Well it has been 60 days since I last posted, which of course now means my New Years resolution is to update my blog more often. To my defense I kept waiting for the financial/economic crisis to stabilize....hmmm I guess I will post anyway.
This of course is the time of year where people make predictions for 2009 - as an optimist by nature I am hoping that 2009 will be a great year of less worry and concern for people.
What will happen with housing prices/values in the Denver Metro area - well that all depends on who you ask. According to the National Realtors Association they have listed Denver Metro and Austin as the 2 markets to watch this year. The Government reports show that Denver/Aurora prices have been stable for the past couple of months as well.
However, some of the reports from economists state that we will see prices fall 10% this year. I am not currently seeing that in the neighborhoods that I have been doing appraisals so not sure if that is a statewide number or a metro number.
I think alot of people attempted to refinance - and why wouldn't you when interest rates dropped to 4.75% on a 30 year fixed - WOW. If you didn't get in on that deal I would say keep an ear as to what is happening to the rates and then call your mortgage person when you hear about a dip. Of course with everything it will depend on your credit score, current interest rate, and value of your home if it makes sense to refinance or not. Sometimes the amount of time it will take to recoup the fees involved isn't worth it.
During December when refinances were going crazy I was surprised to hear how many banks are going through with loans without an appraisal. You would think after all the mess we have been through that banks would want to know exactly how much the value of a home is before they make a loan. Sometimes using automated valuation systems works but not always and in todays marketplace I think it is always a good idea (or is that just career self-preservation??!!!).
The Home valuation code of conduct has been approved and will be implemented May 1st. I will write more about that later - at this time I think it has some good points and some sections that could cause issues but would like to do more research.
I hope that each of you have a wonderful 2009!!!!
Thank you, we'll be in touch!