(Newswire.net — September 15, 2013) Denver, CO — As the Housing Market in Colorado recovers from several down years, Baby Boomers play a big role in the recovery. According to Vince Cusimano, a professional mortgage lender with Citywide Home Loans, “The Housing Market Recovery in Denver is hot right now because Baby Boomers who no longer need a large home are downsizing to smaller properties and opening up an incredible inventory to new buyers.”
This development in the Colorado Real Estate Market was reported by CBS News, reporting that rising condominium sales are the result of Boomers downsizing to smaller accommodations in retirement. Market conditions make this a perfect time to do it, with rising home prices and low interest rates working hand in hand to make this a great time for buyers and sellers alike. This is reflected in the latest housing statistics from the Colorado Association of Realtors, showing a 12-percent increase in sales for single-family homes and 22-percent increase for townhouse-condo properties. Sales prices are soaring as well, and increased nearly 9-percent for single-family homes and nearly ten-percent for townhouse-condo properties. With the median price being nearly 260-thousand dollars for single-family homes and 170-thousand dollars for Condo units, Boomers are able to downsize to smaller units at a low interest rate and take the profits into retirement.
Citywide Home Loans Mortgage Professional Vince Cusimano says now is an outstanding time for Boomers to downsize their homes and realize the fruits of their labors. “Buyers are highly motivated to buy right now because interest rates are low and prices are going up. They know that every month they wait means that the next month they may need to pay more in both principal and interest. We are advising our customers who are facing retirement to downsize because this is a balanced market right now. You can get a great price on your home and come out ahead by downsizing to a new condo for half the price, keeping the equity you worked all those years to build.”
Cusimano says his business is helping buyers and sellers alike come out ahead in a market that can sometimes be volatile. “This is a great time for both buyers and sellers, and we are off the rollercoaster of prices that we have been dealing with recently. This is a market that has reached a point of equilibrium, and I advise my clients to negotiate the best terms possible. I always try to make sure that my buyers are prequalified so that they can negotiate as a potential buyer with the full backing of a preapproved loan.”
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Citywide Home Loans is among the leading full service lenders in the Denver metro area. For more information about Citywide Home Loans and Vince Cusimano you can visit his website at http://www.chl.cc/vincecusimano/