Currently the Denver real estate market is very interesting. Homes under $400,000 are selling. Those under $200,000 are attracting multiple offers if they are in nice condition with a good location. In some instances there is a critical shortage of homes in good condition in a particular neighborhood.
Homes priced over $400,000 are sitting on the market longer due to the difficulty finding available financing. Sellers are anxious and in some cases on the verge of desperation. Price reductions are common and sometimes frequent.
Buyers are finding this the perfect opportunity for them to move up.
This week I've been working with a gentleman who has lived in Colorado for a decade maybe more. He told me when he first moved here it was his intent to live in the mountains. At the time, he was just getting established in business and was unable to afford to live in the home of his dreams.
Now he can.
So we are searching for that mountain home with new or updated amenities, in a nice setting and probably most importantly, a view.
To my surprise, there is a rather good size amount to choose from. We are going through the process right now to find his dream home.
Moving up...How does one get started?
When considering a move up, it is best to begin by getting all the facts. First, determine the value of the current home. Be conservative, knowing that the market may not deliver the price you want, you will most likely be able to "make it up" on the dream home purchase. In the end making the move is positive because you get what you want for less.
How do you know if now it the right time to move?
Moving up like any decision involving the sale and purchase of real estate is a personal decision. There is always risk involved. Many who have accumulated years of equity are frustrated when they see it is not as much as they expected. But when they see how much less it will take to purchase the next home, the cost of moving becomes less of an issue.
Some homeowners are in a highly desirable position where they do not need to sell one house to purchase another. In this case the homeowner can win on both sides. They can purchase a new home now and hold the old home, renting it until they decide to sell later.
Of course not everyone is cut out to be a landlord. When this is the case, selling is the best answer.
The Real Estate Consultation
Real estate decisions should never be made "off the cuff." When it comes time to decide if it's "time to decide" to move, then call a professional to help. As a REALTOR I offer consultations all the time. After learning more about your needs and wants I do the research to determine what your home is worth and how much your dream home will cost.
After you have the hard facts you can decide whether you want to proceed, or not. I find decisions of such magnitude are better made when facts and not emotion are involved. Of course you will need a certain dose of emotion to pull you through the tough times, like the endless packing and purging everyone must go through when moving!
Keep in mind the ultimate goal, it yours is like my current client, he is motivated by the thought of sitting on his deck, watching the sunset through the tall trees of Conifer.
So what does your dream home look like?
ABOUT THE PHOTO: The Buck shot, was taken last night in Conifer, Colorado. He and his buddy were sitting in some one's front yard. He was calm enough to let me get move in close enough to shoot this with a 10x zoom lens. Of course I left the door to the truck open in case I needed a speedy escape. Personally I think he liked Paparazzi.