Positive Thoughts from a Denver Mortgage Lender

October 12th, 2008 Team Cox Posted in Denver Economy, Denver Mortgages, Denver Real Estate |

TeamCox Realtors is always looking for guest bloggers with expertise in the Denver real estate market. Please contact us if you are interested in participating.

Today, we would like to welcome Mary Steinmeyer, Certified Mortgage Lender, from Denver’s Mountain Crest Mortgage. She shares TeamCox Realtors’ positive outlook on the Denver housing market. 

Denver Real Estate Market Commentary
 
I understand why many potential first-time homebuyers are sitting back waiting for some good economic news before buying a home. I also know many home buyers are sitting back waiting for the "bottom". We are definitely in the middle of a historic economic crisis. Just watch the news — reports abound. I’ve heard our current climate compared to the Great Depression. For me from a real estate perspective, it reminds me of the savings and loan crisis of the late 1980s.
 
I purchased my first home during that period in 1990. As a 21-year old professional, I purchased a condo with a 7.5%ish interest rate for $36,000. In five years when the market had recovered, I sold that same property for $78,000 — giving me a down payment on a new house! A house a then sold 5 more years later for more than its asking price because we’d entered a "buyers market." A 10-year cycle that changes my financial situation. 
 
Now can I guarantee the same results today? No. No one can. But do we know that historically all markets cycle? Yes. And we are in a down cycle. The upside is ahead.
 
Now I can also tell you that historically Denver has entered the down cycle before the rest of the nation and also exited it sooner. So while nationally talk of recession abounds, there is good news for Denver.
  • Thousands of jobs are being added throughout the state; check www.jobopenings.net for a complete list.
  • The Metro Denver Economic Development Corporation is reporting:
  • Denver job growth is 1.6% while the national average is 0.2%
  • Denver-area employers added 3,800 jobs between July and August
  • Education and Health Services are Denver’s fastest growing job sectors
  • 32% of Denver area employers plan to hire
  • Metro Denver’s foreclosure filings declined dramatically between July and August, down by 35% to 68% by county.
To quote the report "these more positive indicators suggest that the framework for stable housing markets could be in place. Market fundamentals — including home prices, invetory, and job growth — are already stronger in Metro Denver than they are nationwide."

In my opinion, it’s a great time to become a homeowner. Do buyers need to be cautious? Of course. Only work with licensed, reputable real estate agents and lenders who can help you navigate this market. The timing is good for the right purchase.

Mary Steinmeyer
Licensed MB100017382
Certified Mortgage Lender
(720) 339-0526
FAX (303) 583-8832
mary@marysteinmeyer.com
www.marysteinmeyer.com
 
Mountain Crest Mortgage
724 South Pearl Street
Denver, CO  80209
www.mountaincrest.com

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