Is there a best time to buy a house in Colorado? It all comes down to your priorities.
In recent years, listing prices for homes in Colorado were lowest in May. On average, homes were $107,627 less expensive. While in November — the month with the highest prices — the listing prices were $104,342 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Colorado.
Best month for
10.9% lower than average
20.0% more homes to choose from
2.92% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're planning to buy a home in Colorado, your first step is to find a realtor who knows the local market. The real estate market in Colorado can change quickly, and a knowledgeable realtor will keep you up to date on when and where to buy.
A free service like Clever Real Estate can match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
When is the best time to buy a house in Colorado?
The best time to buy depends on your priorities. Looking for a deal? Colorado buyers tend to receive the most discounts when buying a home in June, July, and August. Want the most options to choose from? March, April, and May are the months with the largest selection of homes on the market.
The real estate season in Colorado is relatively short, since much of the state is covered in snow during the late fall, winter, and early spring. As soon as the snow thaws, the Colorado rivers, creeks, and housing market begin to flood.
Typically, spring has the highest inventory of homes available, making it a good time to house hunt if you want a move-in ready home in a desirable location. However, you're less likely to find a great deal on a home during the spring due to competition from other buyers.
In the summer, the Colorado market tends to slow down, and you're more likely to find a deal. Sellers want to close before winter sets in, so it's often easier to negotiate home prices down.
While these are general rules of thumb, it's important to remember that price trends in Colorado can vary from city to city — and there may even be discrepancies between certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Colorado.
What are the best places to buy a home in Colorado?
The area surrounding Denver is a favorite spot to live in Colorado, with the mountains relatively close and lots of career opportunities. Other areas of the state might have what you're looking for too.
If you can, spend some time in cities, towns, and neighborhoods in Colorado to see which areas feel the best to you. It would also be wise to talk to local real estate agents about where you can make the best investment.
Here are five popular areas you may want to consider.
Located in suburban Denver, Holly Hills offers excellent public schools and plenty of coffee houses and restaurants. Over 90% of the residents own their homes.
Pine Brook Hill
Pine Brook Hill is located in Boulder County, the only spot on this list not around Denver. The schools are highly rated, and most of the residents own their homes.
South Park Hill
South Park Hill is a family-oriented neighborhood in Denver. The area has good public schools, an urban feel, and a high percentage of residents who own their homes.
Wellshire is another neighborhood in Denver that has garnered a lot of attention. Residents love the area's amenities and sizable natural recreation areas within driving distance.
Superior, a suburb of Denver, has a population of a little less than 13,000. The area includes plenty of restaurants, theaters, and malls.
Four ways to get a great deal on a home in Colorado
1. Find a great Colorado real estate agent
To get a deal on a Colorado home, connect with an experienced real estate agent. A great realtor knows the market and can provide insight on the best time to start your home search. They'll also help you find neighborhoods that fit your criteria.
2. Determine what you need and want in a house
Do you want to live close to downtown or away from the hubbub of the city? Do you want access to excellent public schools? Your buyer’s agent will ask the right questions to help you narrow down what you're looking for in a Colorado home. They may suggest certain areas based on your financial situation.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Colorado, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Colorado a typical house is worth $428,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,527. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,444.
4. Negotiate for the best possible price
Once you find a suitable property, your agent will help you make an offer. They'll also guide you through the negotiations, ensuring that you get the best deal possible on your new home.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.