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Denver Homes & Real Estate Blog

Watch this blog page for the latest news about real estate and homes for sale in the Denver Colorado area.  We will post interesting news here to help keep you informed about the Denver homes and real estate market.  To read a blog posting, click on the title in the column at left.  If you have specific questions you'd like answered, give Marianne a call at 303-746-7799.

Saturday, 28 August 2010




Denver home buyers are, like others around the nation, exhibiting behavior that is stirring “interest” in the economic community. Although mortgage interest rates are currently lower than they have been in 60 years, home sales are declining.


Earlier this year, home buyers who purchased prior to April 30 were eligible for an $8,000 tax credit. Those who were positioned to buy raced out and bought, in order to reap the benefit of that credit. In April, no one could foresee the fact that mortgage interest rates would plummet to their current low. Buyers took advantage of the best option available at the time.


The run on the housing market in April is reflected today in the fact that, according to the Mortgage Bankers Association, applications for home mortgages are now being placed at a rate 42% below the pace in April. At that time, interest rates were at 5.21%, generally considered very acceptable. But today's rate of 4.36% is extremely significant when observing the current trend.


Given the uncertainty of the overall US economic situation, many home buyers may believe that both interest rates and home prices will continue to fall. This belief could be due to the fact that the withdrawal of the $8,000 credit removed a hefty number of potential buyers from the marketplace. The buyers who might have benefited from the credit are now unable to come up with an adequate down payment. Lower interest rates don't appear to help those buyers who can't come up with the needed down payment, or who are trapped in a home they can't sell without taking a loss.


The current low interest rates actually save home buyers a substantial amount of money over the long run. The chart above shows that the savings benefits of buying now (at a lower interest rate) far outweigh the benefit of the tax credit. If you're waiting to see what happens with the Denver area housing market, you might want to make a move now and take advantage of these historic low interest rates. The Bandy Team can help answer your questions about our local market and show you the best homes in the Denver metro area, including houses in Aurora, Parker homes, and real estate in Castle Rock.

Marianne Bandy
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POSTED BY: Bob Bandy AT 01:06 pm   |  Permalink   |  E-mail this
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