With upcoming graduation looming ahead, what will you do in June when you and your diploma move out of the dorm or campus housing?
This two-part series will give DU students understanding about Colorado’s home-buying and renting climate.
According to Coldwell Banker Residential Brokerage, the median home price in Denver is $224,500 and average condominiums are pricing around $173,839.
As many students have probably heard, interest rates are oh-so-low right now. However, in order to understand what that actually means, students need to know how low interest rates affect the number and the price of homes on the market.
Currently interest rates are averaging 5.7 percent on a 30-year mortgage, according to Treehouse Mortgage LLC. When interest rates are low, the number of homes on the market increases. For example, the number of homes on the Denver market is up 31 percent from last year.
When homes enter the market, the pricing of the homes becomes more competitive.
An upcoming event sponsored by the Home Builders Association of Metro Denver aims to give prospective home buyers the information and leverage they need to find an affordable and appropriate living space.
The annual Mile High Tour of Homes will feature over 160 homes across the metro Denver area. The free, two-weekend event, scheduled April 26-27 and May 3-4, may give DU students an honest and manageable glimpse at Denver’s home-buying market.
Condominiums and homes priced from the $100’s to the $1 million-plus range will be open for public viewing and potential sale. For questions about the Mile High Tour of Homes visit www.milehightourofhome.com.
It’s important for future first-time home buyers to stay informed about current home owner legislation. Homebuilders and lobbyists are currently arguing a controversial bill that will prohibit homeowners from suing homebuilders for triple damages in cases of shoddy construction. If it passes, homeowners will lose the ability to collect large settlements for faulty roofs, windows and foundations.
Next week: everything to know about Denver’s renting climate.
