If you could spend a few hours with me driving around the Denver area, you would be amazed. Many neighborhoods have a dozen foreclosed properties, and there are more waiting in the wings. I spent five days showing the nicest young couple around, and we looked at vacant foreclosure after vacant foreclosure. Dirty house ... beat-up houses ... and an occasional nice property. We found a great home priced at an incredible price for Denver.
If these foreclosed properties keep coming on the market, as all indications seem to show, we will have way too many foreclosed homes. It will overwhelm this market and have unavoidable long term effects.
Prices will have to come down. Sales will take 6 to 10 months on the average. New home sales will be seriously hurt.
It is a very serious situation: Lots of houses, few buyers, tough loans.
We are going to see second mortgages on zero down purchases be eliminated. They are simply too risky.
When buyers buy, they need to be aggressive and patient and wait for that great deal. It is their only protection against this coming real estate market. Protect them. Help them buy carefully.
This reads as such a depressing article, but it is just the truth as I see it in the Denver market at this time.
I look forward to the day when I can see a turnaround and a positive growing market. As it stands now, when you buy here you had better be getting a great deal.
Please contact me with any questions at 303-888-1994.
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