Playing with house money in Denver.
, warns that cost hikes over recent years won't be easy for longtime Denver residents angling for a new home to overcome.
"Homebuyers are becoming more selective," Macaskill suggests."There is more than double the available units for sale compared to a year ago. Updated homes in great locations are moving quickly. Homes that need work, or are situated on a busy street, or are overpriced, or have floor-plan quirks are having more difficulties selling. It used to be that there was a premium on housing, regardless of the condition or location of the home.
Macaskill adds:"Many new homebuyers are hoping that home prices will drop significantly to help ease affordability. The problem with this strategy is that prices would need to drop a whopping 32 percent in order for today’s buyer to have the same mortgage payment that a buyer in December was able to lock in. That’s a drop in median home price from $673,873 in June to $455,000."KEEP WESTWORD FREE...
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