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Housing Prices Showing Signs of Recovery

While business has been steady here in the San Juans of Colorado, a great deal of the country hasn’t enjoyed such luxury. Cities far and wide were hit by the “housing bust” and sales had slowed to a virtual halt. Now, data released at the end of July indicates that through June 2009, existing home sales were up for the third month straight – a feat which hasn’t happened since the housing boom in early 2004.

What does this mean for buyers and sellers of homes in Ouray, Ridgway, Montrose and cities everywhere? It means that the pervasive buyer’s market we were experiencing could lean more towards a balanced scale. Buyers and sellers will re-enter a tradition of negotiations and sellers will perhaps have more to keep than lose at the closing table. Whichever side of the table you might be on, here are some tips to take you through current real estate market conditions and beyond:

  • Know Your Limits: Whether buyer or seller, you have to enter a home sale or purchase scenario knowing your limits. How much am I willing to spend? What’s the lowest offer I’ll accept? What can I realistically afford per month? How much am I willing to do on a “fixer-upper?” What concessions am I willing to make to a buyer to make my home a more attractive purchase?
  • What’s Most Important? For some, it’s the school district. For others, access to local recreation. Know going in what the “must haves” are in your personal home buying scenario. Sellers – know what your must-haves are in a Realtor who will be listing your home for sale. Friends and family aside, a good deal is lost at the hands of bad service.
  • Take the Money: Are you eligible for the First-Time Home Buyer Credit? If you haven’t owned a home in the past 3 years and meet some other criteria, you’re looking at a nice $8,000 (max) tax credit that could be yours. Don’t leave free money on the table – ask your mortgage professional what it would take for you to meet eligibility on the tax credit.

The Staff at San Juan Realty, Inc.

SJR August 6 2009

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