The best time to buy a house in Colorado depends on your priorities. Colorado buyers typically get the most significant discounts if they purchase in June, July, and August. However, March, April, and May are the months with the best selection of houses for sale on the market.
Colorado has a relatively short real estate season, with much of the state covered in snow in late fall, winter, and early spring. Colorado’s rivers, creeks, and real estate markets flood as the snow melts in the spring. Spring typically has the most significant inventory of available houses. The spring is a great time to begin your search if you’re looking for a move-in ready home in an ideal location. However, you’re less likely to find a bargain in spring due to heavy competition from other buyers.
If you’re looking for the best prices or want as many options as possible, summer might be the right time to look for a new house. However, if getting the best mortgage deal is more important, it may be worth establishing your mortgage in December and finding your property in the new year.
Finding a Deal
Colorado house listings have been at their lowest levels in recent years in May. On average, houses are $107,627 cheaper. November, the most expensive month, listed prices at $104,342 above the yearly average. In contrast, mortgage rates were at their lowest in December. However, as rates rise, it’s worth checking your options with a trusted mortgage provider to ensure you’re receiving the best rate.
You’re more likely to find a deal during the summer when the Colorado market slows. Sellers want to close before winter sets in, so it’s often easier to negotiate down prices.
Where You Buy is Important
It’s essential to remember that price trends in Colorado vary from city to city, and there may be differences between specific neighborhoods, even in the same city or town. The best way to find a house in your target market is to get in touch with a local real estate agent who can help you understand the complexities of the market and determine the best time to buy a house.
Buying Vs. Selling
Buying a house in Colorado takes longer than selling here. Colorado is a seller’s market, and real estate in the state is highly competitive, especially in the Denver metro area. So, it might be a good idea to start looking early rather than waiting until you need to move. However, if you have the flexibility to complete dates once you have found the right house, you have a tremendous advantage.
Sellers will not want to wait on you when other buyers are interested in their property. If you find your dream house, be ready to move fast. Getting pre-approved for a mortgage before you start is a good idea. Financing will speed up the process and make you a better option for sellers.
When Should I Move?
Moving is a big decision, and several factors may be involved. Here are a few things to consider when deciding to buy a property:
Do You Have New Employment?
If you’re looking for a new job or moving to another location, it’s best to sell your house before you start. However, your realtor can still handle the sale on your behalf, even if you’re moving out of state and won’t be there in person.
Can Your Finances Sustain It?
Buying a house is a significant financial decision, so it’s crucial to get your finances in order and evaluate your options before making the decision. Talk with several mortgage companies to find out how much you can borrow and on what terms, and check the local real estate market to see if prices are rising or falling. If there is an underlying problem, you should fix it before moving on to the next step.
What are Current Market Trends?
Research the local market or seek advice from an experienced real estate agent on property price trends. Real estate prices in Colorado have generally risen due to the flood of potential buyers, but some areas are growing faster than others. Just wait a few months to find out how much you’ll have to spend when you buy a house in Colorado or how much you can earn when it’s sold.
Do You Have Kids in School?
If you have kids in school, plan your move after the school year ends. Moving over the summer can get your kids through the school year, but you can also try moving at the end of the term to reduce disruptions.
Can You Move Quickly?
Houses can sell fast in Colorado, so it can be helpful to have a new residence ready to move into when you list your current home on the market. Consider renting or temporarily staying with friends or family to make sure you can sell quickly.
Finding Your New Home
If you’re looking to buy a house in Colorado, the first step is to find a broker who understands the local market. The Colorado real estate market is changing rapidly, and a knowledgeable broker can inform you when and where to buy. If you can, take some time to explore Colorado cities, towns, and communities to see which areas are best for you. It’s also wise to discuss where the best investments are made with a local real estate agent.
Everyone’s situation is different, and the right time to buy or sell a house depends on various factors. It’s essential to make sure now is the right time to move. Still, it’s also a good idea to consider what time of year is best for buying or selling real estate in Colorado — being flexible when moving allows you to plan your purchase or sale to get the best price for your house.
