Things are getting better for the real estate market in Grand Junction. This month fewer people have filed for foreclosures.
Real estate agents say foreclosures are not good for anybody in the community. They obviously affect the people involved, but they also hurt the housing market.
agents, however, say things are starting to get better.
Year to date filings are still up across the board, but the amount of people filing for foreclosure is down for the month of August.
If this trend continues, the prices of homes will begin to rebound. Real Sstate agents say this would be good for the market because homeowners not affected by foreclosures will be able to compete with the asking prices of other homes.
Realtors say the next six to eight months will be the best time to buy a new home.
“Now realtors tend to say that all the time, but you have the combination of prices that have not been so low in so many years,” president of Bray & Co. Robert Bray said. “We're starting to see them trend up a little bit because of the lack of inventory but prices are still very attractive. But the price of money, interest rates are at 30 and 40 year lows, historic lows.”
Most people interested in buying a home have to borrow money from the bank to do so. The combined price of the home and low interest makes it possible for people to buy a home they otherwise could not afford.
Realtors say they think interest rates will stay low for the foreseeable future because the federal reserve is doing everything it can to keep interest rates low by buying bonds.
Experts say a lot of people think renting is better, but it really depends on how long you are looking to stay in an area.
If you are planning to move anywhere and stay for three years or longer they recommend buying.