Colorado Real Estate | Biggest Drop Ever

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Colorado New Home Sales | Biggest Drop Ever

Homes sales, particularly new homes sales charted the largest drop on record in 2007. The year was capped by a big meltdown in terms of the mortgage market and an even bigger drop in homes sales prices, which were unprecedented in Colorado. If you are a homebuyer there has not been a better time to buy in our experience over the last 5-10 years. New homebuilders are adding all kinds of incentives to sell their inventory including upgrades to kitchens and bathrooms. In some cases closing costs are being paid, finished basements added and all new appliances are some of the advantages being offered under current Colorado real estate market conditions. There is a large inventory of new homes on the market, including new homes that are still in the process of being built as well.

In 2007 there were many issues regarding mortgages and mortgage approvals. With the recent substantial rate cut by the Federal Reserve this has allowed some of the lowest mortgage rates seen in years according to our expert partners in the mortgage business. Conventionally financed home mortgages have fallen some twenty seven percent, which is the largest drop since these figures were recorded in 1988. This has created a better environment for FHA financing which allows for lower mortgage insurance premiums and fantastic rates.

According to the experts at the National Realtors Association, 2007 saw the biggest drop in existing single-family home sales in over twenty-seven years. This coincided with a substantial drop in home prices across the Denver Metropolitan area. These statistics make the time to buy Colorado real estate the best in many years. Take advantage now before the likely rebound occurs and you can walk into equity on your purchase of Colorado real estate.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.

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