Challenges continue for prospective homebuyers in Denver metro, new report shows

DENVER — The challenges for homebuyers within the Denver metro space are solely getting worse, in accordance with a brand new report launched by the Colorado Affiliation of Realtors.

“The provides simply [keep] getting beat out left and proper,” stated first time homebuyer Nolan Baker Thursday after attending the primary displaying of a southeast Denver property.

“This has really been in all probability one in every of our favorites,” he stated concerning the dwelling.

However as Baker’s realized, putting the preliminary bid on this housing market doesn’t assure a factor.

“It undoubtedly makes it somewhat extra nerve-racking as a primary time homebuyer,” he stated.

As his actual property agent, Pleasure Dysart identified, the bids over asking value have been at an all-time excessive.

“We’re seeing over asking as much as $100,000, $160,000 and waiving all inspections, waiving value determinations, issues like that,” Dysart stated.

Affords like this are not a shock when bearing in mind a brand new report launched Thursday by the Colorado Affiliation of Realtors (CAR). The report reveals just one,400 properties had been listed in the whole Denver metro space in January, which is an almost 60 p.c drop in stock from the identical time final yr.

“Now we have tied final month for the historic, lowest quantity of stock on document,” stated Matt Leprino, CAR spokesperson.

Demand alternatively has skyrocketed.

“The median property went up 19 p.c in only one yr with our newest statistics,” Leprino stated.

In line with the Nationwide Realtors Affiliation, the Denver metro ranks within the prime 10 for least obtainable properties on the market that may be afforded by a household making between $75,000 to $100,000 a yr. Meaning a household making $100,000 a yr can solely afford about one in each 350 properties available on the market right here.

“It takes some finagling to get a property now,” Dysart stated.

The luxurious of taking your time to resolve if a house is best for you is gone. You bought to maneuver.

“The choices are a snap choice,” Baker stated.