Homebuyers love Denver’s laidback atmosphere and its steadily increasing job market! In fact, due to Denver’s increasing popularity, some developers are wondering if they’ll be able to get homes on the lots fast enough.
In order to understand Denver homebuyers, we can look at what is motivating them to buy. Most buyers are looking for a change of scenery and Denver’s strong economy and ideal interest rates are piquing the interest of buyers in the area. They are looking for quality construction, not necessarily new or used; however, approximately 55 percent would be interested in a new home. The majority of buyers (about 83 percent) are using a real estate agent. While buyers are excited to get into the Denver area, Realtors suggest being patient and taking their time, as the shopping process often takes longer than nine months.
See how you compare to the average Denver buyer with our infographic.
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The Most Important Qualities to Look for in a Home
- Quality of construction
- Safer neighborhood
- Better floor plans
- Lower cost per sq. ft.
- Lower maintenance costs (money and time spent)
New Versus Used
- 24 percent of Denver-area home shoppers prefer newly built homes.
- 45 percent of Denver-area home shoppers prefer used homes.
- 31 percent of Denver-area home shoppers are indifferent.
Why Buy a House?
- Favorable home prices
- Tired of current house
- Favorable interest rates
Time Frame When Searching for a New Home
- The majority of buyers (38 percent) search between 9 and 12 months.
- 17 percent of buyers spend 6 to 9 months looking for a home.
- 12 percent of Denver-area homebuyers spend 3 to 6 months searching for a home.
- 14 percent of home shoppers find a home in less than 3 months.
Local Housing Stats
- The average Denver home was built in 1977.
- The average Denver homeowner will stay in their home for 15 years.
- Denver home shoppers are 18 percent less receptive to newly built homes than the national average.
About 83 percent of home shoppers in the Denver area will use a real estate agent.