Denver, Colorado is still ones of the urban areas in the country registering the strongest price growth in 2015. Home prices throughout Colorado and around the country continue an upward momentum as young people hunt for homes, according to a recent piece by Kiplinger. If you want to sell a home in the Denver area, it pays to know the latest Colorado real estate news about what’s driving the market. Millennials or the young buyers in their 20s and 30s have the greatest impact on the market. Experts say there is a lot of buying and selling going on in 2015 because of pent-up demand, income and job growth as well as a good lending and interest rate environment.
- Getting off the sidelines
First time buyers, who delayed starting a family and moving out of their parents’ basements, are buying homes with greater fever this year compared to last. The share of first time buyers hit a low at about 28 percent last year, but experts expect the share to climb back up to 35 percent or beyond.
- Obtaining a mortgage
It was difficult for people starting out in their careers to get approved for a mortgage since the Great Recession. Kiplinger reports that looser credit terms lure more homebuyers. Fannie Mae and Freddie Mac offer a low down payment program that requires 3 percent down. Also, borrowers with FHA or Federal Housing Administration loans now pay a reduced mortgage insurance premium. The cut to the insurance premium should save the average home buyer about $900.
- Understanding the buyer’s mindset
If you are trying to sell your Denver home, work with a Realtor who knows the younger generation of buyers. Some advice for appealing to today’s young buyers include updating your Denver loft, condo or home with modern fixtures, appliances and finishes. Avoid outdated gold fixtures, natural oak cabinets and white appliances. According to Kiplinger many first-time buyers prefer a two-story home with an open-concept kitchen. They place a high priority on a laundry, room, storage, pantries and bathrooms. If you plan to list a luxury Denver home, realize that buyers looking at upper-end homes want exercise rooms, media rooms, great rooms and home offices, experts say. If you are updating your home to sell, consider using granite and an exterior door made of solid wood.
Other interesting Colorado real estate news tidbits include the fact that new construction homes are shrinking in terms of square footage. This year, the median size of a new construction home is about 2,385 or 106 square feet smaller that homes built last year. If you want a larger home, consider buying one that’s one to five years old.
At Peter Hauben Real Estate, we share the latest Colorado real estate news with our clients. We can show you homes in all the hot neighborhoods in Denver , Colorado.[idx-platinum-widget id =”9594-35201″]