The few Single Family Residences that are available on the west side are primarily Short Sale and Bank Owned. As I prepare the offers and deliver them to the listing agents I am hearing that there are many offers submitted and often they are higher than asking price. This is causing some frustration for my buyers, as you can well imagine.
Many first time home buyers are in the market right now, trying to get their transaction closed before the end of the $8,000 first time buyer tax credit; so the competition in this price range is fierce.
Watch my managing broker, Charles Roberts, discuss the changing Denver market on ABC’s Nightline http://abcnews.go.com/video/playerIndex?id=8413830
And, Good News! This update on the possible extension of the First Time Home Buyer Tax Credit:
Daily Real Estate News August 24, 2009
First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.
Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)
Lil Lively- Your Voice in Real Estate 303-746-8827
