally I wouldn't go that far, but there is no doubt this is a historic opportunity.

The fact is that home prices in Colorado have always been quite reasonable compared to a number of regions around the country. For the price of a small apartment in a city like San Francisco or New York, a large home in the 4,000 to 5,000 square foot range is a definite possibility in many parts of Colorado, even the most expensive places, like Boulder or parts of Denver. One could easily expect to pay only 25% of what it costs to buy a home and live in other more expensive parts of the country. And the good news is that most of Colorado is near lots of recreational facilities and other amenities, like the four professional sports teams that call Denver home. On top of that Colorado experiences over 300 days per year of sunshine, has first class museums, numerous ski resorts and other public entertainment possibilities.

Real estate sales are down in Colorado, and right now the market is clearly a buyer's market. In Denver during the month of October, sales were down about 25% compared to year ago levels. Agents suggest that people are only selling if they must because they are required to move to some other part of the country. A number of those who do are reportedly required to bring a good amount of cash to the closing and are losing money on their homes.

Thus, for those who find themselves in a solid financial situation and who have a good job or a well-funded retirement plan, you will not find a better time to purchase real estate in Colorado than now.

More Information:

Check out Monument Colorado Homes for Sale, to find info about the best real estate pros in Monument, CO. Also find out about Underwater Homes and Foreclosures.