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The Significant Draw to Denver

On Behalf of | Aug 15, 2019 | Real Estate Transactions |

In the parlance of social media times, Denver is trending as a destination to put down roots. Popularity with millennials has made the Mile-High City a fashionable place to reside.

Denver enjoys an excellent reputation with many tangible and intangible benefits. The altitude requires time to adjust. However, it does not take anything away from the lifestyle residents enjoy. Amenities include an unemployment rate of 3.3 percent as of the end of 2018 and increases in annual wages. State taxes are at a flat rate, while property taxes are considered reasonable.

While median home prices remain high, average wages at $70,000 (the national average is approximately $57,000), homes selling for the average “sold price” between $400,00 and $500,000 (a jump from $167,500 in 2009) may be both attractive and affordable. When it comes to the length of ownership, Denver is at 6.9 years, below the national average of 8.1.

The silver lining to current home prices is the gains sellers make from moving within the city or state. Currently, homeowners are walking away from their previous residences with an average of $133,000, close to doubling the national median of $67,500.

Denver is not the only Colorado community enjoying a vibrant real estate market. Greeley, a short drive north, is first with home prices experiencing an 87 percent increase since the 2008 recession. Fort Collins is not far behind with 76 percent.

The Mile-High City is very much a seller’s market, thanks primarily to a population jump of nearly 400,000 in eight years. More residents create a higher demand for roofs over their respective heads.

Buying or selling a home is rife with pitfalls that an experienced real estate attorney can help to avoid.