Selling your home in the new 2019 colorado market place
Need to sell and asking yourself, " What's going on in the real estate market?"
While the median home value in Denver is $420,000 and home values have gone up by 7.9% over the past year we are predicting a slowdown in appreciation in 2019. While we don’t see a real estate bubble, with the rising interest rates it will most certainly affect the market. According to Zillow the current median list price per square foot in Denver is $429 which is higher than most of the surrounding suburbs. Aurora-Lakewood Metro is averaging around $266 per square foot currently. Foreclosures will be a factor impacting home values over the next several years throughout Colorado. Currently, in Denver 0.3% of homes are in foreclosure. This is lower than the national foreclosure rate of 1.2%. Mortgage delinquency is the first step in the foreclosure process. Mortgage delinquency is when a homeowner fails to make a mortgage payment. Currently the Denver delinquent mortgages are 0.4%. The national delinquency rate is 1.1%. What does the term “Under Water” mean? This is when a homeowner owes more than the property is valued at. Currently in Denver the percent of homeowners underwater on their mortgage is 4.7%.
How much down payment does a buyer need in Denver, CO?
While there are some unique home loan offers around, most traditional loans will require at least 20% down to acquire a home loan. Given the median price of a Denver home, a buyer would need around $80,000 down with a minimum of $95,000.00 annual income to qualify for loan. One factor that will determine any buyer’s ability to qualify is the borrower’s debt load. More than ever, because of credit card debt borrowers are finding it difficult to qualify for the average priced home in Denver. If you need to move and sell quickly contact Reliable Home Owners Solutions, LLC for help. Close quickly for cash!