Denver has been one of the fastest-growing cities in the United States over the past decade. This population boom has created a need for housing that is affordable, one which Stacey Dowling from Synergy One Lending could provide more details of. In fact, according to the U.S. Census Bureau, about half of all Americans live in metropolitan areas.
In this article, we’ll go over some of the reasons why you might want to consider purchasing property in Denver.
1 – Affordability
The first reason why you should consider buying a home in Denver is affordability. Since 2000, Denver’s median home price has increased at a rate of around 10%, but the average income only rose at a rate of 2%. Because of this, owning a home in Denver is much less expensive than in other major metropolises like New York City and Los Angeles. Even though the prices have risen significantly, they are still considered low compared to real estate costs in San Francisco, Seattle, and Boston.
2 – High Demand
Another reason why you should buy a home in Denver is in high demand. Since 2000, the city has seen a significant increase in its population, from 1.7 million residents to 2.5 million people today. This means that there are many properties up for sale, and competition among buyers is fierce. If you find a home you love, you can expect to pay anywhere between $250,000 and $500,000 for a single-family residence, depending on location, size, and amenities.
2 advantages of purchasing a property in Denver
If you are planning on purchasing a property in Denver, here are some reasons that you should consider a mortgage loan instead of using your own funds to buy a home.
- You can get a better rate than a personal loan
The interest rates on mortgages are lower than what a person could pay if they wanted to borrow money from their bank. This means that you have more money to put towards your down payment. If you purchase a house with cash, then you will have to pay extra fees to the lender just for giving you access to the money.
- You don’t need good credit to qualify for a mortgage loan
Even though many lenders require solid credit scores, you may still be able to get approved even if you have had problems with your finances in the past. If you are having trouble paying bills on time, this doesn’t necessarily mean that you cannot afford to buy a house. In fact, some financial institutions encourage people who are in debt to take out a mortgage loan to help them repay their debts faster.
Get the best guidance possible
Stacey Dowling from Synergy One Lending (NMLS# 196631) has the goal to be your resourceful partner, throughout the process, she provides expert advice, and helps you make the best financial choices you can. Get in contact with her by calling the following number (720) 637-1956.