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We wanted to know what $ 500,000 could buy you in the hot Denver metro real estate market. This price is lower than the current Denver average price for all home sales and a little lower than the current average price for a single-family home. But it has a good chance of being affordable for two working adults with a median income for the Denver area.
Note that our list only includes homes priced at below $ 500,000. That’s because bidding wars are the norm right now, and most Denver homes are selling for above asking price – averaging $ 30,000. It is therefore reasonable to expect to pay more than the list price if you are shopping for a home at this time. That’s why we think that’s what a $ 500,000 home shopping budget really have you.
At the time of writing, these homes are all listed on Zillow.com.
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If you’ve always dreamed of living in a trendy city apartment just blocks from Colorado Rockies restaurants, taverns, and baseball games, now is your chance. This River North Art District unit is located at 2525 Arapahoe St., in the farming community of S * PARK. Just completed in 2018, this development was built to be green and includes:
- Solar energy
- Garden beds
- Compost concierge
- Private park
- Tight
You will love the apartment’s 10 foot ceilings and each unit has an outdoor space. At 800 square feet, this is a spacious one bedroom, one bathroom condo. Perfect for a couple.
This condo is listed for $ 465,000 by Leilani Renteria of Slifer, Smith & Frampton Real Estate.
Luxurious two bedroom condo in the heart of Denver
This sunny condo at 925 N. Lincoln St., is located in an upscale residential downtown skyscraper. It’s spacious enough for a small family, with over 1,100 square feet (two bedrooms, two bathrooms). You’ll enjoy magnificent views of downtown Denver and the mountains beyond from the comfort of your sofa or private balcony.
Some of the many amenities include:
- Swimming pool
- Jacuzzi
- Roof terrace
- Fitness center
- Garden
- Building concierge
- Two private parking spaces
This condo is listed for $ 469,000 by Sam Boren of Redfin.
Three bedroom home with a yard near downtown Denver
If you prefer a secluded single family home to an apartment lifestyle, this is a three bedroom, two bathroom cottage in the Barnum neighborhood.
Located at 263 N. Lowell Blvd., this home includes nearly 1,500 square feet and plenty of outdoor space, perfect for a family. The listing says that part of the house has a separate entrance, so you can live on one side and rent the other. Inside, the house has been recently remodeled, while outside, mature trees provide pleasant shade to the front and back, and the back yard is fenced in for your children or family members. your furry family.
It is within walking distance of a dog park, an ATV park and a recreation center.
This home is listed for $ 458,900 by Szymon Dzienis of Your Castle Real Estate Inc.
What makes buying a home in Denver so difficult?
In most countries there are more buyers than houses for sale. This drives up prices and puts buyers in competition for every home that sells. In addition, investors flooded the market. They usually make cash offers, which may be more attractive to the seller than an offer conditional on getting a mortgage.
How to increase your chances of buying a home
It is difficult to present the perfect winning offer. There are a few things you can try a few times before you are successful, but there are things you can do to strengthen your position as a competitive buyer:
Pay off other debts. A low debt ratio will help you qualify for a larger mortgage, which can be useful in a growing market.
Stay within your budget. Make sure you know how many homes you can afford. Use a mortgage calculator to help you and keep the risk of a bidding war in mind.
Get pre-approved. Don’t make offers without a mortgage pre-approval letter, which will show you have a lender who has already approved your loan.
Give up the unforeseen. Today’s market is so competitive that some buyers forgo the unexpected to show the seller that they are ready to facilitate a fast and secure transaction. There are pros and cons to doing this. Common contingencies in a home purchase transaction include:
- Home inspection: This contingency says that you have the right to opt out of the purchase and get your deposit back if the home inspector finds a problem with the house that you don’t want to fix. The downside to forgoing it is that you risk buying a home that needs expensive repairs.
- Funding: This contingency says that you do not have to follow through on your offer if your funding fails. A seller may prefer to work with a buyer who has the cash on hand. The downside of forgoing this eventuality is that you are forced to buy the house even if for some reason your mortgage is not approved.
- Evaluation: This contingency says you can opt out of the sale and get your deposit back if the home is not valued at expected value. The downside to forgoing it is that you are forced to buy the house even if the appraisal is low. Keep in mind that most mortgages depend on appraisal. If the appraisal is lower than expected, your lender may reduce the maximum loan amount and you will have to pay the difference in cash (or have the seller agree to a lower price) to buy the house.
- Door-to-door sale: This contingency says that you don’t have to buy the home if your own home doesn’t sell within a specified time frame. Obviously, a lot of people can’t buy the next home until the first one sells. But a seller might not want to get entangled in your other real estate transaction. It might be easier to sell your home first and live elsewhere while you shop for the next home.
Buy low. In some markets, homes are selling for 20% above asking price (and more). Talk to your real estate agent to find out the actual selling trends where you want to buy. This way you will be able to guess if you should bid more than the asking price, and if so, by how much. By examining recent listings and sales, you will be able to determine whether it makes sense to only look at homes that are rated low enough that you can offer a lot more.
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