While owning a home is an American dream, purchasing the one is always challenging. However, if you already own a property in Denver, then brace yourself up to reap the benefits from your home sale. The highlight is that home values in the state have seen the biggest boost in the past five years last month. While this is good news for homeowners, the stats indicate it’s still a buyer’s market.
Home Values Made the Biggest Climb: A Brief Look at Denver’s Housing Market
The latest report by the Denver Metro Association of Realtors (DMAR) reveals that the state has a considerably big inventory of houses that are staying on the market for longer, indicating home shoppers are gaining back some power. Housing market studies showed that home values are on the rise. The average increase in property values last month was 2.15%, which is the biggest climb in five years.
Over the year, home values increased by 6.52 percent. Interestingly, property values rose in all the states across the country. However, the biggest annual increase was in the Midwest, reporting home values jumped 6.34 percent. The West was the second biggest region to see an increase of 5.51 percent.
Considering the recent real estate trends, well-known economists and experienced realtors shared their perspective on growing home values. According to them, the interest in buying a home is not falling with the leaves. Even though it’s fall and we’re heading into winter, the home buyers are still active. These experts believe the persistently low home inventory accompanied with buyer interest is what takes up the home values. Amazingly, fall is the best time to purchase homes. If you are thinking of buying a home in Denver, here is what you need to know.
Contradiction: New Homes in Denver See Price Decline
Despite the recent studies showing an increase in home values last month, new homes in many Denver neighborhoods have seen price declines. What’s more? The inventory of new homes remains low. This is a good sign for interested homebuyers, since they can make the most out of the situation and purchase a home of their dreams in the most prominent state of the country. If you have made up your mind, here is what you need to know first.
Estimating Property Values
Research reveals that homeowners have become better at estimating the true value of their properties. Surprisingly, the average appraised value was 0.49% lower than what a homeowner expected. According to real estate experts, this is good news for both the refinancers and buyers, since understanding home values before signing for a mortgage is crucial.
Professionals believe that underestimating your property value could feel like you are gaining an unexpected piece of financial gain. However, if you overestimate it, the mortgage may need reworking during refinancing.
If you are planning to sell your existing property and purchase a home in Denver, you can contact Dave at 303-520-0004 or via email at [email protected]. He offers sound advice with best home mortgage loans on purchases or refinances, allowing you to make the best shopping decision for a home.
