Denver Real Estate News: Millennials Shift to Homeownership

Expect a younger crowd at open houses and house tours when you list your downtown Denver loft or modern home in Washington Park, Uptown, Lower Highlands or other trendy neighborhood. Some of the latest Denver real estate news reports indicate it’s no longer the baby boomers dominating home purchases. As rents soar in Denver, many young professionals in their 30s realize they can build equity instead of making their landlord rich. A recent piece by Bloomberg included an interview with a 28-year-old Denver millennial who pays about $1,400 for a one-bedroom in downtown Denver. Experts say young people now make up 32 percent of the housing market in the U.S. compared to 28 percent in 2012. An experienced Denver Realtor who gets the younger generation can help you market and sell your home to the most motivated and qualified buyers.

  • Making valuable improvements

If you want to sell quickly in Denver, it’s smart to make inexpensive improvements to your downtown loft or single-family home. However, think twice before investing thousands of dollars on major renovations such as removing walls to open up the space or gutting entire rooms. In reality, most first-time buyers can’t afford homes in the higher price range that have been completely revamped. At the same time, millennials like move-in ready homes that are still modern, clean, organized and energy-efficient.

  • Helping with closing costs

As a seller, you will attract more offers on your home by being flexible about the closing costs. If you can afford it, offer to pay at least part of the closing costs. Another interesting Denver real estate news tidbit in the fact that many millennials don’t save up for closing costs because they didn’t know they existed. A recent article by USA Today cited a national study that showed 2/3 of buyers between 18 and 34 were unaware of the fees associated with buying and selling a home.

At Downtown Denver Realty, we put our clients first. Our goal is to help you sell your Denver home at the best possible price in less time. Ask us about the latest Denver real estate news and tips for getting your home ready to list.