My first loan offered a clause where after 3 years you could pay for appraisal and if you were over the 20% mark they'd just drop pmi.
Colorado AR-15 Shooters Club Discussion Forums
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Welcome to the Colorado AR-15 Shooters Club Discussion Forums.
My first loan offered a clause where after 3 years you could pay for appraisal and if you were over the 20% mark they'd just drop pmi.
You can actually do programs through CHFA that have down payment amounts as low as $1,000. But a standard FHA loan is 3.5% down, but there's a limit on the amount of how much they will loan. It depends on your county but Adams/Arapahoe counties for single family housing is $458,850.Originally Posted by kawiracer14
As far as the market, pricing is steady/slightly declining across the Denver Metro area for the 1st time since last year. Any houses under $400k are still moving on average inside of 21 days, but homes above that pricing band are sitting for anywhere from 30 days to 6 months (proportional to how far you go up from $400k, anything over $1 million is in that 6 month bracket). It appears that buyers are finally getting sick of paying so much over asking, which is a welcome change. It still is a STRONG sellers market for now though. For the last 4 years we have had a 10% increase in home values in the springtime when each year everyone in the industry said "it can't possibly go up any further than it already has", so unless some major things change with housing laws around here my guess is that trend will continue.
One thing to keep in mind if anyone on here is thinking about buying in the near future, is interest rates are all but assured to go up Q1 of next year. I've got a great graphic that I can send anyone customized to your potential price range if you want it, and it shows how far your money goes buying now vs buying next year.
Bottom line though, it's still a great market for sellers AND now there are deals to be found for buyers. Even in the lower pricing brackets, there are deals out there and equity is there to be found. I've got TONS of stats and reports that I'd be more than happy to send folks on here if you are curious about the market in general or even as specific as your subdivision. If there's any interest I could set up a monthly market report just for board members as well.
Think of how stupid the average person is, and realize half of them are stupider than that - George Carlin
Here's some Denver data:
September active listings buck seasonal slowdown
http://www.denverrealestatewatch.com...gs-buck-trend/
The most interesting bit I saw was that typically sellers wait until the spring to cash in on the seasonal buying frenzy. It's possible that with the looming interest rate hike, sellers are hoping to get buyers with more buying power now vs waiting for spring per usual.
Last edited by Rumline; 10-24-2016 at 13:43.
If I recall rum line you're not from co. An additional reason for waiting until spring is winter moving
And school is getting out, very rarely do "families" relocate during the school year.
The Great Kazoo's Feedback
"when you're happy you enjoy the melody but, when you're broken you understand the lyrics".
You're right, I'm one of those dang California transplants. We moved here in January, it worked out pretty good despite there being snow on the ground. It's usually my luck that I've always moved on the hottest day of the month/season, but this time it was nice to not be drenched in sweat at the end of the day. :-)
Last edited by Rumline; 10-24-2016 at 16:10.
Interest rates on the rise! Buying power decreasing. It'll be an interesting year.
Post a link please.
Was just hearing a story today about how more luxury apartments were built than there are people able to afford them and that rent prices are dropping in places like New York, and even Texas.
Could be some truth to this, we received our notice to renew the lease at our apartment about three months ago, and at that time our rent was scheduled to go up a hundred bucks a month. We ended up renewing, and to our surprise, it was only going to go up twenty a month.
You should have CheaperThanDirted them and offered them a -$100 increase. See what they say.
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I like to use http://www.bankrate.com to peek at what rates are doing. I know it's not 100% accurate depending on qualification specifics, but it does appear rates are going up and tested 4.21% last week on a 30 year.
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