Vail Valley: Prudential Colorado Properties to host Saturday ‘Open House Extravaganza’
Vail, CO, Colorado
The Vail Valley real estate market could use a spark. One local company is trying to generate a bit of heat Saturday with a mass open house in Eagle and Gypsum.
Prudential Colorado Properties will have brokers in more than 50 homes in Eagle and Gypsum Saturday as part of the company’s “Open House Extravaganza.” Besides brokers, there will be representatives from local mortgage lenders at some of the homes, too.
“We’re bringing our computers, and if there’s Internet access, we’ll be able to pull credit reports right there,” Wells Fargo loan officer Cris Nelson said. “We can do a pre-qualification on the spot.”
Nelson acknowledged that the days of getting a mortgage with little more than a pulse are long gone. But, she added, perfect credit isn’t strictly necessary these days, either. Some programs are available to buyers with scores in the low 600s, she said, and there are loan programs available for up to 97 percent of a home’s selling price. That puts the down payment on a $300,000 home at $9,000.
Nelson, a member of Eagle County’s down payment assistance program’s board of directors, said there’s money available for first-time buyers through that program.
Besides a quick education about the ins and outs of mortgage financing these days, broker Laurie Slaughter said the mass open house is also a chance to show potential buyers what’s available in the market these days.
“It’s an opportunity for buyers to see what great deals are out there right now,” Slaughter said.
The mass open house idea started in 2007, when the market was roaring.
“In the busier years we had strong attendance, but even last year turnout was still quite good,” said Michael Slevin, vice president of Prudential Colorado Properties.
Turnout was good enough, in fact, that Slevin said this year’s event will split the local market in thirds – this weekend in Eagle and Gypsum, with mid-valley and upper valley events set for a couple of weekends in July.
“This allows the public to see a lot of real estate in one relatively short time period,” Slevin said. “People can dedicate an afternoon to it, and it helps them understand the market a little better.”
Business Editor Scott N. Miller can be reached at 970-748-2930 or firstname.lastname@example.org.