Last year, home values are rising by nearly 5% more than the previous year, and homes are staying on the market for long periods. According to DMAR, the Denver real estate housing market has become more balanced, and is no longer in flux. Because of inflation, buyers are taking more time to inquire about the value of each home, and an increase in mortgage rates affects a buyer’s capacity to buy a home at their granted price.
The Denver real estate market is very competitive and always remains hot. The DMAR published a report in October 2022 related to the average and median prices of attached, detached, and residential types of homes. The average price of residential houses is $671,024, while detached houses are $745,947 and attached houses are $486,773. Per square foot, the average selling price is $331 in Denver. It is down 3.8% since last year. On the other side, the average sale price of a home was $528K last month, which is down 4.0% since last year.
Why select Denver for owning a home
Denver is one of the most isolated and very potential economic hubs in the US. About 33% of major financial and tech corporations are present in Denver. It is also familiar with the important tourist spots. Denver also has three major universities, which also creates a demand for housing for students. It is also a safe zone for recession. According to the housing market, the rental market is very stable in Denver.
There are many ups and downs in the real estate housing market in Denver. In this article, we discuss the five benefits of owning a home in Denver.
Top 5 benefits you can get while owning a home in Denver
Owning a home is a typical matter for new home buyers. But before buying a home, you have to know the different types of facilities and benefits in regard to the location, the value of the property, and insurance rates in a new place. Here we discuss it-
1. Locations value & affordable price
Location selection is one of the most important factors for buying a home. Purchasing the right home in the perfect place is quite difficult, while owning a new construction home becomes too hard. Denver is the right place for buying a resale home or owning a new construction home. The location value of Denver is quite higher than other cities because of its potential business and tourist hub, recession-free, and best rental place for students.
The price range of a newly built home in Denver is $ 500,000 to $ 1,000,000. While the average price of a resale home in Denver starts from $ 400,000. So new construction homes are quietly more expensive than resale homes.
2. Better investment
Denver is one of the hot and best housing markets, ranked 13 in overall real estate investment. According to the trend and forecasting of the Denver housing market, investment in new construction homes is a better option for new home buyers or real estate investors. The Denver housing market is in recession free and it is also a great business hub for big corporations like Amazon and Google.
If you want to invest in a new construction home for financial growth and stability then it is a great choice for you. This market is favorable for both home buyers and sellers. Real estate experts forecasted that the Denver housing real estate market would continue to grow over the next ten years. That’s why investment in a new construction home in Denver is the better option for home buyers.
3. Low mortgage rates & property taxes
The Denver real estate housing market is an active market at all times. Here homes are bought and sold with cheap mortgage rates, and the property taxes are also very low compared with other cities. The monthly mortgage payment is approximately $2,376, while the average price of a house in Denver is around $568,178.
4. Get more spaces and customize to your own tastes
New construction homes are cost and hassle-free due to updated technology, building materials, lucrative design, and modern home appliances used inside the new construction home. You can customize your home design to your taste and get more space to reorganize the home infrastructure and home appliances. Luxurious homes have to be customized more than other houses for better facilities. You get all the modern lifestyle facilities in Denver’s luxurious houses.
5. Low Maintenance cost and great discounts
You don’t spend more money for the first few years because new construction homes will typically offer a warranty of 3 years for everything for their home and also offer an 8-10 years guarantee for the building’s structures. Even when the warranty ends, your maintenance cost will be very low due to the new construction home and luxury apartment. Most of the time, builders offer good discounts on green construction. You get financial benefits from this discount. You have to pay less money for renewed construction compared with resale homes.
When buying a fresh property, three major factors are usually looking forward to location, market condition, and the initial cost of buying the property. Location value, mortgage rates, condition of infrastructure, and home facilities these factors are affected when buying a home in a new place.