Ro Troia

Its a buyers’ market afterall, its a buyers’ market afterall….It’s a buyers’ buyers’ market!!!

The fallowing are all definition of a buyers’ market: 1) When the demand for property is less than supply so the advantages shift to the buyer.  2) A market which has more sellers than buyers. Low prices result from this excess of supply over demand.  Also soft market or opposite of seller’s market. 3) When a buyers’ market exists in commodities, the buyer is able to be selective in purchasing contracts, as there are many individuals wishing to sell. Furthermore, these buyers will generally be able to purchase contracts at lower prices than those that were previously prevalent. 

Basically the key elements of a buyers’ market are these: lots of inventory (or homes for sale) and buyers willing to buy them up at competitive prices.  That being said, Boulder is a buyer’s market.

One good reason for Boulder’s buyers’ market is the tax credit. With the tax credit extension about to expire, offered to not only first time home buyers but move up buyers as well, now is a good time to take advantage of this offer. The deadline was moved from November 30, 2009 to April 30, 2010, with any contracts closing before July 1st.  Close before then and guarantee yourself some money back from uncle Sam at the closing table.  Weather that is $8,000 for first time buyers or $6,500 for move up buyers, this offer is one that can’t be wasted.  There is a household income cap and maximum purchase price buyers must obey in order to qualify. HERE for more details.

What if I told you I could save you close to $4,000 if you were to buy a home today instead of down the road? You could use that to pay for this years’ heating, electric, cell, and cable bills. “How?”, is what I hoped you would say.

First off I would refer you to Coldwell Banker mortgage.  Here our loan agents can offer you ZERO closing costs at a value of $1,500.  Now comes the big deal, locking in a rate today that is better than a rate tomorrow.  The life of interest rates is this: a gradual increase over a long period of time and then a big decrease all of a sudden.  With rates once again gradually increasing, you can count on tomorrow’s rate being worse than today’s.  On a $300,000 loan, if you lock in a rate today at 5 3/4 and tomorrow it goes to 6 1/4, which it eventually will, you will be saving $200 per month.  On 360 payments over 30 years that is $72,000 dollars you will save. More immediately it is $2,400 per year.  That plus the money CB mortgage will save you on closing costs puts you in the green $3,900.00.  Not bad for buying sooner than later.  Also remember, that is not including the tax credit if you qualify for it.

If you are a buyer, get out there and take advantage of this market.  The Troia team has agents specializing in all sorts of homes in all sorts of areas.  Give us a call and find your dream home.

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This entry was posted on Friday, February 26th, 2010 at 12:55 pm and is filed under Buyer's Corner, First Time Buyers, Focus on Boulder, Market Conditions, Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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