Congratulations on deciding to take on the responsibility of homeownership. Owning a home gives you a lot of added benefits such as artistic freedom to decorate your home any way you’d like, consistent loan payments, tax deductions, pride, and more privacy. As a first time buyer, you may be wondering when the best time to purchase is so can start reaping all these benefits.
Well as your local Denver mortgage lender, the RJ Baxter Team at Fairway Independent Mortgage has provided a market update over the past three years so you can compare past prices to current ones—in order to get a better understanding of where the market might head. Our team of experts can guide you throughout this process and give credible advice on when the best time to buy is.
Denver Market Update
Median Listing Price
According to Realtor.com, the median listing price in March 2015 was $339,900 and rose 14.4% the following year to $388,900. By March 2017, the median listing price was $399,900 and the market continued to increase with the current median price being listed as $425,000. This is a 6.3% increase over the past year and a 25% over the past three years. This consistency suggests that the Denver market will continue to rise. If you are looking for a home and need a Denver mortgage, now would be a great time to buy before the prices increase again. You could also use past prices to help negotiate for better rates.
Price Per Square Foot
The price per square foot has consistently increased over the past three years; mirroring the same trend as the median listing price. In March 2015, the square foot was priced at $207 and rose to $230 the following year. By March 2017, the square footage price was $257 and the current price increased 5% to $270. This current price per square foot has increased by 30% over the past three years. This suggests that the real estate in Denver is becoming more valuable.
If you are looking for a Denver home loan, now would be a great time to get in contact with the RJ Baxter Team at Fairway Independent Mortgage Corp. Our team of experts will work with you and can ensure you get the lowest deals on the market. So don’t wait, call our office today at 303-670-0137 to get started on your application.