First-time homebuyers aren’t the only ones in the market for reasonably-priced homes in the Colorado housing market. Many repeat – or “boomerang” – home buyers are returning to the real estate market after losing a home to foreclosure or bankruptcy after the housing boom. I can show you lovely Arvada homes for sale that are within your price range so you buy the right home for you and your family. According to a recent article by Yahoo Homes, one Colorado boomerang buyer was able to purchase a home price around $185,000 with a small down payment of about $1,000. Thanks to special programs for first-time homebuyers, as well as for people who have not owned a home in the past several years, buying a home is again within reach for many people. Still, there are decisions to make when you’re looking at homes for sale in Arvada neighborhoods, or anywhere in Colorado.
Considering new construction
Arvada new home construction is underway again after a lull. Although there is a shortage of starter homes for people in many parts of the country, buyers who can afford homes priced at $275,000 and above can find a wide range of new homes in Arvada. A Realtor can help you negotiate so you may be able to have the builder pay for closing costs or include builder incentives such as a decorator’s allowance.
Taking advantage of programs for homebuyers
According to Yahoo, the Colorado homebuyer was able to get special financing help through programs offered by the Colorado Housing and Financing Authority (CHFA). The way it works is the CHFA program gives buyers a tax credit that returns a portion of the mortgage interest paid each year. Lenders can typically approve a person for a higher loan amount by figuring in the tax credit as income since it may be paid back to the homeowner as part of a tax refund. Some people have the misconception that first-time home-buying programs are only for people who have never owned a before. Many programs include boomerang buyers who just haven’t owned in recent years.
Touring resale homes
Once you have a solid budget for what you afford and after touring new homes to see what you like, you may find it’s more prudent to buy a resale home. For about $170,000, it’s possible to find an Arvada townhome with two bedrooms and two baths that was built in the 1970s or 1980s. Ranch-style houses in Arvada being sold for around $200,000 may have been built in the 1950s, ‘60s or later. I can help you locate ones that have been updated. Another possibility when trying to save money on an entry-level home is to choose one that needs some cosmetic work.
If you’re a repeat homebuyer, you already have experience in terms of going through the closing process. You probably already know what kind of home works best for your family. A Realtor can help you negotiate the best deal so you walk away with a good value in a housing market that’s on an upward trend.
For more information on Arvada homes for sale, please contact an Arvada Realtor.