Jason Roshek

The Rush could be on!!!

Within the last 7 to 10 days showing activity, the amount of times a home is showed to a Buyer, has increase greatly.  The rush to buy before interest rates increase is starting to push to Buyers buy.  What I predict is that you will start to see more multiple offers.  That is when 2 different buyers make offers to the same Seller.  I recommend you get your offers in now. 

Come April 1, 2010. The joke will be on us...

Come March 31st, The Fed is going to stop buying Mortgage Back Securities. 

The Results predicted by many is that interest rates will jump to 6.0 maybe up to 6.5 percent.  That may not seem like a lot but that could mean that your mortgage will go up about $120 to $180 per month if you have not locked in a rate or if you are thinking of buying a home after March.

I believe that this will happen to...except can the Fed afford to do this?  (That question is for another Blog)

If 10% of the people are unemployed and interest rates go up, then how many people will be able to Buy a home.  This in turn could lead to more foreclosures and a greater decrease in home values. 

This is not good either. Stay Tuned

Crestwood Subdivision in Woodland Park

Crestwood Subdivision is maybe one of the best values in Woodland Park, Colorado.  Crestwood has great views of Pikes Peak.  Is just above the Middle School for Woodland Park Re-2.  There is a park just to the west of the subdivision.  There are hiking trails just to the north too.  You can go up Rampart Range Road and explore all there is in the National Forest or at the Rampart Reservoir.

Homes in this subdivision range from $240,000's to $400,000.  depending on size and views and floor plans.

If you have more questions please call or email me.

 

Northwoods subdivision in Woodland Park, Co.

This is a nice subdivision for many reasons.

Meadow Wood Park borders this subdivision to the the west.  At this park is baseball fields, softball fields, soccer fields, swing set, Ice Hockey ring used during the winter, and tennis courts.

The homes in this subdivision were mostly built in the late 70's and throughout the 80's.

The Price range in this neighborhood average around $185,00 to $230,000.  Most of the homes have 3 bedrooms, 2 bathrooms and 2 car garage.

The Northern Eastern Teller Fire Department is located just to the east of this subdivision.  Northwoods subdivision is within walking distance to downtown Woodland Park.

Report from Fannie Mae

Good News Bad News From RISMedia.com 

Good News is that Foreclosures are selling.  Bad news is more foreclosures are on the way

According to its most recent quarterly report, Fannie Mae acquired 98,428 homes through foreclosure during the first nine months of last year and sold 89,691 REO properties during the same period. However, at the end of September 2009, Fannie Mae still had 72,275 REO properties on its books, marking a 7% increase year-over-year.

Furthermore, Fannie Mae’s monthly summary for November 2009 showed notable growth in seriously delinquent single-family home loans held or guaranteed by the company. Up from 1.89% in November 2008, loans three or more months behind in payments or in the foreclosure process soared to 4.98% in November 2009.

Read more: http://rismedia.com/2010-01-10/fannie-mae-adopts-new-reo-policy/#ixzz0cKZCeNRF

So what does that mean,

That means without growth in jobs, there will be more foreclosures coming on the market.  So please call your local Realtor if you are behind on payments.  If you do not have an agent, call me I will help you find someone that can help.

I am going to get the best deal in Real Estate?

So you think you are going to get the Best Deal ever in Real Estate in 2010.  Well you might have missed if especially if you are going to be obtaining financing.  In the last month, interest rates have gone from 4.625 in mid November to anywhere from 5.25 to 5.5 yesterday.  You might be thinking, so what does that mean to me.  Well, that mean if you obtained financing you just paid $90.00 or more per month.  That equals to a purchase price of about $15,000.00.  So right now you would have to get that dream property for $15,000.00 less than you would have a month ago. 

I already know what you are going to say, "prices are coming down". 

Maybe, the best homes always sell first, and usually in the Woodland Park market that means that you can maybe negotiate 3%, either with Seller paying Closing Cost or right off the price.  So on a $200,000 home you might get $6,000.00 off.  Like I said above you might have already missed the Best Deal.

88% of "Move Up" Buyers are willing to Buy a Foreclosure

Just released from Trulia.com and RealtyTrac, comes a survey provided by Harris Interactive, that out of the 24% of homeowners that are thinking of moving to a bigger home 88% of these buyers would consider a Foreclosed property. 

I would love to see some of your thoughts:

Would you would Buy a Foreclosed property?

Do you Think it is a Better Deal? 

Please give me some comments back?

When is the best time to Buy a home?

That is the question that I get asked a lot lately.  Personally, I am a big believer in buy when you can and try to buy when everyone else is Selling.

As your Realtor, first, I think that you need to ask some more questions.  Why are you buying a home?  Are you going to live in the home?  Are you going to use it for a 2nd home or a getaway cabin?  Are you going to flip the home?

Each of these questions will direct you to the best property and the best price range.  If you are planning on flipping a home then you might want to do more research on what price range is the hottest market to maximize your return on investment.  If you are going to be using the property for yourself, then price is important, but you really need to make sure this is a property that you can keep for 5 to 7 years.

Then you need to make sure that you can qualify to buy a home, that is if you are going to obtain financing.  If you are going to pay cash.  That is great.  There are more opportunities if you have Cash.

Woodland Park Market Update in the $250,000 to $360,000

Here is today's market update in the Woodland Park real estate, featuring the price range of $250,000 to $360,000.

This is a market that is starting to see some improvement.  The absorption rate has decline since June of this year, from 5.16 homes selling every month to 4.13 homes selling every month starting in September.  The improving part is that there are a 6 homes that are under contract and should close soon.   

Some factors that are helping this market are;

FHA loans can go up to $325,000 in Teller County.  This can be different in each county. 

There is a bit less inventory only 49 homes that are for sale in the price range as of today.

The $8,000 First-time Home Buyer Credit (or not owning a home for 3 years)

The Brand New "MOVE UP Credit of $6,500 for Buyers that have lived in there current home 5 of the last 8 years.  Please talk to your CPA or account for more information about this.

Inventory in Woodland Park

If you are looking for a home in Woodland Park, Colorado under $250,000, you would see that there is about 70 homes for Sell, as of today.  That might seem like a lot, however under a further review, 10 are under $100,000, another 10 are between the $100,001 to $150,000.
That leaves 50 homes between $150,001 and $250,000.
Only one has been on the market less than 2 weeks, the average Days on the Market is about 176 days.  So...
What does that mean to you as a Buyer, it means the best homes are getting offers and Selling within the first 2 weeks that are clean and PRICE RIGHT.

I expect an increase in the inventory the next week.  After that I would not expect to see much more come on until the New Year in 2010.

So to be in position to Buy the next best home on the Market, Get Approved for a Loan, and call the Roshek Group at Coldwell Banker 1st Choice Realty at 719-237-0394.