“What are you thinking??? Really?? You would buy this piece of junk?” This is a line of questioning I overheard last week as a young couple was about to buy their first house. Yes, it was their dad asking it. “Well, yes dad we are, we can’t find anything else and we can pay to have it fixed the way we want to!”
Right now, investors are competing against the general public. Figure out how to make your offer better then theirs. What can you offer that they can’t? Clean it out for the seller? Do an estate sale and give the seller the proceeds? Buy their old car? Think outside of the box!
New Listing – 1106 (1375 Last week)
Under Contract – 1652 (1767 last week)
Sold – 1123 (1163 last week)
Total Active Listings:
Oct. – 8,867
Aug. – 10,277
July – 10,340
June – 9,605
May – 8,281
This includes all of ReColorado’s active listings. Listings can be from all over the state not just the metro area.
Stats are from REColorado and are for their whole listing area based on the last 7 days from Thursday.
The latest Mortgage Rates: 30 Year fixed at 3.92% and 5/1 ARMS at 2.96%.
Why are we competing against first time home buyers? Because rates are so good! This is only one small factor. Look for rates to hold steady for a couple of weeks.
Expect investor (non-owner occ) rates to run about ½ point higher on non-owner occ loans. (These are AOL/Zillow.com reported average rates as of Thursday.)