What is the cost of waiting to buy a Denver home?
If the projections prove correct, then the cost of waiting is very significant.
The last time I wrote a blog post like this, the projections wereactually conservative, as you will see below.
The average price for a single family home in Denver right now is about $415,000. By this summer, it should be closer to $455,000. Let that sink in for a minute, then get in your car and start looking at every home on the market if you are a buyer. Start looking for Denver area homes online.
If you are a seller, and have even remotely thought of selling sometime soon, we should talk.
Here is a similar graph that I had made in 2014. All numbers provided by Denver Real Estate stat expert Megan Aller with Land Title.
Pretty dramatic change from just a few years ago, isn't it?
I know a lot of people will see this and freak out because they think the bubble might burst and the market is going to crash. If that is your concern, I'd encourage you to read this blog I wrote last month about expectations for 2016 and beyond, click here.
The two biggest reasons I believe these trends won't change anytime soon are supply and demand and job growth. Job growth in Denver is near tops in the country and last year we had over 100,000 people move to Denver and only 20,000 housing units were added. There simply aren't a enough houses in Denver for all the people moving here and with more expected to come every year, our major lack of supply isn't changing anytime soon.
If you are a buyer, it probably doesn't make sense to save for a larger downpayment or wait for a lease to expire. Even if you have to pay an extra couple of months of rent, it would still be way cheaper than paying an extra $30K for a house by the time the lease expires.
If you are a seller, now is the time. The hottest times for selling in the past 3 years have been mid-March to the end of May. Don't miss out on this window to see what will probably be your highest sales price of all time.
With the market so crazy and so competitive, it's more important than ever to have an experienced agent on your side who knows how to put you in the best position possible to buy or sell, so let's talk.
Mic Ortega
Live Urban Real Estate
303-903-3734
Mic@liveurbandenver.com
Socials