Are you considering buying a home in Colorado? If so, you’ll want to act fast. Colorado has one of the hottest housing markets in the country. A growing job market, coupled with other factors, such as low numbers of new homes being built, have made the state’s real estate market go red-hot.
For instance, in Denver, home prices are up 11 percent since last year, according to data from Live Urban. Meanwhile, the number of homes available, however, has dropped 15 percent. What does that mean for a prospective buyer? Good credit and available funds may not be enough to get you into the home you want.
Here are a few things to expect:
Prices are climbing quickly throughout the state, and this isn’t expected to slow down any time soon. What that means for buyers is that waiting can prove costly.
Are you debating on a home you recently viewed? Don’t wait too long, or the house may no longer be available. Some houses are selling after just days on the market.
With Colorado’s current market conditions, demand for houses is very high, but the number of available houses is very low. This translates into heavy competition for sellers. If you’re looking for a home, that means you’ll need to be prepared to face bidding wars.
With a red-hot market, you’ll want to get pre-approved for a mortgage before you even view a home. You may have to make an offer on the spot, and if so, you’ll want to be sure that you are ready and able to complete the purchase. Otherwise, there’s a good chance that a home will sell to another buyer while you’re going through the approval process.
When beginning your search for homes in Colorado you will want to be prepared for this market. In addition to these tips, the real estate agents here at Housing Helpers are tapped into this fast paced market on a daily basis. Utilize our experience and expertise to help guide you through this challenging real estate market.