How is the Denver Market?

The active inventory for single family homes and condominium units in Denver is currently at a six year low. The market is seeing multiple offers, especially in homes under the $300,000 purchase price. This is a good indicator of appreciation on starter homes.

Also, according to The Standard & Poors/Case-Shiller home price index, the Denver area fared best among 20 different cities in the U.S. that reported sharp drops in home prices. Denver reported a 5 1/2 percent decline compared to other cities that had as much as a 36 percent decline.

I believe the worst is behind us and the market is beginning to stabilize, especially in the Denver Metro area.

Is it the right time for me to buy?

If you have money saved for a down payment and at least six months of living expenses put away for an emergency fund, it is a great time to buy. Interest rates are at historic lows and some sellers are willing to pay closing costs and prepaid items as part of the contract. The first step is to become a pre-approved buyer. Lending requirements are changing daily and a lender can provide you different loan programs that will best fit your needs. They can also help determine what you can afford based on your monthly budget. By getting pre-approved, you are better able to know what your purchasing power is before going to view homes which allows for more satisfaction and less frustration in the long term.