If you have been shopping for a home on the front range over the past month, you have been subject to one of the most interesting real estate markets I have ever seen in my 14 years experience. Single family homes below the $700,000 price point are flying off the market and normally within a few days of listing. At my last observation, there are five multi-family properties on the market in the entire city with an average price per square foot of $595. Yes, it is certainly interesting times in the Boulder real estate market and there are always deals to be had. It is time to think outside the box. Here are a couple of ideas on how to source your own deal:
1. If you are a renter, ask your landlord about a "lease to own" contract. It may help you to secure a purchase price and use a good portion of your rent payments as the down payment portion of your mortgage.
2. Look for dilapidated properties. There are many properties within the city that are in need of serious attention and updating. Try contacting the owners of the property. They may be looking for the perfect excuse (YOU) to get rid of their property.
One thing that we know for certain is that our market will change and with that change will come opportunity. Keep an eye out and listen for the knock!!!
As always, we would love to talk story about the local market and get your opinion at www.FirstAmericanMortgage.net