It’s an age-old question. Should I rent a home or buy a home? Traditionally, buying a home has been part of the American dream, but renting is becoming increasingly popular in the Denver area as the recession lingers on.

The Denver Post recently reported that the number of apartment vacancies has decreased throughout the Denver metro area, decreasing from 9 percent in 2009 to 6 percent this year. Rents are also rising – the average rent in the Denver metro area is now close to $900.00. This means that many people are renting, but is this always the best decision?

Here are a few pros and cons of renting versus buying in Denver:

Why Buy a Home in Denver?

• If you rent a home, you are missing out on the lowest interest rates in 50 years.  A Denver homebuyer’s buying power is greatly increased right now, since interest rates for a 30-year fixed mortgage are lingering around 4.5%. We may never see interest rates that are so low ever again.
• You can deduct mortgage interest paid from your income taxes. With a 30-year fixed mortgage, you are also paying down the loan’s principal every month.
• There is something special about owning your own home – it’s a feeling of pride that just doesn’t come with renting a property.

Why Rent a Home in Denver

• If you don’t like risk, renting may be for you. As recent years have proven, home values can decrease. However, if you rent, you may miss out on future appreciation opportunities.
• If you are renting a home, you don’t have to pay for home maintenance items, which can add up.
• Renting gives you more flexibility – if you want to move, all you need to do is pack up when your lease ends, versus needing to sell your home if you own it.

For more advice on the differences between buying and renting a home in the Denver area, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060. We will help you make the best decision, regardless if it is renting or buying.

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Denver Real Estate Update – August 2010

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Summer in Colorado is finally here, but is the Denver real estate market heating up with the weather? According to recent Metrolist statistics, the expired homebuyer tax credit continued to boost the Denver housing market in May, as completed sales of homes and condominiums increased a whopping 20 percent from last year.

The bad news? The number of Denver homes put under contract in May decreased 27 percent from 2009, largely the result of the April 30th expiration date of the homebuyer tax credits. Homes must be closed by June 30th to qualify for the tax credit, so June’s numbers will also benefit from the tax credits. The median sold Denver home price increased 4.6 percent to $230,000 from last year.

Denver sellers finally have the confidence to put their homes on the market. As a result, the number of Denver homes for sale rose 6.2 percent from last year. Homes were on the market for an average of 75 days, a 27.9 decrease from 2009, and a five percent decrease from April of this year. 

If you are a prospective Denver homebuyer, don’t miss your opportunity to take advantage of historically low interest rates and a great selection of homes for sale. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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Calling all prospective Denver homebuyers! U.S. mortgage rates dropped below 5 percent this week, the lowest level in five months. Interest rates on U.S. 30-year fixed-rate mortgages averaged 4.93% for the week ended May 13, which is down from last week’s average of 5.00% . This is the lowest level since December 2009.

If you are a Denver homebuyer, don’t miss your opportunity to take advantage of these once-in-a-lifetime interest rates. Low interest rates can dramatically increase your buying power.

For information on Denver real estate, or for Denver mortgage lender recommendations, please contact TeamCox Realtors at 303-400-6060.

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As the deadline looms to purchase a home under the homebuyer tax credit, there is good news for military families! There is a little-known special provision in the bill that extends the deadline to purchase a home to April 30, 2011 for military personnel, and active-duty service members currently living overseas.

The specific details of the bill include individuals on “qualified official extended duty” outside the U.S. who make home purchases prior to May 1, 2011 (or July 1, 2011, for taxpayers with binding contracts). “Qualified official extended duty” is defined as duty outside the U.S. for at least 90 days, during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. Married service members must have served overseas for at least 90 days in 2009 to qualify for this extension.

The provision for military personnel also makes mortgage payments tax deductible for military personnel.

For more information on this special provision for Denver-area military families, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060. As a former military family, we have a distinct understanding of military families’ needs.

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The deadline is looming to take advantage of the once-in-a-lifetime homebuyer tax credits! The deadline is April 30th for Denver first-time homebuyers to go under contract (to qualify for the $8,000 tax credit) and for move-up buyers to qualify for the $6,500 credit, which is less than three weeks away! It is evident from the Denver housing market’s March statistics that first-timers are driving the market, as they helped boost Denver-area home sales by nearly 50 percent from February to March, and by 12.4 percent from March 2009. A whopping 70 percent of Denver homes sold in March were priced below $300,000 and below $200,000 for condos, indicating that first-time Denver homebuyers were in command.

The median price of a Denver-area home also increased in March, rising 12.3 percent to $229,000, a 12.3 percent increase from last year.

