The question many people are asking right now is, "Why (in the heck!) should I buy now?"

They say that the economy is in the tank, unemployment rates continue to escalate and stock market is miles from being a safe bet. There is no doubt that all three of these issues are real. Nearly everyone in our country is affected by at least one of the three. 

Right now we are seeing some improvements in the stock market-the market has jumped by 21 percent in the past 13 days, notching its third straight weekly advance. We're not out of the dark yet, but it is a start. Analysts say this is in large part due to more liquidity for banks and a rise in the number of homes sold, as well as Citgroup announcing a profit for January and February. Recent unemployment numbers show gains in nearly every state and the economy is tied to the market and unemployment. It remains to be seen how President Obama's economic restructuring will play out.

Now, when looking at the real estate market, clearly, it's important to keep an eye on the national scene. At the same time, the national scene doesn't speak to what is going on in a particular city, part of town, or even a neighborhood. Real estate is and will always be LOCAL.

The Denver-area market is considered one of the strongest in the country. The Case-Schiller/S & P Home Index shows Denver to be the best performing of the 20 major markets in the U.S. Over the past 2 years we've been trending toward an improving and healthier real estate scene. 2008 marked the first year in over a decade that foreclosure filings actually went down!

This current market correction is already in full swing. In Colorado, we appear to be approaching normalcy. Buying a home is an investment. Many have lost sight of that in light of what has been happening with the economy since last summer. According to the National Association of Realtors, home values appreciate 4.5 percent annually on average.

Now, if you are looking to buy your first home, have decent credit and access to some money for down payment...you have no reason not to get off the fence!! Congress recently enacted legislation for an $8,000 tax credit available to first time buyers! THIS TAX CREDIT DOES NOT HAVE TO BE REPAID. That is the most substantial part of the new legislation. So, if you obtain an FHA loan on a $200,000 house, you are required to come up with 3.5 percent down payment (money can be gifted to you by a family member)...that comes up to $7,000. That means when you file taxes next year, you will receive more money back than you put down to purchase the home. This is a no-brainer!

For more information on this $8,000 first-time buyer tax credit, contact me here on our website or at This e-mail address is being protected from spambots, you need JavaScript enabled to view it