Denver can still be considered a seller’s market, however, homes are taking longer to sell in the Mile High City, and there’s also more to choose from, according to the September report from
7 Tips For First Time Buyers In Denver
Buying your first home can be a daunting task, especially for first-time buyers in a market competitive as Denver. But the truth is, if you can afford to rent, you can likely afford to buy. Check out the expert tips below – it could be you’re more prepared to become a homeowner than you might think!
Don’t be intimidated by the down payment
Sure, a 20 percent down payment is ideal, but it’s not necessary. Many buyers end up putting only one or three percent down. There are also grants available, as well as programs for teachers, first responders, veterans, etc.
Don’t assume your mortgage payment will be more than rent
In many cases, especially with first-time buyers, people end up paying less for their mortgage than they were paying for rent. And in markets like metro Denver, that’s even more common.
Do the investment math
By this, we mean figure in that you save money on taxes. Also, when you’re a homeowner, you’re building equity, which doesn’t take much time to build.
Don’t be intimidated by bidding wars
You’re still going to be in a competitive situation, but there are some things you can do to help ensure you’ll win out. Like what we discuss in the next tip.
Pre-approved beats pre-qualified and it gives the seller confidence in you
For people that are selling their home, one of the most important things is knowing that you’re going to get to closing. A pre-approved buyer has more power. It means you’ve already gotten all of your documents to the lender, you’ve already made it through underwriting, so you can close much more quickly.
Don’t be afraid to DIY
Leaky faucets and small cosmetic changes are easy to handle. Showing that you’re flexible and not nit-picky about the small stuff makes you look better to sellers.
If you can meet with a lender a few months before you buy, you can take a deep dive into your financial picture and get things straightened well in advance. Then, you can start watching the neighborhoods that you’re interested in.
Are you ready to start checking out what Denver has to offer? Now could be the best time. Contact Metrowest today – we’d be happy to show you around!
Brent was born and raised in Colorado and enjoys all that the state has to offer. Brent is a graduate of Metropolitan State University of Denver, where he received a BS in Business Management. After ....
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