Whether you are happy with your current home and have no desire to look into a move, or you are renting and looking to buy; we’re sure by now you’ve had some sort of conversation or experience around Denver‘s INSANE real estate market these days. Last year in 2015 the Denver area real estate market saw about an 11% increase in home prices, and 2016 is likely to continue with higher home prices or even rise above. There are several factors that lead up to this “hot market”, which have all come together to bring some home buyers to their boiling point.
- Denver remains one of the nation’s fastest growing “destination cities”.
- Denver’s home owners are staying in their homes for an average of 10 years these days, 4 years longer than the average previously.
- The short sale and foreclosure crisis is pretty much over, as a whole Coloradans are more able to afford and stay in their homes due to better economic conditions and changes in lending laws.
- Denver is experiencing record breaking low inventories, and both the rental and purchase housing market are coming up drastically short.
Is buying a home likely to be impossible in 2016? No, but the Denver real estate market is going to be another competitive scene this year. Overall it is still going to be cheaper to purchase this year rather than continuing to rent, so it’s still better financially to stop paying a landlord and buy. Experts suggest that we will be seeing some changes in 2016. The economy nationwide is improving year-over-year which means the Feds are likely to raise interest rates at least once this year, maybe twice, ranging in the low to mid 4 percentile. New and incoming residents to Denver are likely to continue making both the rental and real estate market thrive, but home owners are likely to continue to stay put with more affordable than ever mortgage payments.
Give yourself the advantage as a home buyer this year. Make sure that you have a knowledgeable Realtor in your corner, in fact interview several and don’t be afraid to ask those hard questions like: how will they make sure they are available to meet you for showings, what can they offer you as a Realtor that others cannot, lastly ask them for references and credentials to prove their worth. Speak with a lender before you start shopping, this way you have your pre-approval letter and purchase price established.
Tatyana Sturm and The Storck Team have over 10 years experience in Aurora, Centennial, and Parker real estate and have helped buyers in many different walks of life with finding their new home from the first time home buyer to seasoned investors all across Colorado. We have a true passion around finding you the best home for your lifestyle. Please call or text The Storck Team at (720) 350-5909 or email us at [email protected] to start your home buying process with a knowledgeable and trustworthy real estate professional.