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From The Desk of Chris Mygatt - Issue April 2008

Real Estate Market News & Notes

The time is right for first-time homebuyers. Generally, homes are becoming more affordable, and mortgage rates thought somewhat volatile over recent weeks are still relatively low. Most industry observers agree that now is one of the best times in years for first-time homebuyers to enjoy affordable home ownership. There are remarkable deals available throughout the metro Denver area and along Colorado's Front Range, including new construction.

• Certain neighborhoods in the area are holding up better than others. Homebuying is always a street-by-street exercise, and that is particularly true in a slow market. In a strong market, buyers scarf up homes on busy streets and less-than-desirable locations. But in a weaker market, things change. Just about anything sold in the hot market of 2004 and 2005, but now it's all about location, location, location more than ever.
  
• If you're hankering after a larger home or a house in a better neighborhood, this could be your chance to trade up on the cheap. Like any thrifty shopper, you want to buy when there's a sale, and that is what today's market offers. Instead of trading up, you might be eyeing a vacation home. The bottom line: If you think you'll get a lot of use from a second home, go ahead and buy.
  
• You might give your kids an advance on their eventual inheritance, so they have enough money to make a down payment. Yes, that means they will start to incur the housing costs, including property taxes and maintenance expenses. But your children will also replace their monthly rent check and a monthly mortgage check, and that will allow them to start building home equity.