Home Buying in 80911>Question Details

Colospgsguy, Home Buyer in 80911

Contractor looking to buy in Southern Colorado Springs area - timing?

Asked by Colospgsguy, 80911 Wed May 27, 2009

I'm a govt contractor in the Colorado Springs area. As of today I've been pre-approved for 200K for 30 yr fixed at 4.875% and have 20K down pymt. With all that being said, I'd like to buy, but as a contractor, I have no clue as to whether my contract will be renewed this Sept or not. Won't find out until then. But also I heard interest rates may be going up so I'm feeling a little pressure to go out buy while the market is best to do so. Do I buy in late 2009 or do I wait until early 2010? Can I wait or will I be missing out on the current phenominal rates? If I miss those rates, is it a realistic possibility that they'll be dramatically worse for the start of next year?

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Sounds like you have alot to think about. Rates are at an all time low still and it is still a buyers market. It would be hard for anyone to predict what the market will be like and interest rates in 2010. We are a nation at war and with the current admistration in office it is even harder to predict the future of real estate. Real Estate is and continues to be one of the better investments in the long run. If you are a first time home buyer ( you have not owned a home in the past 3 years) then you may qualify for the $8000.00 tax credit which is cash back to you. But you must purchase your home by December 2009. That's tough not knowing weather your contract will be renewed in September. BUT September will be here before you know it. I would suggest you go ahead and start looking. If we find a property you really like then everything is negotiable. That means the purchase of the property would be contingent upon your contract being renewed in September. Give me a call for a free no obligation meeting to discuss more options that will help you to make the right decision.
In the mean time visit my web site for all available listings in and around Colorado Springs. Have a great day.
Pamela Weatherford
Keller Williams Hope Realty
Soli Deo Gloria
0 votes Thank Flag Link Thu May 28, 2009
I would go ahead and start looking now and be prepared to act if you find something you like. All of our real estate crystal balls are a little cloudy right now, but rates are very good and there is a lot of inventory to pick through. Waiting probably isn't going to do you any good with either the rate or selection. With the current political situation it really is impossible to know what the rates will be in 2010, why miss a good deal. Your only concern should be your contract renewal. My deciding factor, in your shoes, would be that if you are in doubt that you will stay in the area then wait until you know for sure to purchase.
have a good evening!
Valerie Kleinman, ABR,CRS
Herman Group Real Estate
0 votes Thank Flag Link Wed May 27, 2009
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