Denver is no doubt one of the great American metropolitan cities. The Mile High City dates back to the old West Era and is now one of the most populous cities in the United States. In 2016, the Colorado Capital was named as the best place to live in the states. If you’re considering Denver as one of the perfect places to live, you’re not wrong.
Incredible views, excellent career opportunities, and exciting cultural scenes are just a few of the reasons Denver is appealing to so many people. With all these advantages, it may seem daunting to buy a home in Denver. This is especially true given the increase in bidding wars over properties in the past few years. However, with just a few simple tips, even first-time homebuyers can navigate the Denver market.
Earlier is Always Better
A common rookie mistake is not allocating enough time to choose and buy a house. This cuts across everything from observing the property market to thinking through their budget. Consider that in 2019, the average price for single-family homes was $475,000. That was a 2.7% increase from 2018, yet in the same year, condos’ price dropped by 1.4% to $365,000.
Making an informed and confident decision while buying a home in Denver will depend on understanding your finances. That mostly comes down to your credit rating. Starting early enough comes in handy here because you have to repair or restore your credit over a few months leading up to the purchase. If you combine this with watching the market, you can better understand the value you can get for your money.
Understand the Bidding Wars
When you think of most infamous bidding wars in coveted locations like Denver, you might question your decision to buy a home in the city. In fact, as of August 2019, Denver was ranked the 6th most competitive market for buyers. However, recent reports have indicated a drop in bidding wars. August 2019 had the lowest reported number since 2011.
Bidding wars may not be over, but they are on the decline. Additionally, even for the bidding wars that re there, they are not as crazy as some would think. The market is balancing, so situations of putting in 15 offers and not getting anything are less common. For instance, a house listed at $395,000 may be sold for $405,000. While this is still above the listed price, it’s not as significant a hike as you would imagine.
Do Your Own Minor Repairs
Dream homes are created, not bought. That is an important fact to keep in mind while buying a home, especially in such a competitive market. You may want to find a perfect home, but this may be realistic. The occasional leaky faucet or faulty lock shouldn’t bar you from buying a home. You may even find that a seller prefers your offer to a higher one if you don’t nitpick problems.
That said, the keyword here is ‘minor’ repairs. The last thing you want to do is take up maintenance and repair costs you can’t afford. Before offering to do your homework on the house, calculate how much repairs will set you back and decide if it’s a fair price. Avoid guessing in this instance, and get quotations. You may be rudely surprised later that your estimates were widely off.
Secure Your Dream Home
Nothing is impossible, and settling into the home of your dreams isn’t either. If you follow the quick tips above, you’ll be well on your way to securing the perfect house. Denver, Colorado, is one of the best places to find one.
