HAVE PRICES GONE UP IN YOUR AREA? Median home prices in the local MLS are up 5.1% from a year ago, as of July 2010, with median sales price of $209,900. Are prices going up in your neighborhood? For a price opinion, hire a professional appraiser or ask a realtor. Inventory of homes is also up 16% with over 5,900 single family homes currently for sale in the Pikes Peak Multiple Listing Service (MLS). It is more imperative than ever to price the home competitively to even get showings. When an offer is made, it's important to work with it, even if it is a "low-ball" one! Buyers still want what is acceptable to them as a good deal. Work together for win-win!
HOME BUYING TIP: It is still a great time to buy because of the historically low interest rates! FHA is implementing new mortgage insurance premiums on Oct. 4, 2010 which will impact your upfront premium paid at closing as well as your monthly mortgage insurance. Ask your lender about this if you are now in the homebuying process. The monthly mortgage insurance premium (MIP) is cancelled when loan-to-value ratio of the home's value is 78% or below, and the loan has been in place for 5 years. The servicing lender is to contact the homeowner when this occurs. Colorado Housing and Finance Authority (CHFA) has downpayment assistance programs for buyers with credit scores of 580 or more. Ask your lender about these changes and programs.
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