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Ty Dokken discusses the advantages of low interest rates vs the end of the tax incentives.
Interviewer: Hi I am Kathy Soltero with metrobrokerstv.com. Today joining me in the studio is Ty Dokken he is with our Tech Center, Metro Brokers office. Ty welcome thank you very much for joining us today.
Ty Dokken: Hi, thanks for having me.
Interviewer: Tell me a little bit about your office. We have a couple of offices in the Tech Center, where are you located?
Ty Dokken: We are at Marina Square which 8101 East Belleview Ave., Suite F, it kind of shares the parking lot with 24 Hour Fitness.
Interviewer: Okay and how long have you been there?
Ty Dokken: Ive been there approaching ten years now.
Interviewer: So, you kind of like the Metro Brokers idea?
Ty Dokken: Love it! Great office, great people and I think we are recruiting more people than any other office out there, I believe.
Interviewer: Thats awesome, thats great. Tell me a little bit about your business, what are you specializing in right now?
Ty Dokken: I am right now Residential Sales; mainly I am about 80% buyer business, 20% listing business. Got to take care of those buyers these days.
Interviewer: Absolutely, now, how have you seen the market change since the tax credit is gone and the interest rates are so phenomenally low right now its unbelievable?
Ty Dokken: It has, this spring was pretty crazy for us and it definitely has slowed, overall market has slowed, but buyers would be crazy not to buy these days with the low-low interest rates.
Interviewer: And where are you seeing that going? I mean do you feel like we are going to see buyers pick up here may be after the elections or after the first of the year?
Ty Dokken: I am hoping soon, spring time definitely, seasonal change comes into play and we get a little more business then, but with an explanation of what kind of buying power you get with low interest rates I think more people will come off the fence.
Interviewer: Explain that, I mean because you know back then they thought $8000, well thats a great deal, Im going to get that and even after I close my house and take that and fix it up and do whatever and right now I mean the interest rates back then were may be a percentage higher even?
Ty Dokken: Right, so for instance I had a client, and friend, close on a house $400,000 last year, they got a 5.5% interest rate and they just refinanced at 4.5%.
Interviewer: In a year?
Ty Dokken: Yep, so before their mortgage payment was about $2,250 and now its around $2,000, saving them $250 bucks a month.
Interviewer: Unbelievable.
Ty Dokken: This makes a great opportunity to roll in other debts and I think its a perfect time if you are in a house to refi or if you havent bought yet to go out and buy.
Interviewer: What are you seeing the challenges so as far as buyers getting loans?
Ty Dokken: Its difficult these days. Theres always options, you got to go to the right people, but it is a little more difficult there, its a longer process and a little more tedious, they are asking for a lot of stuff so you need to have all your documentation, all your ducks in a row and even then you know I feel lucky when we get someone a loan.
Interviewer: I know, its kind of frustrating but yet it is so well worth it.
Ty Dokken: Sure is.
Interviewer: Alright. Ty thank you so much. Before you go, why dont you go ahead and let everybody know where they can get a hold of you?
Ty Dokken: Okay. Ty Dokken, Broker/Owner of Dokken Real Estate out of the Tech Center, Metro Brokers and you can reach me at (303) 246-4857.
Interviewer: Alright, Ty thank you very much for joining us today.
Ty Dokken: Great, thank you.
Interviewer: And for more real estate related videos, be sure to tune into www.metrobrokerstv.com. Related PostsBuy from an Expert who Knows Denver!
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Posted on November 10, 2010 12:53:57 by  Scott.Shields
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