Rents are still rising, but not as much:
Denver’s year-over-year growth rate for rent fell to 3.5 percent in August after rising by 11 percent in 2015, according to California property management software company Yardi Matrix. Denver’s now below the national average for 2016 year-over-year rent growth, which stands at 5 percent in the U.S.
…The median price of one bedroom units fell 3.2 percent to a median of $1,200 in the city, while two bedroom units dropped 2.9 percent to $1,650…
At the higher range, that is still much more than what most of my customers pay for their mortgages on their first homes.
Does this mean that home prices will stop rising as fast? Yes, but it doesn’t mean that they’re going to fall any time soon.
If you’re thinking of buying a home, there are programs available to get you into a home with as little as $1,000 down from the Colorado Housing and Finance Authority (CHFA). Contact me today to learn more!
Questions about rates today, or about your specific situation regarding mortgage approval? Contact me today!