Demand for houses in Denver has been strong that listings disappear from the market in just 41 days, according to a study.
The speed of sales could be one reason buyers find few properties worth under $300,000. Despite tough competition, some buyers hire a real estate lawyer in Denver to make sure the deal has fair and reasonable terms.
Hiring an attorney makes sense since you don’t want to rush through a property deal, even if you think that another person would be willing to buy it in a heartbeat. In April, the city had the fifth shortest time in completed transactions behind Seattle, San Jose, San Francisco and Oakland in California.
Home buyers in the top three cities went off the market in just 36 days, according to the study. Some experts attributed the faster turnaround time to a lower number of refinanced homes, which in turn have led to shorter appraisal times. Still, it would be easier for you to buy a $1 million home than a house listed for a lower price.
Homes listed below $300,000 in Denver only consisted of 150 listings in May. On the other hand, listings for high-end houses reached six times more than lower-priced houses. The Denver Metro Association of Realtors said that 900 houses worth at least $1 million went for sale during the month.
The short supply of more affordable housing has led to higher home prices, and this forces some people to rent despite the similarly high cost of rental prices.
Home purchase in Denver requires enough time to do your due diligence. It’s better to consult an agent or property lawyer before you start looking for a house, so you don’t feel pressured to take on a deal just because sellers would easily find another willing buyer.