Maybe you’re already a local, or perhaps you’ve just now fallen in love with the climate and culture of Denver. Either way, if you are seeking a home in Metro Denver (including Centennial, Littleton, Lakewood, Lone Tree, Englewood, Aurora and more), you may face tough decisions about buying, selling or renting a home. Here are some factors to consider:
A recent Huffington Post article characterized the Denver housing market as active and healthy. Fellow real estate expert Tracy Shaffer calls the Denver region a very strong seller’s market, but one that is re-balancing, with a bit more inventory expected in 2016. Shaffer also notes that with current Denver rental rates and readily available low-interest loans, it is nearly 40% cheaper to buy a home vs. renting.
In Denver, just like in other hot metro markets such as Seattle and San Francisco, the rental market is heavily impacted by high and increasing demand. The vacancy rate is very low, around 2%, and rents have risen by nearly 30% recently. Since the monthly payments for a mortgage and a lease are roughly the same, purchasing a home quickly becomes a much more appealing option than moving from rental to rental. While tenants absorb cost increases and risk, buyers gain stability and opportunities to build equity. Forecasters expect continued economic growth for Denver and its suburbs. The population will continue to increase, and demand for homes will remain high.
Every situation is unique, and every home seeker deserves expert advice that suits their needs and budget. Contact me for information on finding your next home in Metro Denver!