After September’s steep drop in home sales, it looks like the market began to stabilize in October, according to a recent update from the Denver Metro Association of Realtors (DMAR).Buyers
Denver Ranks 6th In The Nation For Home Sale ROI
According to a recent survey by realtor.com, the return on investment for Denver homes is one of the highest in the country.
The analysis found that the median return for homes was 8 percent nationally over the past year. Of the 100 largest metro areas, the annual return was as high as 14 percent and as low as 2 percent.
How were the rankings compiled?
The rates were figured by comparing homes that sold over the past year and comparing that sales price with the previous one, going back as far as 2008. The profit was defined as the difference between the two sales, according to realtor.com.
Denver was sixth on the list with an 11-percent return. Bridgeport, Connecticut, took the #1 spot at 14 percent with a median home list price of $467,600.
There’s been a huge influx of people and money into Denver, and while prices here are on the rise, buyers from areas like California can still get a great deal on a similar property in the metro area that would have cost three times as much in their current area.
For those fortunate enough to have entered the market at the right time and found value based on the location of their home, owners could be sitting on a nice return. Even those who bought a home two years ago could be looking at $100,000 of equity.
While housing options in Denver aren’t as robust as they once were, there are still good deals to be found, if you know where to look. If you’re ready to invest in the Denver real estate market, contact Metrowest today – we’d love to show you around!
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....