Trees tower overhead, sidewalks wind toward gastronomical delights, and outdoor recreation beckons the adventurous at heart. Denver has it all… and everyone knows it. In addition to all the amazing perks that Denver has to offer, a healthy career scene and overall economic stability draw Mile High Residents like snow to a mountaintop. If you’re considering buying a house in Denver, you’re a smart cookie but you’re not a alone. Wondering how to make the best of the Denver real estate boom? Read on!
1.Each neighborhood will require a different approach
Each Denver neighborhood offers its own unique charm, amenities, and destination proximity. Likewise, different neighborhoods require different action from a buyer. For example, a neighborhood with a comparatively low active inventory number (meaning this neighborhood has few homes on the market) will likely require above ask offers and swift negotiation, while a neighborhood with plentiful inventory will require a less intense pace.
For example, The City Park neighborhood shows only 2 active listings, while Montclair boasts 25. You can see how buying in each of these neighborhoods would produce a different experience! Timely and specific information make all the difference when buying a house in Denver; the popular market that it is.
2. Buyers have a little more power than before
Denver’s real estate market continues to sizzle with residents flocking from across the state and all over the country. But, recent summer numbers have agents and experts proposing that the market may be stabilizing. In other words, with more Denver homes for sale and houses spending more days on the market, buyers are finding the purchasing process a bit more approachable.
3. You might consider a fixer-upper
Despite some additional Denver Homes for sale and expanding days on the market before houses are snatched up, Denver home prices continue to rise. As of August, the average sale price increased by 8% since the same time the previous year. A beautifully finished home – even one of humble size – could blow the budget. Consider saving some serious bucks by buying a fixer-upper and refinish it just the way you want it. Taking this approach will make buying a house in Denver much easier on your wallet.
4. You’ll still want to move quickly
I may have already mentioned this, but in case you missed it: the Denver real estate market is super hot right now. Despite the fact that homes are spending about 10% more days on the market than this time last year, it is still a seller’s market and buyers must compete with other offers (keep in mind that this additional 10% is being added to year over year historical lows). Be prepared to come to the table with strong offer – possibly above asking price – and ensure your finances are in order. Sellers favor offers that are not contingent upon selling another property.
5. September is a great time for buying a house in Denver (so is December)
With the popular Denver real estate market, your home buying experience promises to be less hectic in historically slow months. September and December are two of the slowest months for real estate and – although you may have less to choose from – you’re likely to have less competition when making an offer as well.