More and more Americans are moving to Denver in search of a laid-back, venturesome Colorado lifestyle. However, moving to a new city can be stressful, especially if you’re unfamiliar with the area. Searching for a new home can be time-consuming, and finding a trusted real estate agent can be difficult.
Fortunately, you can work with Dina Piterniece, an attested Denver real estate broker who will guide you through the home-buying process. Dina is a trusted advisor and top Realtor dedicated to delivering the best results and experiences for her Colorado clients.
This post will provide a complete homebuying guide for the West Denver area. This information allows you to find the ideal Colorado home to fit your needs. Let’s get started.
1. Research and understand West Denver real estate trends
Understanding a city’s real estate trends can help you identify your budget and determine whether or not now is a good time to buy. The Denver real estate market has been heating up in recent years. The area has experienced a rapid increase in population, growing almost 20% from 2010 to 2020, according to the U.S. Census data, with no signs of stopping.
This continuous influx of new residents, coupled with the housing boom associated with the COVID-19 pandemic, has substantially increased housing prices for renters and buyers in Denver.
According to the Denver Metro Association of Realtor (DMAR) Market Trends Report, average active listings in Denver are up from last year’s record lows, and home prices have been slowly cooling off. Nonetheless, Denver’s housing vacancy rate is among the lowest in the country, and total average home prices are still up over 10% compared to 2021. Moreover, average prices for residential luxury homes over $1 million increased more than 20% compared to a year ago.
Furthermore, the report shows that Denver ranked in the top 20 United States metro areas with the most single-family building permits issued in the first quarter of 2022, with 13.2 per 10,000 residents. Additionally, the state of Colorado gained an astounding 2,469 real estate agents last year. This was the biggest increase in 10 years.
2. Determine your budget and get preapproved for a mortgage
There are several options when purchasing a home. Some people choose to pay for a home with cash. Doing so eliminates the need for monthly payments and typically involves a quicker closing time.
You can also choose to pay for your house with a mortgage. In this case, one of your first steps should be finding a lender and applying for a pre-approval mortgage. In doing so, you authorize the bank to review your credit report, household income, and other applicable finances to determine your allowable purchase price. The lender will then provide you with a pre-approval letter that discusses the terms of your loan.
A mortgage pre-approval is essential if you will not be paying in cash. It provides trustworthiness in your ability to purchase a home. Moreover, many real estate agents will only work with buyers who have already obtained preapproval for their loan (or those buying with cash).
3. Work with a seasoned real estate professional
Finding a knowledgeable, local real estate agent is essential to your homebuying search. A West Denver real estate agent can help you understand the best neighborhoods for your family and provide access to the MLS to see an extensive list of available properties.
A trustworthy real estate agent can guide you through every step of the homebuying process and help you find the ideal property to suit your needs. Furthermore, a competent agent can help you stick to your budget and understand the additional costs associated with owning a home, such as HOA fees, interest, insurance, and more.
4. Identify the best neighborhoods for your needs
Denver is the quintessential city if you’re looking for an adventurous Colorado lifestyle. However, the city also has a diverse collection of neighborhoods to fit every family's needs.
LoDo (Lower Downtown) might be right for you if you’re looking for a convenient, walkable neighborhood in the heart of historic Denver. This neighborhood thrives with restaurants, bars, shops, and Union Station. This energetic urban environment is perfect for city living with luxury condos overlooking the city.
If you’re looking for a more suburban feel, Washington Park — or “Wash Park” — could be a great fit for you. Here, you will find quiet streets and a mix of historic and modern-style homes surrounding Denver’s iconic Washington Park. You can spend the day biking or boating in the park or browsing the shops and galleries of Denver’s historic Old South Gaylord and South Pearl streets.
Another popular neighborhood in West Denver is Sloan Lake which surrounds Sloan’s Lake Park. This is a great neighborhood for families as Sloan’s Lake Park is the second-largest in all of Denver and is home to the capital’s biggest body of water. The neighborhood is home to a variety of architectural styles ranging from brick bungalows and Tudor ranches to newer builds and townhomes. Aside from the convenience of the nearby park, Sloan Lake also has several delicious eateries and is a short drive from many amenities.
5. Always opt for a home inspection
Even pristine homes can have hidden issues. However, a professional home inspector can diligently comb through a property to determine if it has any potential problems or concerns. You may be able to use an inspector’s findings to negotiate repairs or a better price in your offer. Moreover, you may even find a home has too many issues to make an offer. Therefore, a professional home inspection is an essential step in the home-buying process.
Take advantage of this homebuyer's guide for West Denver real estate
Relocating can be exhausting. Use this homebuying guide for West Denver to help alleviate the stress of moving.
Since you’re new to the city, you will want to research the area and understand local real estate trends. This can help you determine your budget and identify which neighborhoods will suit you. Then you can explore payment options, get preapproved (if applicable), and reach out to a knowledgeable local real estate agent to help with your search. Be sure to opt for a home inspection to ensure your next home shines in real life as it does online.
When you’re ready to take the next steps, contact Dina Piterniece for help with your search for West Denver real estate. While the Denver market continues to be one of the most competitive markets, Dina will guide you through each step with the highest level of expertise and service with integrity. Her dedication to go above and beyond delivers the best results.