You were all ready to be a first-time homebuyer. And then you saw it, didn’t you? Or maybe you just heard about it? Bankrate.com recently named Colorado as one of the 10 worst states for first-time homebuyers. Then you saw that Denver’s average sold price for a single-family home is $450,000. And now you’re convinced that the dream of buying your first home is just…impossible.
There are some really good reasons NOT to be discouraged! Consider:
- The $450,000 price is for detached, single-family homes in the Denver metro area counties. In other words…prices are often more reasonable for townhomes and condos. Prices may also be more affordable in areas just outside of Denver. This can be especially important if you are one of the lucky ones who is able to work remotely. Finally, Denver is bucking national trends – Zillow and Care.com recently crunched the numbers and found something very interesting. In most of the country, people spend almost $9,000 a year more to live in the city…but in the Denver metro area, homes in the suburbs are the ones with the higher prices. The quality of the school districts in the suburbs is cited as the leading reason for the higher prices…but if you are still a few years away from having to take school districts into consideration, the city of Denver proper may be a more attainable place to buy your first home.
- We work with first time homebuyers every day and are knowledgeable about the various programs to help first time homebuyers qualify for favorable interest rates and even, in some cases, supply the downpayment. Aurora’s HOAP (Home Ownership Assistance Program) is just one example; I recently worked with a young woman who is receiving $10,000 in downpayment through the program.
- Colorado was #8 out of 10 in Bankrate’s list of least affordable markets…that means at least 7 other states are even tougher places for first-time home buyers. In case you’re interested, they were:
- #10 – Massachusetts
- #9 – Oregon
- #8 – Colorado
- #7 – Texas
- #6 – Rhode Island
- #5 – Mississippi
- #4 – Louisiana
- #3 – New York
- #2 – Hawaii
- #1 — California
As always, we appreciate your trust and your referrals. Reach out any time to email@example.com or 303-204-6494.