The Highlands Ranch Real Estate Market below $250K – Act Now
You can read it in every newspaper and online – houses in the range of $200,000 to $250,000 seem to be selling very quickly these days. Tax credit and low interest rates are getting first-time home buyers going. House prices in this market segment are stable or even increasing. Above the $250K range things get way more difficult.
Important tip – if you are in the market right now it might make sense to make an offer soon and to close this year. That way you can file the tax credit related paper work and file it with your 2009 tax return as otherwise you might have to wait one year for your 2010 tax return.
9News.com actually reported that houses in the less than $250K range are even seeing bidding wars. Personally I have not seen or heard about it myself and the 9News.com article was very vague. However, it is an interesting thought process. Look at the available inventory. A search for houses in Highlands Ranch with an asking price between $200K and $250K is 45 houses according to realtor.com. Sure, there might be some that are for sale by owner or a few foreclosures, but overall that is not a lot of inventory to choose from. If you want to move in before Christmas, your time window is extremely small. If you want to close before the end of the year, you probably have 3 more weeks of time to make an offer and to get the process going with your mortgage company. The holidays will reduce the number of work days significantly and so it is important to act now.
When looking for a house in the $250,000 or less range, keep a few things in mind. You will most likely not find luxury homes in this range. If you want Granite Countertops and other significant upgrades, you might have to spend more money. Rather look for new appliances, water heaters, or more hidden upgrades (paint, sprinkler system, AC, etc.). As an example, I wrote about a house on Bucknell Dr. that is in this range and offers new kitchen appliances and water heater. It has a sprinkler system and AC. Carpet and paint are on the newer side and so your overall risk of having large repairs is fairly small. The house seems very well maintained, too. This is of course just an example for a great house in Highlands Ranch that fits well into the current market situation.
Create a list of houses you like and review all the Pros and Cons a few times. Your perfect house might not be available, but how much effort is eventually needed to turn one of the available houses into your dream home?! Also, do not be afraid to make an offer below asking price. Any home seller has room for negotiation these days. Interest rates are low, but so is the available inventory. Act now and do not miss out.
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