Denver has one of the hottest housing markets in the country and it is also ranked as the top place to live in the United States. Denver has a great job market and there is no shortage of things to do and see when you move there. Buying a house can be difficult because there is so much competition. Everyone wants to move to Denver and homes are in short supply. Read on to learn how to buy a home in Denver.
The housing market in Denver is one of the hottest in the United States and there isn’t much inventory. Houses sell fast and sometimes they have multiple offers as soon as they hit the market, especially houses under the $400,000 mark. There are many types of housing stock, but the older homes are being torn down to make way for luxury condos that sell upwards of a million dollars.
Developers in Denver are buying older homes and just tearing them down if they are on a larger lot so they can pack that lot with multiple condos that may or may not stand the test of time. Many of these condos are hastily built, so they might not be the best investment. They are also overpriced which makes them even less attractive.
Most of the competition is at the more reasonable price points and those houses go fast, so you need to have your finances in order and be ready to make an offer. Make sure you get pre-approved for a loan before you even start shopping. You will want to go over your credit report to make sure you are in good shape for buying a home and if there are any problems, you are going to want to take care of them before you start applying for mortgages.
Having a good realtor on your side is going to help you get ahead and learn about houses before they come on the market. You need a leg up if you want to buy a house and you have to be flexible with your budget and be willing to spend a little more than you might want to get a home. It is a sellers market in Denver and with the low inventory you have to be really creative to get into the market. Denver is a great place to live, but buying a home is hard.