Home Market

So you think you want to buy a home.  You have a good job and reasonably good credit but you don’t have the 3.5, 5%, or 10% down payment that is required in order to purchase these days.  You’ve heard rumors about different down payment assistance programs (DPA) and how you can get in for as little as $100 or $1000.  Those programs are myths or urban legends correct?  Or those programs are designed to help only the under-served, the homeless, and the people who fall below the median income in this country……right?   THINK AGAIN!

DPA is designed for one thing, to assist buyers in being able to purchase a home with very little money out of pocket.  Are there some income restrictions and geographic restrictions?  There can be but for the majority of first time (and some second time) home buyers in Colorado, DPA is available for the taking.  You simply need to ask and work with a lender that handles these types of programs.  If your lender serves this market, you will find it very easily.

In Part 2 of this series we will talk about the factors that determine the qualifications for down payment assistance and in Part 3 we will talk about the specific agencies and types of assistance available in Colorado and the Denver Metro area.

Wow, what a hangover. And I am not talking about the New Years Eve Party, but rather, the last year in real estate. I feel like someone hit me over the head with a lock box and I can’t take enough Advil to make the headache go away.

The good news is that it’s January and as my four-year-old son says, “Do Over Dad!” Yes, the New Year means “do over,” but let’s not do over 2010 like 2009. Really, could 2010 be possibly worse than 2009? I think not. Of course, I am an optimist and one who likes to look forward and not backward.

The New Year symbolizes a fresh start so let’s take my son’s advice and try a “do over.” But what does that look like for everyone?

For Sellers: If you are thinking about putting your home on the market or putting it back on the market after taking some time off, let’s make sure that we get started on the right foot.

• Is it priced right?
• Do you have the right agent?
• Are you comfortable with the marketing plan?
• Is your home “show” ready?

For Buyers: Yes, there is a game plan for you here as well. Even though the market is in your favor, let’s make sure that we have some details nailed down.

• Do you know how much home you can afford?
• Have you spoken with a lender and do you feel comfortable with him or her?
• Have you started driving in neighborhoods or doing your homework on the internet?
• Is your credit in good shape and your finances in order?
• Make sure you have an agent to represent your interests.

For Realtors: The worst is behind us, but we still have to be smart in conducting business, helping people, and making a living. A good friend who has been in the business for 30-plus years said, “Dan, I have only one rule about clients and real estate. I only represent good people.” I’ve stuck by that philosophy and it has never let me down.

Here’s to a better 2010 for everyone! Cheers.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost