Deciding to buy a home can be an exciting time — but it’s also overwhelming. From figuring out where to live to set a budget to trying to understand financing options, purchasing a home in Denver can be a complicated process.
One of the best ways to ensure you find a home for the best possible price in a market as hot as Denver is by buying a home at the right time. Since the local real estate market fluctuates throughout the year, figuring out the most opportune time to make an offer on a home is essential and can save you tens of thousands of dollars in the long run.
If you’re ready to start your home search in Denver, your first step should be to connect with a real estate agent who understands your local market. But, before getting started, use this guide to help you decide the best time and place to purchase a home in Denver.
Best Time of Year to Buy in Denver
In 2018, Denver’s real estate market was booming, with higher demand than the housing industry could keep up with. As a result, home prices increased and made it more expensive for buyers to purchase property in the Mile High City. In 2019, the market is still going strong, but things are beginning to cool off. While it’s still undoubtedly a seller’s market, buyers are slowly beginning to gain some ground.
In general, in the US, the winter is the best season for any buyer to look for homes, since home competition is down and buyers are more likely to find housing at lower prices. However, waiting until the end of the year can lead to buyers locking in higher mortgage rates, especially since rates are expected to continue rising this year in Denver.
The best time for buyers to begin looking for homes in Denver in 2019 will be summertime, and purchasing towards the end of summer will allow buyers a better selection of inventory at lower prices than in the spring or early summer.
The Best Places to Buy a Home in Denver
Now that you know the best time to buy in Denver, you might be wondering which areas in Denver are the best to purchase property in. From school ratings to home prices to overall quality of living, you can’t go wrong with buying a home in one of these five neighborhoods.
1. South Park Hill
This small Denver neighborhood is home to roughly 9,491 residents and is considered the best place to live in the city. This urban area has great access to bars, nightlife, and coffee shops, but also is full of parks and family-friendly activities. Public schools have a good rating and the crime rate is also low. Expect to pay an average of $527k for a home in this area.
This tiny neighborhood in Denver is bustling with attractions, restaurants, and parks. Wellshire has great public schools, is a great area for families to live, and has a low crime rate. The median home value here is approximately $562k.
3. Eastridge Ptarmigan Park
Families looking for excellent school districts will love this Denver neighborhood with above average public school options. This Denver neighborhood is more liberal, has great access to nightlife, and is home to many families and young professionals. The median home value here is on the lower side, at only $243k.
4. Country Club
This Denver neighborhood is one of the most sought after places to live with access to great public schools, a low crime rate, great nightlife, and excellent amenities for families. Most residents in this area own their homes, however, the median home value is on the high side, clocking in at around $942k.
5. Cheeseman Park
With a population of roughly 8,895, this Denver city neighborhood boasts a plethora of attractions, from restaurants and nightclubs to parks and coffee shops. It’s listed as a great place for families with good school systems. Median home values in this neighborhood are also on the lower end of the spectrum, averaging $295k.
4 Ways to Get a Great Deal On a Home in Denver
Knowing the best time of year and area in Dever to purchase a home are great ways to save money during the buying process. However, there are several more important tips potential buyers should consider before purchasing property in the Mile High City.
Find a Great Denver Real Estate Agent
A great agent is the best way for anyone looking for a home in Denver to save money. Since the market fluctuates so often and is currently great for sellers, a talented local agent will have the knowledge and expertise to help you save as much as possible during the home buying process.
A local agent in Denver will work on your behalf to find the right home in the right location and at the right price. Many full-service agents also offer home buyer rebates to help you save even more money.
Learn More: What Does a Real Estate Agent Do for a Buyer?
Assess Your Needs and Lay Out Your Goals
Price and location aren’t the only two factors buyers look for when purchasing a home. Find a home with a great layout that has all of the amenities you need is important during the searching process. Your agent can set up searches on the MLS to notify them of new homes that match your desired criteria the second they hit the market.
Working with an agent will provide you with faster access to new properties hours or days before they hit popular online home search sites.
Learn More: What to Look for When Buying a Home
Find a Lender and Secure Financing
One of the most stressful aspects of the buying process is lining up financing. It’s best to work through your financing options as early as possible, so there are no delays once you find the home of your dreams.
If you aren’t sure which type of financing is best for your situation, talk to your agent. They can offer valuable advice on different funding options and even connect you with local lenders and loan officers.
The closing process often takes around one month, so having your financing ready will help you secure your new home even faster.
Learn More: A Step-By-Step Guide to the Home Loan Process
Negotiate for the Best Possible Price
Once you find the home you’re ready to make an offer on, work with your agent to determine the right strategy. Sometimes it makes sense to offer asking price, while other times offering more or less is a better option. Your agent understands the local market better than anyone else and can offer sound advice on this process.
After your offer is accepted, your agent can help you navigate the home inspection process, review the inspection results, and work with the seller’s agent to negotiate any repairs or issues found in the report.
When you’re ready to begin the buying process for your new home in Denver, reach out to a trusted Clever Partner Agent for guidance. Get started by filling out the online form and a Clever Partner Agent will reach out to you to set up a no-obligation consultation.