WASH PARK BEATS THE METRO AVERAGE…
but that is not saying much. According to The Denver Post, July 2010 home sales were down 26.6%. Washington Park sales only decreased by 15%. Whoopee!
Probably much of the decrease is due to the end of the federal tax credits as of June 30th. There are a couple of bright spots in the market right now. First, the interest rates are now the lowest they have been since the 1970’s. They are hovering around 4% for a 30 year fixed conforming loan. We are starting to see some buyers come forward who recognize the unique opportunity that this provides. We have a buyer’s market with record inventory and really low rates. However, some still need jobs or they have recently moved here and would like to buy but have properties in other states that they can’t sell. The second bright spot is that those who can’t buy right now have created a boom in the rental market. I have seen a tight rental market in the area along with higher rental rates. It is a great time to be a landlord.
If you haven’t refinanced, look in to it. If you need me to recommend a great lender, let me know. If you don’t own a rental property, buy one. You also might consider keeping your house as a rental and buying another to live in. If you are staying in your house or buying another, you might want to make it more energy efficient. For the first $1500 of money your spent on attic insulation, wall insulation or air sealing, most people will get about $900 back in grants from Xcel Energy, The Govenor’s Energy Office and Federal Tax Credits. Most or all of these are due to expire at the end of 2010. Feel free to contact me for additional information.
Click Below to Access Reports:
