After seemingly endless price hikes and years of fierce local competition for home sales, Denver buyers are showing just how far they’re willing to go to secure a home in Colorado’s capital city. Over 70% of prospective Denver buyers said that they would make an offer within just three days of viewing a house, and 44% of Millennial Denverites said that they would consider using public or private grants to cover closing costs, The Denver Post reports.
The median closing price for a single-family home in Denver rose to $660,000 in March, and elevated mortgage rates are taking another chunk out of housing affordability, but Denver buyers are diving headfirst into home sales and showing their resilience.
With these factors playing against them, 32% of prospective buyers in Denver feel pressure to find a home within the next nine months, according to the Bank of America report. But, even with the coronavirus pandemic receding in the U.S., 33% now feel worse off financially to make the purchase.
“Offers of $300,000 over asking price were not uncommon, with one home we know of closing $600,000 over list price,” said Colleen Covell, DMAR Market Trends Committee member.
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