I offically declare 2008 the year of the first time home buyer in Denver. Is this too bold? Perhaps, but maybe it’s not that contraversial of a statement anyway. I was watching a Real Estate broadcast about depreciation risk, and reflecting on who it most impacted. I looked up the three month old article to remind myself the details from the original report. I think this year (and probably next year) will be a great buyer’s market for new home buyers as well as rental property investors. For many lenders, first time home buyers are defined as someone who has not owned a home for the last three years (aka: one can be a “first time” buyer more than once). The advantages afforded first timers typically come from government insured programs (FHA) and attractive lender mortgage products (material for a future post I suspect). Of course the few people who need to move from a strong market to a weaker market will also benefit from the buyer’s market, but that is always true by definition. All that to say, I think right now Denver is a great place to own a home, and renters who can make the leap into home ownership should seriously consider this year a the time to jump. For a national perspective (which says “it depends on local factors”) see the Wall Street Journal’s recent article.
Filed under: Denver Market Specifics | Tagged: buyer's market, Denver, denver real estate, depreciation, fha, first time homebuyer, home ownership