If you are interested in taking advantage of these tax credits, do not delay! For information on purchasing a Denver home, or regarding the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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There is more good news for the Denver real estate market! Denver home prices stacked up well against other major cities in the recently-released S&P/Case-Shiller Home Prices Indices. The report indicated a 2.6 percent increase from January 2009 to January 2010. This sharp percentage increase was enough for Denver to have the 6th highest year-to-year price increase in the index of 20 major cities. It was also the best annual price increase since the fall of 2006, the start of the housing meltdown.

We see this as yet another good sign that the Denver housing market has stabilized and it already on the rebound. Do not miss your opportunity to purchase a home in the Denver buyer’s market, and to take advantage of the tax credits. For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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Denver Real Estate Market Bucks National Trend

The Denver Post reported today that nationally, the number of previously owned homes declined 7.6 percent from December to January, while pending home sales in Denver increased 21.9 percent during the same period.

This is just one more piece of good news for the Denver real estate market, which has been predicted to rebound more quickly than most other areas in the United States. Denver homebuyers are responding to the once-in-a-lifetime tax credits that are being offered.

For more information on how you can take advantage of the government tax credits, or regarding Denver homes, please contact TeamCox Realtors at 303-400-6060.

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TeamCox Realtors – Denver real estate specialists – and ALMC Mortgage have teamed up to offer a Homebuyer Training for 2010 Repeat Buyers  and First-time homebuyers and YOU are invited!

There will be door prizes, light refreshments and industry professionals available to answer questions! We will address the following topics:

• Why should I buy again?
• What are “HUD homes,” and are they a good deal?
• Should I look at a “Short Sale or a bank owned property?
• Should I use a real estate broker! How do I find one?
• How much money will I have to come up with to buy a home?
• How do I know if I can get a loan? And How do I lind a lender!
• I know there are lots of types of mortgages – how do I know which one is best lor me?
• When I lind the home I want, how much should I seller?
• vVhat if my offer is rejected or countered?
• I have to sell my current home first-what are the steps?
• How to qualilfy for $6500 in income tax credits-ACT by APRIL 30th.

Please join us Jan 21st from 7pm-8:30pm Lil’ Ricci’s NY Pizza at 15352 E Ida Drive Centennial. Please RSVP to 303-696-6933 or Cheryl@almcmortgage.com by Wednesday Jan.20th 2009.

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Good News for Denver First-time Homebuyers AND for Denver Move-Up Buyers!

There is more good news today for the Denver housing market. Congress has voted to extend the current tax credit for first-time homebuyers, along with expand it to include buyers who already own their homes. First-time Denver homebuyers, including anyone who hasn’t owned a home in the last three years, will still receive up to an $8,000 tax credit for contracts signed by April 30 and closed by June 30th of 2010.  This is an extension on the bill that was set to expire at the end of this month.

First-time Denver homebuyers aren’t the only ones helped by this bill, since it allows for up to a $6,500 tax credit for current Denver homeowners, who have been in their home for at least five years.  The time frame is the same for this tax credit (for contracts signed by April 30 and closed by June 30th of 2010).  The credit is for residences that are purchased for $800,000 or less. The President is expected to sign this into law on Friday.

This should be a big help to a Denver real estate market that is already in recovery mode. If you are eligible for this credit, don’t miss your opportunity to take advantage of this once in a life time opportunity. For more information regarding Denver real estate, or regarding the tax credits, please contact TeamCox Realtors at 303-400-6060.

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Read More About the Homebuyer Tax Credit

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If you are sitting on the fence, trying to decide if this is the right time to buy a home, you’ve probably heard this before.

A first-time buyer, or someone who has not owned a home during the past three years, has the opportunity to take advantage of an $8000 tax credit that is due to expire on November 30, 2009. The Denver housing market still has a good inventory (that is shrinking), low housing prices that are beginning inch up, and low interest rates that are almost assuredly going to increase.

While all of this fundamentally makes sense for a home purchase, we believe that the key reason that people purchase a home is to enhance their lifestyles. It is still about having a place to call home – a place where you do not have to ask the landlord for permission to paint the walls or to dig in the garden. A place where you can put down roots, throw a ball for the dog and dig in a garden-or not! There has always been a bit of status that comes with homeownership. It’s cool to be able to discuss the neighborhood schools, the dog park, or the close proximity to shopping or your favorite restaurants.

There is not a time that I can remember homeownership coming with a greater respect. Owning a home is no longer a “rite of passage,” but a proof of creditworthiness and responsibility. It is a signal to relatives, friends, and employers that you are reliable and truly a member of the big league.

If you feel that owning a home is now right for you, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060. We will make your dream of home ownership come true.

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