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Buying a House is Cheaper than Renting in Denver!

May 16, 2018 By Laura Stewart

This sounds like a pressure tactic however it truly is not! It is URGENT that buyers act sooner than later if they want to have the opportunity to own a home in Colorado!

The reason its best for buyers to act sooner than later
is due to the staggering value appreciation!

These value appreciations range by sub markets however we have seen ranges from as low as 8% to 12%! Financial Advisors commonly state that disciplined savers will save 10% of their annual income. Imagine an average home price of $367,000 that has a 10% value appreciation in the next 12 months, a buyer would have to save $36,700 to buy the same house in twelve months! This creates an urgent situation for home buyers who are now priced out of the Colorado housing market!

Home Values are going up! pictured: centennial home. Since 2010 the prices have risen for all types of homes in Colorado. This has been driven by basic supply and demand-a very high demand paired with a very low inventory. The diversification of our employment market has created a steady migration of people moving to Colorado for these jobs-94,000 in 2016 and 101,000 in 2015! This steady migration has created an ongoing demand for housing in Colorado-both homes to purchase as well as rent-and the inventory has not been able to keep pace.

The good news is: programs are available that can help buyers become home owners!

There are two prominent programs being used by many buyers currently. The first of these programs is a government grant that covers the down payment costs for the buyers of either 3.5% for an FHA loan or 5% for a Conventional loan. In addition, CHFA is a program that offers buyers the ability to receive funds to cover the closing costs-which easily range from 3% to 2% depending on the fees charged by the lending institution the buyer securing the loan through. If a buyer can secure funds from both the grant and CHFA all the buyer must pay is for the due diligence fees; the inspection & the appraisal! These fees tend to range as low as $1,000 to $1300.

Let’s compare this to renting a home or an apartment in Colorado. Most property managers and landlords are asking for first and last month rent plus a security deposit and in many cases a pet deposit. The average two bedroom, two-bathroom, apartment is renting for $1880. If we calculate the first and last month rent fee alone that will add up to $3760!! Add in a deposit, let’s say $1000 for this example, and that rental has now cost $4760!! It has cost the client $3,760 more dollars to buy than rent!

NOW truly is the ideal time to buy a home and enjoy the benefits of homeownership!

Contact Laura Stewart; 720-937-2846

Filed Under: Home Buyers

Recent Posts

  • Real Estate 101: Buying a Home
  • Colorado Real Estate Values Shifting
  • Buying a House is Cheaper than Renting in Denver!

Testimonials

Best Realtor in Colorado!

We just bought a town home in the Highlands Ranch area. Laura was an absolute pleasure to work with and very responsive to our questions and concerns. She was the best real estate agent we have ever had; we have bought 7 homes over the years. Laura went above and beyond what a regular agent would do, anticipating and researching issues before they occurred. We would recommend Laura wholeheartedly to anyone buying or selling a property.

Jean & Curt

Highlands Ranch Realtor

My wife and I bought a house in Highlands Ranch about 16 months ago. Laura Stewart was great to work with – very knowledgeable about real estate and housing in general, always a call or email away and more than willing to show us whatever house we wanted to see. Would strongly recommend!

Chelsea & Andy, First Time Home Owners

Real Estate Professional!

Laura has guided me through two home purchases and one successful home sale. She is extremely knowledgeable, customer service oriented, skilled and ethical. I am recommending her to my family members and friends! She has never let me down and goes above and beyond to make your home dreams come true! 

Beth & Warren

Incredible Agent

Laura is absolutely incredible. She is literally the best agent in Colorado. Laura will NEVER steer you in the wrong direction. When looking at houses, she points out stuff that’s bad, give you her open and honest feedback, is ALWAYS willing to meet you to view a property, and NEVER makes you feel pressured when thinking about buying a property. Laura helped me and my girlfriend purchase our first house. We were the first ones to view it (thanks to Laura) and first ones to get the offer in on the house. Laura’s negotiation skills throughout the whole process were phenomenal. She also has a phone book/contact list of individuals who are top notch (from lenders to home inspectors to structural engineers). We literally went with all of her recommendations and couldn’t be happier. Even after we purchased our home Laura continues to help us with advice/service. If you want an incredible agent, look no further!

Paul & Dana, First Time Home Owners

She always made herself available

Laura opened my eyes to what a real estate agent really should be. She always made herself available during our house hunt and provided an abundance of needed information ranging from interior design to construction techniques. Laura is our real estate agent moving forward but we will share her with you.

Stephen

There is not a better realtor out there

We connected with Laura after moving from Arizona as she was highly recommended by family. With Laura’s help, we were able to sell our townhouse for more than asking price and move into our dream home in less than 30 days. I work in the mortgage industry and deal with Realtors on a daily basis. There is not a better realtor out there. I am impressed with Laura’s knowledge of the recent changes in the mortgage industry, and would not want to navigate the current market with anyone else. I am confident in sending friends and family to Laura as I know they’re in good hands.

Ben Harris

We love Laura and would not even consider using someone else

Laura helped us purchase our last home and we are currently working with her to sell it and purchase our next home. There is a reason why Laura is a top realtor in the area. She is incredibly knowledgeable with the Denver market. She is always prepared when we meet. She has great knowledge of what to look for and in helping us narrow down houses that won’t work. She seems to be available 24-7 (not sure how she does that?) We love Laura and would not even consider using someone else.

Sam and Lanier

She will work tirelessly

In my years of working with Laura on multiple transactions, I have admired her integrity, ability to accomplish and exceed her client’s needs and wants.

Additionally her knowledge of the market and her negotiating skills are top notch. She will work tirelessly to make things happen. She is truly a pleasure to work with.

Christine



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Recent Posts

  • Real Estate 101: Buying a Home
  • Colorado Real Estate Values Shifting
  • Buying a House is Cheaper than Renting in Denver!
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