News At-A-Glance
Brighton, Colorado
Real Estate News: It's A Great Time To Buy A Home
Article by Brian Margolis
There are many reasons to be excited about the real estate market, if you are thinking of purchasing your first home or if you are an investor. Due to the foreclosure crisis, both nationally and in Colorado, home prices have dropped, which makes it affordable to buy a home. The good news is the interest rates are 6% or below. What does that mean to you? The lower the interest rate the more home you can purchase.
If you are a seller, you are competing with neighbors, builders, and the Banks. Because of this, the home values are decreasing. The good news for homeowners is there is speculation that the Federal Government will freeze homeowners that have Adjustable Rate Mortgages (ARMS). This should save some homeowners from going into foreclosure.
If you are worried about foreclosure and would like to stay in your home, call Adams County Foreclosure Hotline at 303-277-2075 or the Colorado Foreclosure Hotline at 1-877-601-HOPE.
As an owner you can also try a short sale, which will still have adverse effects on your credit so you will want to seek legal advice before you decide which route you want to go.
As always, the most important thing is to hire a professional who can help your real estate needs, goals and dreams.
Look forward to next month’s article on Market Values of 2007 VS. 2006 in the Brighton area.