As we’ve seen for nearly a decade now, the summer season has arrived and Denver area real estate is warming up to a frenzy of buyers. The continued population growth has continued to fuel demand, and with new builds still bottlenecked, the market appears to be holding competitive for the foreseeable future.
The most recent development impacting pricing and affordability has been the recent drop in rates which has given buyers a ‘bump’ in purchasing power and helped add a little gas to our local market. This also provides for a bit of incentive for buy-up consumers, as the chance to sell in a favorable market along with locking a historically favorable rate on their ‘forever’ home represent a ‘sweet spot’ for their respective situation.
But what about those thinking of stepping into the market to evaluate their chances of securing that first property? Move quickly. Although there has been some relief at lower price points, it still proves to be extraordinarily competitive through the mid-400k’s.
So where to start? It’s always a good idea to get the pre-qualification process started prior to one’s home search. This allows the buyer to understand not only what they can afford, but also what the lending timeline and overall transactional process will look like. Education is key, and with life’s biggest purchase it’s important to understand the value of that knowledge coming in.
Additionally, it’s also important to understand that the home buying ‘process’ is just that. A process. By enlisting the help of a formidable realtor and lender, new buyers can drastically up their chances of securing that first home. And perhaps more importantly, ensure that the experience is a stress-free one by leveraging that team of experienced professionals around them.
So get out, get pre-qualified, and get to looking. Here at NOVA we work to provide a level of service and education that second to none in the industry for both clients and our partners. If you or anyone you know is looking to get rolling in this journey, please reach out to one of our exceptional Loan Officers who will provide that guidance to make the difference in your search. Happy Buying!