With foreclosures down in the Denver area many buyers are finding the selection of desirable homes to also be declining. Many bank owned homes are receiving multiple offers and are going for over the current list price. Great deals are getting harder to find and many buyers are deciding if the want to buy they may not want to wait to long or risk paying more and/or settling for a home that is not what they had expected for their price range.   Chuck Gadway

With the new HAFA guidelines coming out on April 5th short sales should get much easier to get approved. Also the benefit to the home owner of getting up to $1500 for doing a short sale vs foreclosure should be a great help to them. It is key to get everything in on time though. As a CDPE (Certified Distressed Property Expert) we have been dealing with short sales, foreclosures, and REO’s for a while. We are expecting this HAFA program to cut the red tape and speed up the whole process. Here in Denver,  Colorado we are still seeing a great number of foreclosures filed.

The market seems to be slowly recovering here in Denver. Bank properties (REO’s) are almost always drawing multiple offers as are almost any houses under $150,000. Very low inventory is making the competition strong for available homes. We are expecting to see further price increases as the year progresses as sellers start venturing into the market.

North Metro Denver home buyers, don’t forget the $8000 tax credit ends soon! You have to be under contract by April 30th 2010.

The market in the Denver area is better than in many parts of the country like Florida, California, and Las Vegas. Here foreclosures are down for the first time in 12 years and interest rates are still at record lows.  The number of homes on the market is still about a 3 year low which indicates prices are likely to rise as spring gets here. There are some great buys for those looking for their first home or those looking to move up. If you are downsizing we recomend that you wait for a while if possible. The draw of the Rocky Mountains and nearby skiing is what most people fall in love with.  Chuck Gadway

Welcome to the Chuck Gadway Team North Metro Denver CO Real Estate News Blog where we’ll be sharing what we know, hear, see and have to offer locally around North Denver CO. 

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We look forward to sharing with and for you.

Chuck Gadway