How Hard Is It To Buy a House?
Home buyers are asking how hard is it to buy a house in the Denver Metro area and Lakewood, Colorado? According to Sam Wilson, Realtor® in Lakewood, Colorado, the answer depends on four factors discussed here:
- Understanding market trends from the Denver Metro Association of Realtors March 2021 Report
- Being committed, flexible, and time-sensitive to navigate showing time slots and make offers
- Partnering with a realtor you can trust to make a detailed offer
- Avoiding making contingent offers (we have a solution for this)
Denver Area Market Facts
Our commitment to clients is to provide factual information about the current real estate market and expected trends. The information in this based on trends for the past 12 months in the 11 county area including Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties.
Median Closed Prices
Hope for a housing dip—meaning a drop in sales prices—is highly unlikely in the Denver area and throughout the United States. This means the answer for how hard is it to buy a house is unlikely to change for home buyers.
Home buyers or sellers who continue to wait for a market correction will be disappointed as home prices continue to rise. If you need proof, look at the median price of detached and attached homes (condos or townhomes) in the Denver market for the past 12 months.
The price column on the left represents “attached homes” while the column on the right “detached homes.”
March 2020 $331,925 485,000
April 2020 $321,688 475,000
May 2020 $325,000 470,000
June 2020 $325,000 480,000
July 2020 $333,000 500,000
August 2020 $325,000 509,000
September 2020 $335,000 510,000
October 2020 $337,000 515,000
November 2020 $334,900 510,000
December 2020 $330,000 503,500
January 2021 $336,000 509,000
February 2021 $337,500 530,000
March 2021 $353,000 560,000
Over the past 12 months, the price of attached homes has increased by 6% and detached homes by 9%. Home buyers who continue to wait will continue to see price increases month to month for the foreseeable future.
Pent-up demand by home buyers who want to downsize or upsize because of the increase in remote work and flexible schedules will continue. Home sale prices in 2021 will be higher than in 2020 and will continue to rise.
Another answer for how hard is it to buy a house is the home buyer’s ability to compete with other buyers in the more affordable price ranges of $300,000 to $499,999. Buying now rather than waiting can place you in a better position to get the home you want especially if interest rates rise.
New Listings
While the news continues to paint a gloomy picture of new home listings—numbers year over year are tracking up to where they were a year ago when the pandemic hit. While the news you hear may seem dire, don’t be alarmed.
New listings for attached homes are lower by 16% and detached homes by 13%. The numbers are trending back. There’s no time like the present to buy or sell a home.
Check out new listings in the area on our FREE home search page
The number in the column on the left represents new listings for “attached homes” while the column on the right “detached homes.”
March 2020 1,983 4,687
March 2021 1,664 4,058
Home sellers are no longer waiting to put their homes on the market. Buyers are snapping up available homes for sale. How hard is it to buy a house means that the longer you wait—as a first-time buyer or to sell your current home and buy your next home—the possibility of increasing interest rates may increase your monthly house payment.
Average Days in the MLS
Year over year average days in the MLS are also down from 30 to 26 for attached homes and 29 to 15 days for attached homes. However, when looking at median days in the MLS, as defined as the number in the middle of all home sales, the numbers continue to be surprising at 5 and 4 days.
This means that buying a home in today’s market is like a race to the finish. Home buyers who hesitate are beaten out by home buyers committed, flexible, and aggressive about seeing properties and making offers.
Home Buyers Who Get Their Dream Home Are Committed, Flexible, and Aggressive
How difficult will it be to buy a home? If you want the home of your dreams this year, home buyers will be up against stiff competition. The way to win is to be committed, flexible, and aggressive. What does this mean?
This means a commitment to be available to work with a realtor who identifies homes for sale that meet your criteria. Realtors on the Sam Wilson Home Selling Team constantly identify new homes for sale as they become available. A committed home buyer will make him or herself available the same day to view a home or as soon as possible as a showing is available.
Immediately after viewing a house, it’s time for a thumbs up or thumbs down on the decision to make an offer. Home buyers are competing with twenty or more other interested buyers. After viewing a home, it’s time to put your best foot forward to make an offer or continue looking.
Partnering with A Realtor You Can Trust Makes All the Difference
If you have ever made a large purchase, like a house, a car, or another item, you’ve likely been pressured by an aggressive salesperson who tried to convince you the thing you were interested in may no longer be available if you hesitate. In today’s real estate market—this is the reality for buyers.
But—there’s a difference between realtors who want you to buy the home of your dreams and who want you to make an offer on any home so he or she can get paid. Realtors on the Sam Wilson Home Selling team will give you honest advice about buying a home. We will meet with you to discuss a strategy to buy the home you want and set a realistic plan to achieve your financial and time goals.
Questions like what do we offer, how do we win the house, and are we paying the right price help home buyers take the emotion out of making an offer. While homes are selling above the asking price—there is a limit to what is realistic and amounts that are clearly too much. Sam Wilson and his team will help home buyers and sellers look at the facts and make the best decision and have a track record of satisfied clients.
Avoiding Contingent or Complicated Offers
Sam Wilson has the answer for this concern by many home sellers looking to buy their next home. A new program from Sam Wilson Realtor in Lakewood, Colorado, helps home buyers get the home they want without the worry of owning two houses at the same time, bridge loans, or placing contingencies into real estate offers.
Contact Sam today at 303-770-1250 to learn more and to see if you qualify for this special program.
This program is straightforward, with no gimmicks and no surprises. You can buy your next home and move in before you put your current home on the market.
How Hard Is It to Buy A House?
Home sellers who are prepared, educated, and ready can find the house of their dreams. When you are ready, the Sam Wilson Home Selling Team is available. Call 303-770-1250 to meet Sam Wilson and his team.
If You Are Thinking of Buying or Selling – Contact Us Today
Are you thinking about buying a home in Lakewood, CO? Get expert real estate advice when house hunting for homes for sale in Lakewood, CO, Jefferson County, and the Denver metro area. Work with a buyer’s agent on the Sam Wilson Home Selling Team. If you are thinking of buying or selling a home, we make you a priority and share our expertise to make the home buying or selling process as stress-free as possible.
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The Sam Wilson Home Selling Team specializes in homes in Lakewood CO, and Jefferson County Colorado, including Arvada, Aspen Park, Conifer, Edgewater, Evergreen, Genesee, Golden, Idledale, Indian Hills, Ken Caryl, Kittredge, Lakeside, Lakewood, Littleton, Morrison, Mountain View, West Pleasant View, and Wheat Ridge.
© 2021 Sam Wilson All Rights Reserved. Articles by Pamela D Wilson
