With the increase of the price of homes over the last several years and perhaps the economic crunch hitting savings a bit, can this really be done?
Perhaps. It depends on you.
If you have been planning for this, keeping your debt low and credit history excellent then you really can buy your first home here.
Of course, what I run into often are people not satisfied with needing to start out in anything less than what mom and dad have, or friends, etc…
This is where you need to look hard at the magic reality mirror and ask yourself what you can comfortably afford. I always say that it is better to hop on at the caboose than to miss the whole train.
Owning your home and building equity over time can do amazing things for your life. But you may need to buy something less than you imagined at first and build from there. Or maybe not. It depends on your financial situation.
So once we realize that we aren't going to get the same first time house our cousins did 8 years ago, are there affordable homes in this area for first time buyers? Yes. There are real estate options in almost all areas of the south Denver metro area – Denver, Englewood, Littleton, Lone Tree, Highlands Ranch, Centennial, Parker, Aurora and even into Castle Rock – you have options!
Some options are condo’s or townhomes, some are single family homes that may need some work or may be bank owned deals. It really depends on what level your first home will be. If you do decide to go the bank owned or short sale route, you are going to need to bring with you a whole lot of patience as purchasing a home needing bank approval on a contract can take much longer than one would like.
There are still so many financing options available, even with the recent credit crunch. You definitely need to be working with a trusted mortgage professional that will counsel you on the loan programs that will best fit your lifestyle and goals without stretching you too far.
Just remember what I said earlier, look for what you can comfortably afford, not as much as you can qualify for, there is a difference! If you need help finding a great lender, just let me know. I have established relationships with a number of mortgage pro’s that will do just that. Keep your best interests in mind and work to find you the best solution to owning your first home. Give me a call anytime, I’ll be happy to help.
So get searching for your Denver dream home – yes, it may be a first time home, but you will still be living the dream of owning a home!
Steve Scheer, REMAX Masters, Inc.
Denver Real Estate – Denver & The Suburbs
{ 2 comments… read them below or add one }
Hiya Steve! How are you? (I made my way here via Twitter…welcome to that network)…
I agree in large part with what you’re saying here. It’s very difficult to find a home (especially a first time home) when you spend the bulk of your time focusing on what “others” have and you don’t. You need to spend time instead on what you “want” and can afford without letting “others” get in your way. Once you arrive at that realization in the home-buying process, it truly does get a little easier.
Ricardo – Thanks for stopping by. I am sure you see this sort of thing too quite often. Its good to stay focused on the goal of getting a first home you can afford and then move up when its comfortable & right to do so.