Is it a good time to buy a home in Broomfield?

Not surprisingly this question comes up a lot these days.

Some buyers are still on the fence and waiting for the “bottom of the market.”

This can be a dangerous proposition especially if you’re just looking for a new family home. Keep in mind that the average home price in Broomfield increased by 4% last year. Despite reports of “plummeting” home prices on the news, note that the data is highly localized and yet is being presented as if it were a widespread problem.

In other words, Broomfield prices, on average, may not get any lower. Or they may. I don’t know. If I did know, Wall Street and the like would be paying me gobs and gobs of money. Overall, Broomfield real estate has weathered the storm quite well and my guess is, it will continue to do so.

If your news watching has convinced you that things will get so bad, you’ll soon be able to buy a home for pennies on the dollar, or even at largely discounted prices, that I can assure you, will NOT happen.

Broomfield currently has about 15 homes for sale that are lender owned, ranging in price from $170,000-$610,000. That obviously isn’t a lot of houses, but you can definitely find a decent deal among many of these.

I have a Realtor friend who is closing on a lender owned home in the Broadlands today for her and her family. The home once sold for over $1 million dollars and her family picked it up for around $800,000. Again, if you think these deals are aplenty they’re not, but if you’re on the lookout, and are ready to move on a property quickly, you may scoop up a great deal.

If you’re buying a home for yourself some more important questions to ask about the current real estate market are:

1. What is your current financial situation? Can you afford to buy a home? How much can you comfortably afford to buy?

2. What is your credit score? The better your credit score, the lower your interest rate.

3. How much of a down payment can you come up with? You’ll need to be more mindful of this now that credit is not as available as it once was. If you need to get Private Mortgage Insurance it’s still tax deductible.

4. What is your current living situation? Do you have a home you need to sell or are you willing to turn it into an investment and rent it out, or sell it to someone on a “lease to own” option?

Looking to make a fresh start in a new home this spring? Call me and I’ll help you figure out ways to do just that!

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Beth Skinner is a real estate professional who actually returns phone calls and emails! Click here to search the MLS for your dream home.

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