Bypass the Starter Home

Bypass the Starter Home

Bypass the Starter Home

Current low mortgage rates and moderating home prices have made it more likely for first-time home buyers to get more than they believed was affordable. Another factor is the current trend of empty nesters who are selling their homes, making it possible for young buyers to purchase them at very reasonable prices.

Although this may not be the case for all young first-time home buyers, the current market is ideal for buying better than a starter home. Here are a few suggestions for starters:

1. Stop by the mortgage office. As a result of the many mortgage delinquencies and foreclosures, the market has gotten more stringent, and lenders are now likely to look very closely at your credit history. Gaining pre-approval through a mortgage lender will not only help you to determine how much you can afford but also solidify your bargaining position.

2. Look for motivated sellers. When a home has been on the market for a while, often times sellers can become desperate and even a low offer may be accepted. You can identify these sellers by obtaining a list of average time properties in the area you'd like to live have been on the market (from list to sale date). You can then find homes that remain unsold beyond the average period of time in your price range.

3. Check out the average differential of the listing to sale price. If most properties have sold at 85 percent of their list price, consider an opening bid at a 10 percent discount.

4. Consider the home's energy needs. Most homes built in recent years are energy efficient because they're built with better windows and insulation. It's not considered inappropriate to request heating and cooling expense information from the home seller.

5. Throughout the process, be sure to keep from offending the owners. Any criticisms of the property or home should be relegated to things that are necessary to bring the property up to standard. Avoid anything that will force a barrier between you and the home you want.

Take a look at our Colorado Springs new homes brought to you by some of the top Colorado Springs home builders

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