Colorado has become an increasingly popular place to call home over the past few years. With its beautiful landscapes, bustling cities, and a thriving job market, it’s no surprise that people are flocking to the state. One of the biggest decisions that people face when moving to Colorado is whether to buy or rent a home. In this post, we will discuss some of the housing market trends in Colorado and the benefits of buying a home.
First and foremost, it’s important to note that the housing market in Colorado has been on an upward trend in recent years. According to Zillow, the median home value in Colorado is currently $465,000, which is up 17.5% from the previous year. This increase in home values has been driven by a number of factors, including a strong job market, a growing population, and a limited supply of homes for sale.
Despite the rising home values, buying a home in Colorado can still be a smart investment. One of the biggest benefits of buying a home is that it allows you to build equity over time. As you pay down your mortgage and your home increases in value, you will build equity that you can later use for a variety of purposes, such as home improvements or paying off debt.
Another benefit of buying a home in Colorado is that it can provide stability and predictability in your housing costs. When you rent a home, your monthly rent payments can fluctuate from year to year depending on market conditions and the landlord’s decisions. When you own a home, you have more control over your housing costs and can take advantage of fixed-rate mortgages to lock in your monthly payments for the life of your loan.
In addition to financial benefits, buying a home in Colorado can also provide a sense of community and belonging. Homeownership can give you a greater sense of pride in your community and can help you establish roots in a new area. Owning a home also allows you to customize your living space to your liking and make it truly your own.
Of course, buying a home is not for everyone. You will be responsible for all maintenance and repairs for example. You may need to build up your credit scores. We can provide some assistance there as well, and get you connected to the right credit repair resources for success. Buying a home can also require a significant upfront investment. However, there are appreciation returns on that investment of your money as you are investing in you. If you think about it, you are already paying a mortgage if you rent; it’s just not your mortgage, it’s your landlord’s mortgage, and they are reaping the rewards instead of you, not to mention the tax deduction benefits you could take advantage of. There are also DPA (down payment assistance) programs that can help you with your down payment (which can be as little as 3% with certain programs), coupled with some creative strategy with your Realtor© and Mortgage Loan Officer team working for you, you might be able to negotiate seller concessions to cover some or all of the closing costs. For those who are ready, buying a home in Colorado can be a smart decision.
Who you choose matters when it comes to the right real estate agent and mortgage lender to partner with and represent you. A mortgage broker like Cederholm Mortgage Advisors at Edge Home Finance will shop the rates for your and usually has rates that are lower than a typical retail lender or bank while still able to offer fast, efficient service and close in as little as 14 days. We have the expertise and strategies to help you navigate the negotiation process, partnering with your agent, to help you secure your home, whether you are first time home buyer or it’s not your first rodeo.
In conclusion, the housing market in Colorado is on an upward trend, but that doesn’t mean buying a home is out of reach. In fact, buying a home can provide a range of benefits, from building equity to providing stability and a sense of community. If you’re considering a move to Colorado, be sure to weigh the pros and cons of buying versus renting and consult with a trusted real estate agent to help you make an informed decision.
The #1 Home Buyer’s Guide to Real Estate
